Corporate Taxes, Economics and Smart People
The Washington Post is a fine newspaper than sometimes lets it liberal leanings shade the real truth in a story. This week it published an article designed to make us take umbrage at America ’s corporate giants. Being both intelligent and introspective I saw the story in a different, larger, brighter light. Proctor and Gamble is one of the finest and most laudable companies I know. Ever since William Proctor (a chandler) and James Gamble (a soap maker) became a team (literally at the altar, they married sisters), P&G has been a reliable brand and an American success story. They are leaders, innovators, and constantly generous to education. In 1969 Proctor and Gamble’s federal taxes were about 40% of its total profits. Today, as a global company, its federal taxes in this country are down to about 15%. This represents a movement of sales, jobs and facilities overseas. It turns out that most of the 30 compani...