The Joke’s On Us
March 23, 2012 by Chip Wood
This gives new meaning to April Fools’ Day. On the first of next month, Japan cuts its tax rate on corporate profits from 39.5 percent to 36.8 percent. So what, you ask? When that happens, it means that the United States will have the world’s highest corporate tax rate. Our combined Federal and State levies of 39.2 percent will be higher than taxes charged in Russia, China, Sweden and Denmark. Oh, and Japan plans to cut those taxes by another 2.3 percent in three years. Hey, aren’t we supposed to be the pro-capitalist country?
How many times did you use it? The 244-year-old Encyclopaedia Britannica is abandoning its print edition. Those gold-lettered reference books that were sold by thousands of door-to-door salesmen will be no more. The company pointed out that its Web edition contains more information than its 32-volume print edition. And, besides, it is continuously updated.
A millionaire food stamp recipient. When Amanda Clayton, an unemployed 24-year-old in Lincoln Park, Mich., won $1 million in the State lottery, she promptly went out and bought a house and new car. She also continued to collect $200 a month in food stamps. When a local reporter asked her if she thought that was right, she replied, “I feel that it’s okay because, I mean, I have no income and I have bills to pay.”
Food stamps buy drugs and guns. Phyllis Fong, the inspector general of the Department of Agriculture, told the House Oversight and Government Reform Committee that some welfare recipients are selling their food stamps for cash and buying drugs with the money. “By giving a recipient $50 in cash for $100 in benefits, an unscrupulous retailer can make a significant profit; recipients, of course, are then able to spend the cash however they like,” she said. “In some cases, recipients have exchanged benefits for drugs, weapons, and other contraband.” Your taxes at work, folks.