There’s just nothing more wondrous than to find that one of the largest companies in the world is getting more tax cuts in a time when most states have huge deficits, and the national deficit is growing like the waistline of Kevin Smith.
From slashdot we have a blurb letting us know that the company that is the most well known business in Washington is in line to get record tax cuts –
“Despite a $2.8 billion deficit, Washington State’s House Bill 3176 would provide Microsoft with an effective $100 million tax cut annually and possible amnesty on its $1.27 billion Nevada tax maneuverings. Under current law, all of Microsoft’s worldwide licensing revenues of approximately $20.7 billion annually are taxable at .484 percent. Under the new law, only the portion of software licenses sold to Washington state customers would be taxable. Ironically, after slashing Microsoft’s tax burden, HB3176 directs the Department of Revenue to crack down on ‘abusive tax transactions’ like those in Nevada — except for a loophole that may provide Microsoft amnesty on its twelve year practice. The bill’s lead sponsor is Ross Hunter of Medina, home to Bill Gates and a number of current and former Microsoft billionaires and multi-millionaires, and other areas around Microsoft’s corporate campus.”
No chance of graft there.
The tax cut could be seen as a good thing if it was tied to jobs, but clearly it is not so. Microsoft had record profits last year, yet more than a few people were laid off. Shouldn’t companies that are making a profit, and want to be held in public esteem as good corporate citizens, keep the job cuts to a bare minimum?
That’s not socialism, that’s good business. It is simply the logical extension of the economic theories we are given by those who profess to know how business on a macro scale works.
Perhaps Mr. Gates would have less to worry about giving away, but then there should also be fewer people who need help if Microsoft keeps people working, and pays their fair share.
Politics is the entertainment branch of industry.
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