[Promoted by Liz, because YEAH! What she said!]
Below is a small sampling of financial data from three diverse corporations (Intel, Home Depot and Walmart). See for yourself. Research more if you like, by going to Google and typing in “company name, financials 2011 annual.”
If these companies and others like them are not creating jobs, it is because they don’t want to. Giving them tax-free money won’t change that. (Is it possible that the only entity that will actually create jobs would be government projects for infrastructure, education and research?)
Further, when looking at financial statements, keep in mind that the net profit shown on an Income Statement is NOT the net income reported to the IRS. There are markedly different rules for depreciation between Generally Accepted Accounting Principles required for SEC filing and the rules for IRS reporting: http://www.section179.org/ (on tax reports, a company can write off 100% of new equipment purchased and placed in service this year…. And $500,000 more of used equipment.)
AND yet the corporate world thinks the only way to balance the US budget is to refuse to honor the Federal contract with its elderly—the workforce that built this wealth over the last 50 years, while paying into funds to ease their end of life.
Think about it.
What kind of people are we?
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Intel (December 2010) Earnings per share doubled over last two years; and cash and cash equivalents: $21,000,000,000 +
http://www.intc.com/intelAR2010/financial/balance/
Home Depot (January 2011) Earnings per share increased 150% over last two years; cash and cash equivalents: $545,000,000
http://www.homedepotar.com/financials.html
Walmart (January 2011)
Net Cash provided by operating activities: $23,643,000,000
http://walmartstores.com/sites/annualreport/2011/financials.aspx
“In fiscal 2011, we recorded $434 million in net tax benefits that resulted primarily
from the repatriation of certain non-U.S. earnings that increased U.S. foreign tax
credits and favorable adjustments to transfer pricing agreements.” – Annual report
Dividends paid to stockholders doubled over the previous 5 years.