Pay your taxes

Gary Miller - Whitefish

Since most national newspapers have no interest in analyzing President Obama’s financial exploitation of the American people, perhaps it’s time for a Tax 101 primer from someone who does care.

Corporations pay no tax. Sure, their tax rate is 35 percent, the second highest in the industrialized world, and they send the money in every year (unlike several Obama appointees and Congress people).

In fact, the much maligned oil company, Exxon-Mobil, pays more in taxes each year than it nets in profit — bet the national rags didn’t print that. Where do you think the tax that companies pay comes from?

Sadly, it is us, the people, the consumers, the average Joe. All taxes are passed on to the customers of the company paying the taxes — every dollar, every dime. It’s called a cost of doing business, and everything is passed along.

Now the president wants to charge companies whose carbon discharges exceed some onerous cap limit established by the government. This will cost at least $60 billion a year for the next 10 years. Who do you think will pay that hidden tax — you got it, it’s us again.

But not to worry, the president has graciously allowed a tax credit (not a tax rate change by the way) of all of $13 a week until he takes it away. How far do you think your credit will go with all the corporate tax you will be paying in the future?

And we’re not even considering the cost you will be charged for just the interest of the massive spending bills now going forward (with no earmarks of course).

Nor are we talking the cost of national health care, nor the ballooning Social Security debt or the Medicare debt.

Or next month’s new spending bills created by these amateurs posing as economic geniuses.