So, we give them tax dollars to bail out the “American” “too big to fail” corporations who pay little to no taxes and the thanks that we get are swipe fees, mortgage foreclosures, and now, American companies sending jobs overseas while laying off Americans.
Why is this allowed?
I have one really fast solution for our economic recovery. Corporate tax rates should correlate to the unemployment rate. The higher unemployment is, the more American companies should pay in taxes. It gives them an incentive to hire people and put them to work. The lower the unemployment, the lower the corporate tax rate.
Now there may be some companies who might decide, like Goldman, that they’d rather lay off US workers and pay slave wages overseas. Great. Then they get their bone@$$e$$ (see, you have to say it out loud…bonuses– bone asses….I made a punny) taxed at a higher rate here. What you save in salaries you can make up by funding US social programs. Maybe we’d even be really mean and funnel it into Planned Parenthood and WIC programs. Maybe we’d put the tax dollars into education. Maybe for ever tax dollar we receive from an outsourced corporation, we could take two dollars out of the Military budget. Now I’m getting mean.
When the economy is good and people are working, lower taxes for those hard working corporations. Because more people would be working, they would be able to make up some of the taxes through their pay. But in bad times? Tax them more so they suffer as the peons do.
What’s even more infuriating is that:
Goldman’s stock price has also suffered this year, falling to roughly $130 by June 27. On January 14, Goldman Sachs stock was priced at $175. Goldman’s legal costs have also been high in order to combat a slew of lawsuits. In 2010, the investment bank spent $700 million on lawyers.
So, maybe if Goldman hadn’t been so morally bankrupt, it wouldn’t have needed to spend $700 million in lawyers. Maybe, if it actually FOLLOWED the law rather than either figuring out how to get around it, or simply lobbying to have the laws work in their favor, they wouldn’t have spent so much on lawyers. Following the “spent” link also reveals that Goldman spent another $550 million to settle civil fraud charges with the SEC.
And that legal bill doesn’t count the millions (billions?) spent lobbying our ¢ongressmen and $enators.
Don’t even get me started on how much the executives who AREN’T being outsourced to Singapore are paid at these corporations. NO ONE is worth 54.4 million dollars. Furthermore, the NO ONE at Goldman helped Greece masked the size of its debts and told the Senate Permanent Subcommittee on Investigations that Goldman Sachs had no moral or legal obligation to inform its clients it was betting against the products which they were buying from Goldman Sachs because it was not acting in a fiduciary role.
And he doesn’t get a pass just because he donates money to Democrats.
Ironically, Goldman isn’t just hitting Singapore.
Goldman’s hiring spree in Singapore is only the most recent overseas expansion, too. The investment bank also plans to increase its workforce in Brazil by about 20 percent this year, according to Bloomberg News. Goldman’s Brazilian unit already grew to 300 from 200 last year, when the Brazilian economy grew more than twice as quickly as in the U.S.
How long until WE’RE trying to illegally cross into their country?
See HuffPo, I wasn’t snarky or anything.