Let's Raise Taxes on Profits

For the entirety of the 2012 campaign, President Obama, the Democrats and thier willing allies in the media all bemoaned the profits of big corporations.  President Obama and his allies all believe that their victory on Tuesday is a mandate to raise taxes.  I say we take him up on the offer.

Combined, the corporations of Disney, Time Warner, CBS/Viacom and Comcast earned roughly $919,452,000.00 in profits last year. Similarly, Hollywood A-Listers such as Cameron Diaz, Morgan Freeman and Samuel L. Jackson routinely earn $20 million per film.  Also, Beyonce earned an estimated $87 million in 2009.  That is a lot of money that could go toward deficit reduction.

Therefore, since almost the entirety of the media-industrial complex backed Barack Obama (twice) and since he advocated raising taxes on corporations and businesses, I say that we start with those who advocated the position.  Accordingly, I propose a 50% surcharge on the profits derived, either by corporations or individuals, from the entertainment industry. 

By way of example, say Samuel L. Jackson earned $20 million for Snakes on a Plane 2 and after all taxes and expenses pocketed $10 million.  I believe it would only be fair if he had to pay an additional $5 million to help balance the federal budget, since he thinks taxes should go up.  Similarly, say Harvey Weinstein earns $50 million for some craptacular indie film, I think it would be unfair if he didn’t contribute at least $25 million in additional tax revenue.

In addition to the above, I would like to propose that all Entertainment Companies/Celebrities who fly in private planes or drive big SUVs be forced to pay a carbon surcharge of at least $10.00 per mile.  You know…for the children.

I would love to see a brash Republican/Conservative Senator or Congressman propose this, just to watch Chris Matthews/Joy Behar’s head explode at the prospect that half of his take home (drinking money…er, allegedly) would be taxed.