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Friday, February 24, 2012

Taxes? What Taxes?

Hello my dear friends. Well, it's that time of year again. The time where (some) humans gather together their W2's and 1040's and their proof of deductions, etc. to satisfy the Taxman.  I say "some" because, according to the latest numbers, 49.5% of Americans pay NO federal income tax. That's okay though, I'm sure you don't mind paying your, their and everyone else's fair share. You're such good people! Pat yourself on the back because in addition to the approximate 15% of your income that you pay to the Gubmint, there's also the approximate 10% in payroll taxes and, of course, the state, local property (city & county), school, water/sewer, sales, luxury, excise, estate, gift (Have I left out any taxes?). You get my point. Now, I'm just a Kitty, an extraordinary Kitty, but a Kitty none the less. I really think you may be going about this tax thing all wrong. So, I thought I'd make you feel better by letting you there apparently is a better way. So here are some facts (according to the Federal Budget Office) that should make you feel better.
Between 2008 and 2010 General Electric made $10.5 billion is US profits, paid $0 in Federal taxes and managed to collect $4.7 billion in tax rebates.
During that same period Wells Fargo earned $49 billion, paid $0 taxes and collected 680 million in rebates.
Some other notables...Verizon made $32 billion, got $12 billion is subsidies and $950 million in rebates! PG&E (2008-2010) paid an effective tax rate on (negative) -21%. Corning paid an effective rate of (negative) -4%. Mattel (negative) -9%. DuPont (negative) -3.4% while collecting $72 million in rebates and Boeing (negative) -1.8% on $10 billion in domestic profits. So, you see my friends, you're going about it all wrong. What you need to do is hire yourself a Lobbyist or two. Trust me, it could save you BILLIONS!
Enjoy the weekend!
Po

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