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Thursday, April 27, 2017

Corporate & Leftist Hypocrisy of Trump's Corporate Tax Proposal


Today President Trump proposed cutting corporate taxes to 15% and you will hear a lot of people from the political left hooting and howling for quite a while over this

Personally we hate corporations and see them as institutions that destroy mom and pop businesses and create more problems and suffering for others than any 'good' or everyday convenience in comparison

But if it takes lowering taxes on their greed-infested businesses to dramatically increase the hiring of those with degrees and make the nation stronger, then its just a grin and bear it kind of thing
Of course it rarely if ever does work out that way but people seem to believe it and as long as economies and finance is moved by emotion and belief (people believe things are getting better so they spend more and it becomes self-fulfilling prophesy) then how others view tax cuts can not be brushed aside..

Anyways, back to the leftists especially in the media..

They will make quite a stink over Trump but so funny how quiet they were the past 8 years when the following events took place with a Democrat President's blessing:
From TheBlaze, March 25, 2011:

Guess Which Company Paid $0 in Taxes (on $14.2 Billion in Profits)? Hint: Its CEO Works for Obama..  

Half of all Americans don’t pay federal taxes on their income. And neither, apparently, does General Electric, the multi-national company that reaped $14.2 billion in profits last year. 

Though G.E. is the largest corporation in the U.S., it did not have to pay a dime in U.S. taxes, according to the New York Times. In fact, the company claimed $3.2 billion in tax benefits."
From Bloomberg, Feb 13, 2013:

"It hasn’t drawn much attention, but Facebook’s first annual earnings report contains an accounting gem: a multibillion-dollar tax deduction for the cost of executive stock options and share awards.

Even though Facebook reported $1.1 billion in pre-tax profits from U.S. operations in 2012, it will probably pay zero federal and state taxes—and even receive a federal tax refund of about $429 million—according to a Feb. 14 statement from Citizens for Tax Justice."
From the FiscalTimes, April 9, 2015:

"A new study shows that 15 major Fortune 500 companies avoided paying taxes on $23 billion in profits in 2014.

Moreover, these companies -- including CBS Corporation, Mattel, Prudential and Ryder System -- paid almost no federal income tax on $107 billion over the past five years."
From USA Today, March 7, 2016:

"There are 27 companies in the Standard & Poor's 500, including telecom firm Level 3 Communications, airline United Continental and automaker General Motors, that reported paying no income tax expense in 2015 despite reporting pre-tax profits, according to a USA TODAY analysis of data from S&P Global Market Intelligence."
You can go to their website to see the full list

https://www.usatoday.com/story/money/markets/2016/03/07/27-giant-profitable-companies-paid-no-taxes/81399094/

On and on...
Where was the liberal stink?   Where were the attacks on Obama for being a corporate black boy to Wall Street and passively allowing this to happen?

So really what is the big deal if Trump proposes to lower the corporate tax rate to 15% when according to Bernie Sanders, at least 1 out of every 4 corporations pay Zero in taxes??

Everything is hypocrisy and disingenuiousness in the worlds of politics and business
Even so-called liberal Obama proposed on two separate occasions lowering corporate tax to 28% from 35%

Remember for every $1 billion in revenue, Obama's plan would have saved corporations and banks $70 million in taxes which liberals were quite mum on the issue

Will Trump's tax proposal pass?

Yes.. No.. Maybe..  Does it matter?
Ultimately we've come around to the argument that the government could collect zero taxes from anyone, spend $50 trillion and nothing would happen; the financial 'plates' of our economy would keep spinning since no one holding our debts has the guts to ever call in their markers

So it is not something we're going to be stressed about

Just a little ironic that Republican Trump wants to dramatically cut taxes of what are mostly liberal globalist-minded US corporations that thoroughly embrace PC social engineering, collective secularism and phony 'inclusion'

Also the vast majority of corporations especially on Wall Street financially supported Hillary in 2016..  you know.. the Enemy!
From Politico, June 23, 2016:

The full list of business leaders endorsing Clinton, some of who had already announced their support, is below:

· Miki Agrawal, Founder and CEO of Thinx
· Dan Akerson, Former Chairman and CEO of General Motors
· Richard Anderson, Executive Chairman, Delta Air Lines, Inc.
· Stewart Bainum Jr., Chairman of Choice Hotels International
· James Bell, Former Interim CEO of Boeing; Former Corporate President and CFO of Boeing
· Marc Benioff, Chairman and CEO of Salesforce
· Nathan Blecharczyk, Co-Founder and CTO of Airbnb
· Jeff Brotman, Co-Founder and Chairman of Costco Wholesale Corporation
· Warren E. Buffett, Chairman and CEO of Berkshire Hathaway, Inc.
· Robert Burt, Retired Chairman, CEO FMC Corporation; Former Chairman Business Roundtable
· Ron Busby, President and CEO of the U.S. Black Chambers
· Brook Byers, Partner, Kleiner Perkins Caufield & Byers
· Peter Chernin, CEO, The Chernin Group
· Brian Chesky, Co-Founder and CEO of Airbnb
· Jim Cicconi, Senior Executive Vice President, AT&T Services, Inc.
· David Crane, Former CEO of NRG Energy, Inc.
· Erroll Davis, Retired Chancellor, University System of Georgia
· Barry Diller, Chairman and Senior Executive of IAC and Expedia
· John Doerr, Partner at Kleiner, Perkins, Caufield, and Byers
· Margot Dorfman, President and CEO of U.S. Women's Chamber of Commerce
· Candy Ergen, Co-Founder, DISH Network
· Joe Gebbia, Co-Founder and CPO of Airbnb
· Reed Hastings, Founder and CEO of Netflix
· Reid Hoffman, Partner at Greylock
· Drew Houston, Founder and CEO of Dropbox
· George Hume, President and CEO of Basic American Foods
· Irwin Jacobs, Founding Chairman and CEO Emeritus of Qualcomm
· Paul Jacobs, Executive Chairman, Qualcomm
· Leila Janah, Founder and CEO of Sama and Laxmi
· Earvin “Magic” Johnson, Chairman and CEO, Magic Johnson Enterprises
· Robert Johnson, Chairman, The RLJ Companies and Founder of Black Entertainment Television
· Andrea Jung, CEO of Grameen America, and Former CEO of Avon
· Lynn Jurich, CEO and Co-Founder of Sunrun
· David Karp, Founder and CEO of Tumblr
· Ellen Kullman, Former Chair and CEO of DuPont
· Debra Lee, Chairman and CEO of Black Entertainment Television
· Ted Leonsis, Founder and CEO of Monumental Sports & Entertainment
· Aaron Levie, Co-Founder and CEO of Box
· Peter Lowy, CEO of Westfield
· Monica Lozano, Former Chairman and CEO, U.S. Hispanic Media
· Rob Marcus, Former Chairman and CEO Time Warner Cable Inc.
· William L. McComb, CEO (retired) of Liz Claiborne & Fifth and Pacific Companies, Inc.
· Rebecca Minkoff, Founder of Rebecca Minkoff
· Hamid R. Moghadam, Chairman and CEO of Prologis
· James J. Murren, Chairman and CEO, MGM Resorts International
· Charles Phillips, CEO of Infor
· Mark Pincus, Co-Founder of Zynga
· Laura M. Ricketts, Co-Owner, Chicago Cubs
· Gary Rodkin, CEO (retired) of ConAgra Foods
· Sheryl Sandberg, Chief Operating Officer of Facebook
· Eric Schmidt, Executive Chairman of Alphabet
· Jim Sinegal, Co-Founder, Director and former CEO of Costco
· Jeremy Stoppelman, CEO and Co-Founder, Yelp
· Walter Ulloa, Chairman and CEO, Entravision Communications Corporation
· Wendell P. Weeks, Chairman of the Board, CEO and President, Corning Incorporated
· Anne Wojcicki, CEO and Co-Founder, 23andme
Wheww, that's quite a list of powerful corporate liberal Trump-hating pieces of shit isn't it?!

At the time, here's what Netflix' CEO and co-founder Reed Hastings (and heavy Hillary donor) said about Trump:

“Trump would destroy much of what is great about America. Hillary Clinton is the strong leader we need, and it's important that Trump lose by a landslide to reject what he stands for."

Wonder if the greedy money-hungry corporate parasite will still feel that way after he gets his corporate tax cut?

Hmm?