Sunday, September 4, 2011

Soak the Rich, Week 18

Senator Sherrod Brown (D-OH) has a Progressive’s grasp of economics: corporations are evil, and bureaucrats could micromanage the world perfectly given a little more money.

Sherrod – like President Obama – isn’t specific about his approach to sustainable big government, so 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 bit extra from the kings of the S&P 500?

After a decidedly non-Progressive lapse in weekly recaps, we're back on schedule. Now that we've soaked 36 of America’s largest employers, we’ve covered 6.587% of the 2011 deficit! That’s a reduction from $1,620,000,000,000 to $1,513,286,096,569 (view source workbook).

If hiking taxes on a few hundred more corporations could cover the remaining 93.413% of the 2011 deficit, would it be worth it?

Sure! As Sherrod would insist, soaking 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’ 6,505,112 employees will lose their jobs.
  • None of the corporations’ products or services – health insurance, prescription drugs, medical devices, food at supermarkets & restaurants, purified water, appliances, gasoline, business & consumer lending, checking accounts, savings accounts, construction equipment, air travel, shipping, national defense, cell phone service, broadband access, fast food, soda, sports drinks, snacks, 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’ 87,648,800,000 shares of stock will be ruined… unless they deserve it!
  • None of the world’s entrepreneurs or executives will stop investing in American businesses.
Good thing raising taxes is an all-around win… otherwise, Ohioans would have to find a senator with more sense than Sherrod Brown!

Catch all the Soak the Rich fun on Facebook, and follow me on Twitter: @jasonahart

Cross-posted at that hero.


  1. zzzzzzzzzzzzzzzzzzzzzzzzzzzzz

    Wait what? Oh thought you were posting something relevant...

  2. Thank you third base politics for sticking up for millionaires like me. I've never felt like I have had a voice, but thanks to you, my struggles can be heard by those who earn so much less... Thanks again!

  3. Congrats once again to the lefty trolls who have no response to the subject of the post, which is that soaking corporations with taxes WONT solve our budget deficits.

  4. As Bytor said - thanks, anonymous leftists, for proving that Sherrod Brown's policies are indefensible!

  5. Hey, these same corporations have the giant tax breaks for giving these jobs to people in China, Mexico and whatnot, I am yet to hear what you think of giving every single one of these companies these breaks...Oh thats right, you are ok with this, yet you want jobs are all flippin idiots...

  6. Thanks again to Jason and his girlfriend... I can't thank you enough for your in depth coverage of this epidemic. Finally the rich have a voice.

  7. It's cute when the left can't refute the facts that destroy their indefensible positions.

  8. So scarlet, no answer for the giant tax breaks for outsourcing?

  9. Three cheers for Progressive logic! Some corporations have received tax breaks that don't make sense, therefore unparalleled spending will be no problem if we just raise taxes.

    Thanks again, Anonymouses!

  10. Jason, you arent answering my question, using the classic conservative tactic of avoiding the issue by using slight of hand. Answer the question...

  11. Dear Anonymous - please point to a question that has some relevance to this discussion and I'll happily respond.

    Leftists insist we can spend forever if we just tax the rich a little harder. That's laughable, however much you try to ignore the issue or change the subject.

  12. Jason, eliminate these tax breaks for outsourcing, thus getting more money from these corporations without raising taxes on the companies that keep jobs in the US. Why reward Nike, Microsoft, GM, Westinghouse etc for taking jobs away from US workers?

  13. And, Anonymous, when we've eliminated those tax breaks we'll have a balanced budget... or something close to it? Or are you ready to admit you're trying to change the subject?

  14. Nope, not changing the subject, trying to express a view that you continue to dance over. Eliminate the tax cuts to these companies, then close the corporate tax loopholes...Yet you seem to dodge the issue, is it cause you dont have any kind of real solution to the issue??? Do you just spit talking points without any real ideas or solutions? So answer the danged question, or are you afraid to due the fact that you have no answer and just spout the points that Rush tells you to spout?

  15. Here's the deal lefties: the government should be given the smallest percentage of our GDP possible commensurate with the taskes the citizens expect the government to perform.

    the great debate today is what we expect from the goverment. The left wants to change the subject to "Let's find new money so we can perserve the status quo".

    No thanks. There are two huge issues with the government that can be solved without raising taxes on anyone:
    (1) the government is doing far too much. We don't need a massive regulatory Raj. We don't need massive transfer payment schemes. We don't need millions of publically funded drones sucking on the public tit.
    (2) Much of what the government does is bad for the citizens. Nothing has done more damage to the nuclear family that the great society. Medicare has, in traditional wag the dog fashion, run roughshod over healthcare. The regulators are so confused that when called upon they cannot even figure out how to comply with their own regulation.

    so lefties, instead of whining about needing more from the citizens, it is time for the citizens to get by with less from the gummint.

    that's the fight we're having right now. The left is facing a full frontal assault on its basic dogma. About darned time too.


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