Here we go again – like Procter & Gamble, Johnson & Johnson is another corporation that people aren’t nearly as frightened of as they should be. Come on, voters! If Sherrod Brown and Barack Obama only double taxes on the evilest corporations, we might have to cut spending! Obviously, that’s out of the question.
Now Soaking: Johnson & Johnson
- Reuters lists Johnson & Johnson CEO William Weldon’s pay as $28,720,500. Weldon has been with JNJ since 1971, so he’s got enough money. The People’s share of his loot: $28,720,500 more for Sherrod Brown and Barack Obama to spend on Lord-knows-what.
- Johnson & Johnson’s 2010 income statement lists $3,613,000,000 in corporate income taxes. Let’s double that amount so Sherrod Brown and Barack Obama can keep the economy stimulated!
- All said and done, doubling Johnson & Johnson’s corporate income tax and taking their CEO’s pay will reduce the 2011 U.S. budget deficit from $1,620,000,000,000 to $1,616,358,279,500.
Rest assured, such a punitive tax hike won’t raise the price of Band-Aids, contacts, over-the-counter medicines, baby soap, or anything else! None of Johnson & Johnson’s 114,000 employees will lose their jobs as a result. The only funds and individuals holding any of Johnson & Johnson’s 2.74 billion outstanding shares of stock who suffer will be the ones who deserve to.
We, The People who support Sherrod Brown’s fiscal policies, hold these leftist conceits to be self-evident.