The original Tea Party on Dec. 16, 1773 was a revolt against the Tea Act, which cut taxes for the British East India Tea Company so they could undercut the prices of the independent tea companies in what was then the British colonies. It would have expanded the East India’s monopoly and put the little guy out of business.
Today’s Tea Party protesters are protesting high taxes, even though their taxes have been cut under Obama. The original Boston Tea Party was a revolt AGAINST tax cuts.
Today, we have companies like Walmart putting the little guy out of business. We have huge corporations paying little to no income taxes while small businesses are carrying the load. For example, ExxonMobil earned 35 billion dollars in profits last year but paid ZERO in taxes to the U.S. government. It did pay $15 billion to foreign countries, though. Thanks a lot for that one. Chevron earned $18 billion in profits and paid $8 billion in taxes, but only $200 million to the U.S. G.E. not only paid nothing here in taxes; it got a tax credit! Conoco is one of the better oil companies and paid $13 billion in taxes. It gets most of its oil from South America rather than the Middle East as Exxon and Chevron do. Bank of America made 4.4 billion in profits but paid nothing in taxes. Nada. Zilch. That after we bailed them out. Verizon made $1.2 billion in profits but is taxed at a rate of only 10.5%. Hewlett-Packard made $1.75 in profits and is taxed at a rate of 18.6%. That’s a lot lower than my tax rate. And we can thank Carly Fiorina for shipping most of HP’s jobs to China.
We need to put an end to globalism and bring jobs back to America! Tax companies that send our jobs overseas!