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The Joke’s On Us

March 23, 2012 by  

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.

Chip Wood

Chip Wood

is the geopolitical editor of PersonalLiberty.com. He is the founder of Soundview Publications, in Atlanta, where he was also the host of an award-winning radio talk show for many years. He was the publisher of several bestselling books, including Crisis Investing by Doug Casey, None Dare Call It Conspiracy by Gary Allen and Larry Abraham and The War on Gold by Anthony Sutton. Chip is well known on the investment conference circuit where he has served as Master of Ceremonies for FreedomFest, The New Orleans Investment Conference, Sovereign Society, and The Atlanta Investment Conference.

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  • simian pete

    The Japanese are coming back, economically. All this propaganda about China’s economy may be some what inaccurate ! Wait about 5 years, will Japan overtake China economically ? HA HA !!

    Better yet, will Japan overtake the USA in 5 years ? They have the technology ! Maybe Japan’s economy will go “bionic”. Their economy will recover, just like Steve Austin (the 6 million dollar man) did in that 1970′s sic-fi TV series ….

    Hey, the US economy sure has shrunk since 2008 ! Maybe Japan will pass us on the USA’s way down.

    Encyclopedia Britannica is moving to fast. They need to make a deal with Apple. The Apple iPad 3 has an excellent hi resolution display. Maybe they should come out (with Apple’s help) a custom IPAD 3 for Encyclopedia Britannica. All the multimedia must be updated to the higher display resolution ….

    Food Stamps are going electronic. I have a Food Stamp electronic benefits card – it’s like a debit card. You swipe it thru the card reader at the grocery checkout, enter a password code, and that’s it.. I guess some states are still using the old coupon books ?

    Considering you need about 3 million dollars to retire comfortably in the USA, I really can’t get to mad at Ms. Clayton. She isn’t smart enough to realize that lottery winnings are considered income . Hopefully she went to JT Wentworth and worked out a deal to get more cash up front. Remember that number – 3 million dollars (or more) to retire comfortably. So when your mooching relatives/friends come around, tell them your wallet is off limits until you made enough to retire . Your first “3 million dollars” is off-limits. After you “made” 3 million dollars you will be OK. That’s not being nasty – just reality. Reality is awesome .

    So Ms. Clayton “needs” another 2 million to retire ….

    • http://none don larson

      I be a Don,

      A comeback for Japan? Not in my life time; and probably not yours. The Country has been trying to come back for 22 years. How much longer do we have to wait? Anyone seen their GDP to Debt, ratio?

      With respect to the, likely illiterate Lottery winner: why single her out, when Millionaires and some Billionaires, actually collected unemployment benefits totaling $740 Million dollars during the past three years? These folks are suppose to have more than, “half a brain.” Yet, in too many instances, the Rich have used their intelligence to bring the Country to it’s knees by it’s long standing Predatory and Vulture Capitalistic practices.

      Oops! The operative, political correct word today, is EXTRACTION! The Rich have been extracting your wealth for more than 30 years, by any means possible. Never mind though; the practice is consistent with what researchers are saying occurs in ALL DECLINING Empires and Nations. Tis’ a shame; but the trend cannot be reversed. Do the reseach; read the history of the Rise and Fall of All the Great Nations.

    • ladybug

      http://www.petition2congress.c

      Go to this website and sign the petition to vet Obama and check into his eligibility to be president. The lame stream media never vetted him in 08 and neither did congress.

      • Thinking About

        So when they vet him are you going to be satisfied he wad eligible to run for president are you going to be happy?

    • http://www.mototcarsfinancial.com Brad

      Wow you are on food stamps and still you can afford to have a computer and a subscription for internet access….What a Country!!

      • Thinking About

        Did you know there is free Internet access in public libraries?

  • Vigilant

    Regarding the millionaire food stamp recipient, shouldn’t the focus be on the agency that provides the food stamps, not the winner?

    • Robert Smith

      No, it’s necessary to focus on the abuser.

      Some folks actually need food stamps to survive.

      Sad to see the right wing has no interest in being their brother’s or sister’s keeper.

      Rob

      • Ted Crawford

        I disagree, in part. Yes the abuser should be brought to account, however if the agency tasked with the administrative responsibility were doing their job properly there would be few abusers, and clearly none worth $1 million!

      • Vigilant

        Thank you, Ted. Rob needs to learn that not everything is black and white. You understood my statement, Rob didn’t

      • http://naver samurai

        Giving from your heart, yes. That would be true Rob. But not from the government as it goes against our founding principles and increases the size of government. Haven’t made that popping sound yet? FOR GOD AND COUNTRY!

  • Flashy

    On paper, the US may be the highest corporate tax rate. In reality, it’s among the lowest of the industrialized world.

    • Ted Crawford

      Having actually owned a business and not just worked for one, I can assure you that you are wrong sir!
      Nice leftist talking point however. Comrade Alinsky would appalude you I’m sure1

  • http://none don larson

    Chipper, I be back to clarify your thinking:

    Lower Corporate Tax Rates in this Country, because some other Nations are doing it? I don’t think so! In fact, they need to be raised, if the Government cannot get the large Corporations to pay what they have, “dodged,” for years. You know the ones who pay little or no Income Taxes; the one’s like Apple that Stash their Cash, in Off-Shore Banks. And, there are so many more!

    Today we have many Corporations sitting on Billions of Cash Dollars. Use that money to stimulate the Economy? Hell no! They prefer to stimulate their excess and obscene Bonuses.

    So, Chipper, don’t try to pass your poor reasoning onto the general public; we know the score. Apple was so embarrassed by their Stash of Cash, they were shamed into granting a dividend. A shame – - or a scam? Maybe both! (Imagine, a 25% profit margin!) The only sector of the Economy that is doing well today, are the Fat Cats in the One Percent Group. Most Corporations fit nicely there. Now, you want to give them another Tax Break? Do you have any idea how insulting and hollow that sounds to the 99% in this Country; many of which are struggling to just get by?

    You need to sharpen your Research, and lighten up on opinions that have no basis in fact. Get out and rub shoulders with ordinary Americans.

    Chow Bro (the Donald; the other one; you know; the one that is Broke!) Or Not.

    • Flashy

      The NYT’s had an interesting OpEd yesterday about the newest GOP budget proposal. It is so vague as to the tax issues as to be worthless. It contained a list of deductions and tax credits which are the most flagrant. in the OpEd, it suggested people take the list and when they hear a candidate for House/Senate speak of doing away with “loopholes”, to go down the list and ask them specifically which ones they would do away with.

      i thought that was hilarious. Make the candidates be specific? i tried to copy and paste the list here, but it is an “image” which doesn’t paste to the site.

      Mr. Livingston, perhaps you would want to copy that list for a near future hand out. NYT’s, Op Ed March 22nd titled “Tax Overhaul is Big on Promise”

    • Les

      Any tax on corporations rolls right into the price of whatever they are selling and ends up being and indirect tax on me which I can’t claim at the end of the year. Unless of course you don’t believe that happens and you think taxing them has no effect on companies being able to compete globally. Products have to account for all associated costs or companies end up looking like Government Motors.

      You might want to look into that before you make more comments.

      • http://www.mototcarsfinancial.com Brad

        You are correct Les. The liberal comments on here are funny at bes. Gee Wally I wonder if we were competitive if they might bring their money and companies back home?

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