Now that we’ve burned through all the S&P 500′s top 10 companies by market capitalization, let’s update our Soak the Rich targeting approach in a manner Sherrod Brown would appreciate! We’re going to pick S&P 500 companies arbitrarily, attacking each new corporation as if it’s to blame for economic realities and big-government blunders. First up is an evil bank that slipped through the cracks last week: JP Morgan Chase & Company.
Now Soaking: JP Morgan Chase & Co.
- Reuters lists JP Morgan Chase CEO James Dimon’s compensation as $20,816,300. Dimon has been with Morgan or a subsidiary since 2000, so he’s got enough money. Just like that, we’ve wrested away $20,816,300 more for Sherrod Brown and Barack Obama to spend as only caring bureaucrats could!
- JPM’s 2010 income statement lists $7,489,000,000 in corporate income taxes. Let’s double that amount, lest spending cuts damage the rollicking recovery Sherrod Brown and Barack Obama have us in!
- All said and done, doubling JP Morgan Chase’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 $1,612,490,183,700.
Fear not: this punitive tax policy won’t affect individuals’ or businesses’ borrowing power or expenses with all-knowing Progressives guiding the banking industry. A “free market” is really nothing but an evil cabal of fat-cats cheating helpless saps out of money, but Sheriff Sherrod’s patrolling these parts! Supply, demand, risk, cost, and reward are merely shadows from the dark old days.
None of JP Morgan Chase’s 242,929 employees will lose their jobs if Sherrod Brown and Barack Obama work their not-at-all-socialist magic. Last and least, the only funds & individuals holding any of JP Morgan’s 3.97 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.