The Era of Obama: Clorox Co. Loses Net Income to Taxes?
August 4, 2010 | Filed Under Banks, Barack Obama, Budget, Business, Capitalism, Democrats/Leftists, Free Trade, Government, Government, Corruption, Liberals, President, Taxes, Warner Todd Huston | Comments Off
-By Warner Todd Huston
In a harbinger of profit statements to come, Clorox Co. — maker of numerous household cleaning products — reports that it’s net income was nearly flat despite a one percent rise in revenue.
The reason? Taxes.
Clorox Co. says its fourth-quarter net income was nearly flat, even though its revenue rose one percent, because it paid higher taxes and had smaller margins.
The laundry giant said that it earned $171 million in the last three months and had revenue of $1.52 billion last quarter. Clorox also reports that it expects to earn enough to keep in line with estimates.
So, sales have not been hurt by this recession for Clorox Co., at least. That is a good thing. But that its tax burden went up so much as to flatten its net income is unconscionable.
Businesses are in business to make money not forever break even. Breaking even is no incentive to push for higher achievement and invites sloth and eventual disinterest.
Without innovation and a return on the effort our economy will stagnate even further. As that happens tax receipts fall.
Obama is playing a dangerous game with our economy, folks. It’s one we are all bound to lose.
____________
“The only end of writing is to enable the reader better to enjoy life, or better to endure it.”
–Samuel Johnson
Warner Todd Huston is a Chicago based freelance writer. He has been writing opinion editorials and social criticism since early 2001 and before that he wrote articles on U.S. history for several small American magazines. His political columns are featured on many websites such as Andrew Breitbart’s BigGovernment.com, BigHollywood.com, and BigJournalism.com, as well as RightWingNews.com, CanadaFreePress.com, StoptheACLU.com, AmericanDaily.com, among many, many others. Mr. Huston is also endlessly amused that one of his articles formed the basis of an article in Germany’s Der Spiegel Magazine in 2008.
For a full bio, please CLICK HERE.
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