Sunday, July 31, 2011

Soak the Rich, Week 13

Senator Sherrod Brown (D-OH) has a Progressive’s grasp of economics: corporations are evil, and bureaucrats could micromanage the world to perfection with just a little more money. Though Sherrod – like President Obama – isn’t specific about his approach to sustainable big government, what if we used the class-warrior’s dream scenario of doubled corporate income taxes and fully “reclaimed” CEO pay? Starting with just the 2011 deficit of $1.62 trillion, how fast could we balance the budget with a little extra from the kings of the S&P 500 index?

Shown below: the 2011 federal budget deficit, and the 5.894% slice that would result from dramatically increasing taxes on twenty-six of America’s largest employers (view source workbook). That’s a reduction from $1,620,000,000,000 to $1,524,512,443,940.

Even if soaking a few hundred more corporations could cover the remaining 94.106% of the 2011 deficit, would it be worth it?

Of course it would! As any Progressive will tell you, raising taxes on The Rich has no negative effects. Among the things that won’t happen if Sherrod Brown and President Obama tax their way to the chart above:

  • None of the corporations’ 5,241,561 employees will lose their jobs.
  • None of the corporations’ products or services – health insurance, prescription drugs, medical devices, food at supermarkets & restaurants, gasoline, business & consumer lending, construction equipment, air travel, shipping, national defense, cell phone service, broadband access, fast food, the thousands of items available at & Wal-Mart, toothpaste, diapers, detergent, baby soap, Band-Aids, movies, television, newspapers, computer software, iPods, laptops, servers, networking equipment, etc. – will get more expensive.
  • None of the funds or individuals holding the corporations’ 64,042,800,000 shares of stock will be ruined… unless they deserve it!
  • None of the world’s entrepreneurs or executives will stop investing in American businesses.

It’s a good thing raising taxes is an all-around win... otherwise, Ohioans would need to start looking for a senator with more sense than Sherrod Brown!

"Like" Soak the Rich on Facebook, and follow me on Twitter: @jasonahart

Cross-posted at that hero.


  1. Why are you so against companies paying taxes???

  2. I must say that i do agree with you on this one about the taxes..

  3. There is little that one can do about the monumental ignorance of some people.

    the question from anonymous is either complete ignorance or total stupidity.

    But let me try: companies don't pay taxes, their customers do. Raising taxes on exxon won't reduce their profit directly. NO it will raise the price of gas for the rest of us.

    is that really what you want? Oh wait, you are probably a liberal which means that you blindly support anything that will damage my country and its economy.

    America already has uncompetitive tax rates on companies. That's why they are leaving.

    And I have a question for the liberals: Why are you so against success in America? Why is it that your positions ALWAYS result in punishing success while rewarding failure.

    Why is that? Are you ignorant? Or stupid? Or some combination of the two.


  5. Well with all the damage that oil does to the environment, gas should probably cost about 2 bucks a gallon more than it should, but thats a different argument for a different time. I am a rather successful businessman, make a nice wage, have a few people working under me. One of the things that comes with success is the ability to help other people, be it via charitable donations, or dare I say it, paying more in taxes. I get it, I make mid six figures, I am not married, and I have no kids, therefore, I am going to pay more in taxes than someone who makes half what I make, is married and has popped out a couple of kids. I HAVE NO PROBLEM PAYING MORE IN TAXES, it goes with the territory. I havent taken a pay raise in 2 years so the people below me could get modest increases and keep their jobs. This is because I don't need the raise as much as the entry level people do. The owner of my company didn't pay himself for nearly a year because he wanted to help the company and everyone who worked for him.

    So I have no problem with success, I have a problem with people thinking that because they are successful, they are immune from carrying their fair share of the load. As the great Stan Lee wrote, "With great power, comes great responsibility"

    But you go on with your Unions are evil, and the rich are "job creators" and taxes are wrong approach to life. If you can sleep at night being a "money hoarding imperialistic, hate mongering conservative" I will sleep fine being a "tree hugging, socialist dousche" I guess we will just agree to disagree


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