Wednesday, February 5, 2014

How much good could this refund do?

I know, I know, I'm a socialist at heart. Capitalism is a great thing, upon which the American economy is built. I don't have a problem with capitalism as an economic principle. I do have a problem with it when it becomes an excuse for blatant greed.

In 2010, 17 corporations were given TOTAL REFUNDS, 17 CORPs $7,568,000,000   (this is BILLIONS).

The top corporate tax rate is 35%.  These refunds were based on all the loopholes that Congress has allowed and cuts the tax responsibilities to way below 35%.

You and I cannot deduct our computers, laptop computers, tablets, travel to and from work, the cost of salaries to our employees, advertising expenses, our airplanes as a business expense. We can't even deduct the interest we pay on our credit cards. We can deduct our medical co-pays, if they are  more than 7.5% of our gross income.

I have a cousin who owns a business.  He can deduct every expense he has as a business expense. He wants a new laptop, he needs a new laptop computer, he'll write it off as a business expense. I want a new laptop, I don't have a business. I can't write off anything.  He owns a hot air balloon. It's fun. He can write off all costs because he uses it as a business expense, advertising, ya know.

I'm charged $1470 by the doctor for a colonoscooy.  The insurance only pays $475. The doctor can write off $1095 as a loss of income. How can an hour of someone's time be worth $1470?  He is paid $250 an hour as an MD and an employee of a hospital. The hospital gets to claim a loss of $1095.  Multiply this figure by how many colonoscopies this guy does over a year.

How many organizations can you identify that depend upon runs, walks, or other fundraising activities to support their  causes?   The $7.5  billion refund these corporations received in order to pay their share holders a dividend would make a world of difference in the amount of research that could be done.  How many hungry children could be fed with $7.5 billion?  How many people could be provided with health care?

With all the shareholders in these corporations, what is the dollar amount that they would miss if these refunds were not given?

I'm going $5000 in debt every year because my income doesn't cover my expenses. I have nothing to write off to decrease my tax responsibility.

I realize that life isn't fair. But I do question why I am not given the same opportunities that the CEO of AT&T and Comcast are given. Why should the McDonald' worker be paid $7.25 an hour while the CEO of McDonalds is making $9200 an hour.  I'm sorry, but the CEO  ain't worth no $9200 an hour and the worker making $7.25 an hour is worth more than that.

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