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<blockquote data-quote="MenInBrown" data-source="post: 1040391">there are a couple of other facts to consider when evaluating the implications of those first two - first, there are 2.5 million corporations in the United States, and those 50-year record profits are what was reported by 500 of them for a single year. A record amount of profit posted by .02% of our corporations does not tell us anything meaningful about the profitability of the other 99.98%.Next, only 21 million Americans work for a Fortune 500 firm, out of the 130 million or so who work. perhaps most importantly, 52% of the profits of the Fortune 500 in 2011 were earned overseas. When overseas profits are removed from corporate earnings reports, 2011 was a quite ordinary year in comparison to the previous 49.Higher taxes on &quot;record&quot; profits might sound appealing, but emotion and economics are two very different standards by which to judge ideas. Raising corporate tax rates means higher prices for consumers and job cuts to offset the government&#039;s larger rake - ask the people of Illinois if it has solved any of their problems.Next year, a $500 billion tax increase awaits Americans if Congress does not act this year to extend current tax rates, including the infamous &quot;Bush tax cuts&quot; from the last decade. 70% of this will fall on middle and low-income families with an average increased tax burden of $3,800 per family, according to Heritage Foundation</blockquote>

[QUOTE="MenInBrown, post: 1040391"] there are a couple of other facts to consider when evaluating the implications of those first two - first, there are 2.5 million corporations in the United States, and those 50-year record profits are what was reported by 500 of them for a single year. A record amount of profit posted by .02% of our corporations does not tell us anything meaningful about the profitability of the other 99.98%. Next, only 21 million Americans work for a Fortune 500 firm, out of the 130 million or so who work. perhaps most importantly, 52% of the profits of the Fortune 500 in 2011 were earned overseas. When overseas profits are removed from corporate earnings reports, 2011 was a quite ordinary year in comparison to the previous 49. Higher taxes on "record" profits might sound appealing, but emotion and economics are two very different standards by which to judge ideas. Raising corporate tax rates means higher prices for consumers and job cuts to offset the government's larger rake - ask the people of Illinois if it has solved any of their problems. Next year, a $500 billion tax increase awaits Americans if Congress does not act this year to extend current tax rates, including the infamous "Bush tax cuts" from the last decade. 70% of this will fall on middle and low-income families with an average increased tax burden of $3,800 per family, according to Heritage Foundation [/QUOTE]

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