Corporate Taxes don't exist.....

Recently, I read a blog comment about the need to raise corporate taxes to help with state and federal budget shortfalls with the recent turn in the economy. The blogger said that since it was corporations that have benefited from the past years of excellent economic times, then they should be the ones to help the individuals who are currently paying the price of the situation we find ourselves in...

Let me provide a little bit of information here....

Corporations have NEVER paid a penny in taxes!!!!

This may come as a shock to some, but here is how corporate taxes work. The federal government, as well as state and local government, imposes whatever tax they wish on corporate entities. This is in the form of sales taxes, excise taxes, payroll taxes, corporate profit taxes, etc.....

The corporation in turn, incorporates these COSTS into the price of their material or service, or reduces the profit per share paid to the shareholders of the corporation. Those costs of doing business that are incorporated into the cost of the material/service are paid, ultimately, by the end user; just like any other cost of a raw material and or service. Those who think that corporations will solve this mess are woefully mistaken. The cost of EVERY GOVERNMENTAL DOLLAR spent is ALWAYS paid for by INDIVIDUALS. ALWAYS, ALWAYS, ALWAYS. Do you get that? ALWAYS.

So who is going to pay for the current cost of this federal government spending? Of course, it will be us, the individual tax payer. Or more accurately, our children and grand-children the individual tax payer.

Folks, do this......
Get out of debt. Save your money. Put it in the bank. Borrow only when absolutely necessary and try to borrow from your local lending banks. Our banking system currently is insolvent due to the lack of fluid DOLLARS in the system. For the past two decades, our financial system has been based on the future values of holdings which is a sure fire way of producing a bankrupt nation. As much as I hate to say this, it is not President Obama's fault, but neither is it President Bush's fault. It is the fault of a system based on greed and the lack of demand for responsibility and respect for future generations.