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12/17/2007
Doesn't Cory Liebmann get it?
One Wisconsin Now’s pontificator reacted the other day to the Department of Revenue’s (DOR) report last Tuesday. The Journal Sentinel’s article summarized the data: - 3.3% increase in 3rd Q year-over-year state tax collections totaling $3.556 billion
- 4.2% increase in sales tax collections
- 12.7% decrease in corporate tax revenue
So Cory Liebman, mouthpiece for blatantly liberal, anti WMC, anti-capitalism, One Wisconsin Now, says: Wisconsin's corporate lobby, Wisconsin Manufacturers and Commerce [WMC] regularly plays the role of Chicken Little regarding the business climate in Wisconsin. Although this recent data shows that overall tax revenue went up, what corporations contributed went significantly down. Even with corporations contributing less as the average person continues to contribute more, we are not likely to hear the end of the WMC-led tax hysteria. Apparently they will not be happy until they have to contribute zero, while still fully enjoying the infrastructure and other services supported by others tax dollar investments.
Well, it’s not only just plain dumb, it’s a non sequitur, forcing a set of DOR data to conform to this pre-conceived notion that corporations are getting away with murder by paying no taxes.
The rest of the story
At least the Journal Sentinel sought an explanation, including comments from Wisconsin Taxpayers Alliance research director, Dale Knapp. Knapp said some of that decrease could be timing issues, with companies yet to submit payment to Madison. But he added, "When the economy slows, corporate profits are some of the first things to really see a drop. It could very well be that is a leading indicator of a slowing economy."
Imagine that. Signs of a slowing economy – instead of Liebmann’s thirst for evidence of corporate greed and malfeasance. Here’s what I don’t get about the position One Wisconsin Now and its ilk take on corporate profits and corporate taxes. If corporate taxes increase, who, if not Mr. and Mrs. American consumer, will pay those increased costs? And if corporate growth and corporate success and corporate profits are evil, who or what will produce goods in our country so as to employ our workers? And if nobody’s producing anything and as a result, nobody’s employing workers, how will workers eat? I just don’t get that.
COMMENTS
In fiscal 2007, individual income taxes were 10.3% higher than in 2000; sales taxes were 18.8% higher; corporate income taxes were 38.1% higher. The picture changes significantly when you lengthen the horizon.
Earl (Mon Dec 17 08:57:42 2007)
Wisconsin taxes corporations at a 7.9% flat rate, while most of our neighbors are near 4%. Further, some states have no corporate income tax.
Perhaps our declining corporate tax collections are more a reflection of our tax code doing the predictable - driving corporations away, rather than reduced corporate profitability.
Thanks Jo
(You didn't actually think I could be quiet about taxes!)
Brian (Mon Dec 17 10:19:56 2007)
Question: Why do they call it The Minimum Wage? Answer: Because if corporations could pay employees any less they would. The whole tenor of this discussion is that there is no alternative to corporate capitalism. Corporations are chartered to maximize profits by whatever means necessary for the shareholders. Period.
The only thing that stops corporations from fleecing the employees and the consumers even more (as Jo's piece about shopping for pharmaceutical bargains had the other day) is regulation and taxes. Taxes on the infrastructure that corporate America, by its very nature, uses more than the average employee.
Right now 'tis the season for CEO bonus windfalls. Who amongst the readership here does that benefit? Raise your hands.
Gee Lon, how do you really feel? What would you do without successful corporations in America? JE
The point is that when you look at your own self interest rather than the cant of paternalistic corporate propaganda (the "Father Knows Best" mentality some of us grew up with since the 50's) the tax dodge ball game of corporate America will inevitably fall on the public.
Worst of all is the Corporate blackmail scare tactic of losing jobs. As if they cared.
It should be pretty obvious by now that no amount of concessions to corporate bullies in taxes or anything else will change the corporate enterprise from being what it is.
Lon Ponschock (Mon Dec 17 16:27:58 2007)
For the record, I would describe myself as proudly liberal.
I am anti-WMC, at least since they’ve taken such a dramatically extreme and partisan turn. By the way, being anti WMC is not the same thing as “anti-capitalism” as you seem to suggest.
Knapp’s speculation could be correct but we don’t know that yet. It seems that you are over eager to take it as gospel in your attempt to prove an ideological point. Interesting, since I think that is what you were just accusing me of doing.
Cory Liebmann (Mon Dec 17 16:37:07 2007)
Who does this guy think pays the Corporate Tax? He's the stuff W.C. Fields and standup comics make a living from.
Richard (Mon Dec 17 16:42:13 2007)
At the risk of being called a right-winger, I believe corporations should pay zero taxes….. up to a point. I’d put them on a sliding scale depending on (a) the ratio of their highest-paid executive to lowest-paid worker compensation, and (b) their ratio of US workers to foreign workers. If executive salaries are reasonable and they keep most of their jobs in America, their taxes would be zero. Otherwise, as Jo alludes to, corporate taxes are regressive and are simply passed down to the consumers.
However, as executive pay and outsourcing increases, so does the tax rate. And of course, a method must be included to tax companies higher if they locate in a tax haven to avoid this system altogether.
That said, I agree with Cory on WMC. They seem to me more interested in building WMC than Wisconsin's businesses.
Interesting ideas on progressive tax rates, given your two criteria. I agree with your premise concerning executive salaries; don't agree with the protectionism of discouraging outsourcing. 'The World is Flat' Jack... JE
Jack Lohman (Tue Dec 18 11:25:58 2007)
Cory needs a long, long rest over at Mendota, where the nice men and women in white suits can feed him soup, and give him a blanket when he curls up on the floor, because Cory has checked out of humanity.
Correct Thinking (Tue Dec 18 11:59:54 2007)
I don't call it protectionism, Jo, I call it preventing corporate CEOs and shareholders from ripping off America; enjoying all the benefits of America but sending their tax-paying employees to another country. All while burdening local employers and employees with making up the deficit.
Jack Lohman (Wed Dec 19 06:34:17 2007)
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