Showing posts with label Stimulus. Show all posts
Showing posts with label Stimulus. Show all posts
Jul 27, 2011
Fair Share? Even 100% Corp Tax Isn't Enough!!
President
Obama and the Democrats in Congress keep saying that U.S. corporations
need to “pay their fair share” in order to resolve our national debt problems.
They want more revenue a.k.a more TAXES from those evil corporations.
And that leads us to the big question: Is our national debt a spending problem or a revenue problem?
Democrats want U.S. companies to pay their “fair share” to close the deficit gap. Ok! Let’s give it the old Democrat try. Let’s really STICK IT to those evil corporations and their Lear jets, tax breaks, etc. Are you ready? Here we go!
Let’s target the biggest U.S.corporations, the ones with annual gross revenues of over $40 billion per year. There are over 60 of these giant corporations in the U.S. (They’re listed below, along with their 2010 profits listed in billions of dollars. )
Remember now, we’re going to force these evil corporations to pay their “fair share”. Let’s not beat around the Bush. Let’s go all the way. Let’s tax their annual net profits at 100%. That’s the kind of fair share that any Democrat would be happy with. How much would a 100% tax on the net profit of these largest companies raise for one year? A whopping $204.8 BILLION dollars!!!
Wow, you’re thinking! $204.8 billion dollars would not only stick it to those corporations, but it would also would pay for everyone's health care, plus feed the poor children, and pay for all those public employee pensions, right? And it would solve our debt ceiling problems, too! That's the fair share President Obama is talking about, right?
There’s just one little problem. Currently, U.S. Government spending outpaces revenues by $118 BILLION per month. That’s right. The U.S. spends $1.4 TRILLION per year more than it receives in revenue. Even if Congress taxed 100% of the annual net profits of every U.S. company with over $40 billion in annual gross revenue, it would pay for less than TWO MONTHS of our monthly deficit of $118 billion per month. Think about that.
Even if our largest corporations were taxed the equivalent of 100% of their annual net profits, it still wouldn’t be enough to solve our nation’s debt problem. Clearly, we have a spending problem. And no additional “fair share” of new corporate taxes proposed by Obama and the Democrats will put even a small dent in our national debt.
Democrats want U.S. companies to pay their “fair share” to close the deficit gap. Ok! Let’s give it the old Democrat try. Let’s really STICK IT to those evil corporations and their Lear jets, tax breaks, etc. Are you ready? Here we go!
Let’s target the biggest U.S.corporations, the ones with annual gross revenues of over $40 billion per year. There are over 60 of these giant corporations in the U.S. (They’re listed below, along with their 2010 profits listed in billions of dollars. )
Remember now, we’re going to force these evil corporations to pay their “fair share”. Let’s not beat around the Bush. Let’s go all the way. Let’s tax their annual net profits at 100%. That’s the kind of fair share that any Democrat would be happy with. How much would a 100% tax on the net profit of these largest companies raise for one year? A whopping $204.8 BILLION dollars!!!
Wow, you’re thinking! $204.8 billion dollars would not only stick it to those corporations, but it would also would pay for everyone's health care, plus feed the poor children, and pay for all those public employee pensions, right? And it would solve our debt ceiling problems, too! That's the fair share President Obama is talking about, right?
There’s just one little problem. Currently, U.S. Government spending outpaces revenues by $118 BILLION per month. That’s right. The U.S. spends $1.4 TRILLION per year more than it receives in revenue. Even if Congress taxed 100% of the annual net profits of every U.S. company with over $40 billion in annual gross revenue, it would pay for less than TWO MONTHS of our monthly deficit of $118 billion per month. Think about that.
Even if our largest corporations were taxed the equivalent of 100% of their annual net profits, it still wouldn’t be enough to solve our nation’s debt problem. Clearly, we have a spending problem. And no additional “fair share” of new corporate taxes proposed by Obama and the Democrats will put even a small dent in our national debt.
| TOP US COMPANIES (Exceeding $40 Billion in annual revenues) | Profits (billions) |
| WalMart | $14.3 |
| ExxonMobil | $19.3 |
| Chevron | $10.4 |
| ConocoPhillips | $4.8 |
| General Electric | $11.0 |
| Berkshire Hathaway | $8.0 |
| General Motors | $0.0 |
| Ford Motor Company | $2.7 |
| Hewlett Packard | $7.7 |
| AT&T | $12.5 |
| McKesson Corporation | $1.3 |
| Bank of America | $6.3 |
| Federal Home Loan Mortgage Corporation | -$71.9 |
| Cargill | $0.0 |
| Verizon | $3.6 |
| JP Morgan Chase | $11.7 |
| Koch Industries | $0.0 |
| IBM | $13.4 |
| Cardinal Health | $1.2 |
| CVS Caremark | $3.7 |
| United Health Group | $3.8 |
| Citigroup | -$1.6 |
| Wells Fargo | $12.3 |
| Valero Energy | -$2.0 |
| Kroger | $7.0 |
| Procter & Gamble | $13.4 |
| AmeriSource Bergen | $0.1 |
| American International Group | $0.1 |
| Costco | $1.1 |
| Marathon Oil | $1.5 |
| Walgreens | $2.0 |
| Home Depot | $2.7 |
| Target Corporation | $2.5 |
| Apple Inc. | $5.7 |
| Boeing | $1.3 |
| Microsoft | $14.6 |
| Phillip Morris International | $6.3 |
| Archer Daniels Midland | $1.7 |
| Johnson & Johnson | $12.3 |
| State Farm Insurance | $0.7 |
| Medco Health Solutions | $1.3 |
| WellPoint | $4.7 |
| PepsiCo | $5.9 |
| United Technologies | $3.8 |
| Dell | $1.4 |
| Pfizer | $8.6 |
| Best Buy | $1.3 |
| United Parcel Service | $2.1 |
| Lowe's | $1.8 |
| Lockheed Martin | $3.0 |
| Goldman Sachs | $13.4 |
| Dow Chemical | $0.1 |
| Sears Holdings | $0.2 |
| Intel | $4.3 |
| Caterpillar | $0.9 |
| Chrysler | $0.0 |
| Bunge Limited | $0.4 |
| MetLife | -$2.2 |
| Safeway | -$1.1 |
| SuperValu | $0.4 |
| Kraft Foods | $3.0 |
| Cisco | $6.1 |
| TOTAL | $204.8 |
| Source: http://en.wikipedia.org/wiki/List_of_companies_by_revenue | |
| Source: http://money.cnn.com/magazines/fortune/global500/2010/full_list/ |
Feb 24, 2010
Congressman Blumenauer sent me an unsolicited e-mail. Here's my reply.
Congressman Blumenauer,
Thank you for letting me know where you stand regarding the issue of health insurance reform. With all due respect, if you were truly interested in health care "reform", as you put it, you democrats could easily pass legislation RIGHT NOW to eliminate pre-existing condition qualifiers on health insurance. You could also pass legislation RIGHT NOW that would allow health insurance companies to compete across state lines without state insurance mandates.
Congress already could have, with the stimulus, porkulus, TARP money etc. you democrats have already wasted, actually PURCHASED private health insurance policies for EVERY American for an entire year! And yet the democrats, who at this very moment have enough votes to pass anything they want without interference from Republicans, can't get ANYTHING passed. So don't blame Republicans for delay tactics or partisanship. As someone in the blogosphere said, right now Republicans couldn't delay or stop even a clown car.
Want to help small businesses? Forget about your sham health care takeover of the American economy. Instead, take your hands out of the pockets of small businesses and lower their taxes! You're stunned about skyrocketing health care premiums? I AM STUNNED about the democrat proposed tax increases and massive future deficits in the TRILLIONS of dollars, which make the health care premium increases you mentioned look like chump change.
Congressman, YOUR democrat party and YOUR trillion dollar deficits are what's frightening. With all due respect, if you want to help small businesses in Oregon, vote to end the continued deficit spending of trillions of dollars that we don't have!!!! Remember, you work for us. We don't work for you.
Sincerely,
Robert Canfield
----
Congressman Earl Blumenauer wrote:
Dear Mr. Canfield:
In an effort to bridge the political gap and build momentum for comprehensive health insurance reform, President Obama will hold his health care summit tomorrow at the White House, which I'll be streaming live on my website http://blumenauer.house.gov. Tune in and watch at 7am Pacific.
As I've made clear over the last year, health insurance reform is too important not to pass. In the last few weeks, I've been stunned at the news accounts of skyrocketing premiums while the five largest health insurers are enjoying record profits. It's hard to reconcile the fact that 50% of Oregonians are delaying necessary medical care because they can't afford it, while the biggest insurance companies made a combined profit of $12.2 billion last year - a 56% increase from the previous year. This puts people's health at risk and hampers growth at a time when we're working to recover the economy. I recently spoke with small business owners, and they're struggling to hire people because they've been hit with rate hikes ranging from 20 to over 120 percent!
For the last year, I've been working to make sure the millions of Americans without health insurance get the coverage they deserve. This is something I won't give up on, and with the blueprint President Obama unveiled on Monday, it's clear he won't either.
Despite health care opponents calling to scrap the bills passed by the House and Senate, now is the time to push past partisanship, work together, and negotiate on legislation that will improve the lives of all Americans. I'll be watching tomorrow, hoping to see forward momentum rather than the delay tactics that have stalled action on health insurance reform.
Sincerely,
Earl Blumenauer
Member of Congress
Thank you for letting me know where you stand regarding the issue of health insurance reform. With all due respect, if you were truly interested in health care "reform", as you put it, you democrats could easily pass legislation RIGHT NOW to eliminate pre-existing condition qualifiers on health insurance. You could also pass legislation RIGHT NOW that would allow health insurance companies to compete across state lines without state insurance mandates.
Congress already could have, with the stimulus, porkulus, TARP money etc. you democrats have already wasted, actually PURCHASED private health insurance policies for EVERY American for an entire year! And yet the democrats, who at this very moment have enough votes to pass anything they want without interference from Republicans, can't get ANYTHING passed. So don't blame Republicans for delay tactics or partisanship. As someone in the blogosphere said, right now Republicans couldn't delay or stop even a clown car.
Want to help small businesses? Forget about your sham health care takeover of the American economy. Instead, take your hands out of the pockets of small businesses and lower their taxes! You're stunned about skyrocketing health care premiums? I AM STUNNED about the democrat proposed tax increases and massive future deficits in the TRILLIONS of dollars, which make the health care premium increases you mentioned look like chump change.
Congressman, YOUR democrat party and YOUR trillion dollar deficits are what's frightening. With all due respect, if you want to help small businesses in Oregon, vote to end the continued deficit spending of trillions of dollars that we don't have!!!! Remember, you work for us. We don't work for you.
Sincerely,
Robert Canfield
----
Congressman Earl Blumenauer wrote:
February 24, 2010
Dear Mr. Canfield:
In an effort to bridge the political gap and build momentum for comprehensive health insurance reform, President Obama will hold his health care summit tomorrow at the White House, which I'll be streaming live on my website http://blumenauer.house.gov. Tune in and watch at 7am Pacific.
As I've made clear over the last year, health insurance reform is too important not to pass. In the last few weeks, I've been stunned at the news accounts of skyrocketing premiums while the five largest health insurers are enjoying record profits. It's hard to reconcile the fact that 50% of Oregonians are delaying necessary medical care because they can't afford it, while the biggest insurance companies made a combined profit of $12.2 billion last year - a 56% increase from the previous year. This puts people's health at risk and hampers growth at a time when we're working to recover the economy. I recently spoke with small business owners, and they're struggling to hire people because they've been hit with rate hikes ranging from 20 to over 120 percent!
For the last year, I've been working to make sure the millions of Americans without health insurance get the coverage they deserve. This is something I won't give up on, and with the blueprint President Obama unveiled on Monday, it's clear he won't either.
Despite health care opponents calling to scrap the bills passed by the House and Senate, now is the time to push past partisanship, work together, and negotiate on legislation that will improve the lives of all Americans. I'll be watching tomorrow, hoping to see forward momentum rather than the delay tactics that have stalled action on health insurance reform.
Sincerely,
Earl Blumenauer
Member of Congress
Feb 24, 2009
I'm Sure The Leftists Are Still Glowing
After watching President Obama's speech tonight, I was left with the bitter aftertaste of disgust. While hubris-laden leftists across the country are surely still chanting Obama's name. . .Obama ho renge kyo...Obama ho renge kyo. . . in their post-speech trances, it is depressing to think about the long term damage the Obama administration is about to unleash on our nation. It doesn't take a village to figure out what will happen to the good old U.S. after it gets hit by the socialist tsunami of nationalized banks, health care, education, mortgages, cars, etc.
California is the canary in the coal mine. And California is dying. With Obama in charge, the U.S. isn't far behind.
California is the canary in the coal mine. And California is dying. With Obama in charge, the U.S. isn't far behind.
Feb 15, 2009
Feb 13, 2009
Valentines Day Stimulus Federal Oath of Love
I stayed up late last night reading all 1200 pages of Obama's stimulus package. Much to my surprise, Valentine's Day will be taken over by the Federal Government, with many mandatory new rules. For instance, each "user" of Valentines Day will be required to sign the following "stimulus oath" of love:
Hidden deep within the stimulus bill is an appropriation of $14 billion dollars for "Valentines Day Gift Rebates". Valentines day users will be able to call a toll-free number and ask for a $100 voucher for reimbursement of any federally approved Valentines gift purchases. However, anyone who fails to sign the Valentines Day Stimulus Oath of Love will be ineligible for the voucher.
(FYI, this is a fantasy. Unfortunately, the "stimulus" is not.)
"I promise to faithfully protect and defend the holiday of Valentines Day. I promise to spend no less than $100 for each recipient on my list of Valentines Day lovers, family members, mistresses, dominatrices, one night stands, high school school crushes, husbands, wives, boyfriends, girlfriends, or domestic partners. In the spirit of Valentines Day, I promise not to purchase as a Valentines gift any of the following items: vacuum cleaners, washing machines, dryers, sewing machines, bathroom cleaning supplies, botox injections, fast food restaurant gift certificates, SUV's, private jets, or any other items designated by this stimulus bill as "non-romantic" spending. "
Hidden deep within the stimulus bill is an appropriation of $14 billion dollars for "Valentines Day Gift Rebates". Valentines day users will be able to call a toll-free number and ask for a $100 voucher for reimbursement of any federally approved Valentines gift purchases. However, anyone who fails to sign the Valentines Day Stimulus Oath of Love will be ineligible for the voucher.
(FYI, this is a fantasy. Unfortunately, the "stimulus" is not.)
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