Home Depot has the highest tax rate of any non-oil company on this list.According to Bloomberg,
- Income tax expense: $2.7 billion
- Net income: $4.5 billion
- Effective tax rate: 37.2%.
The Federal Open Market Committee said yesterday it will cut monthly bond purchases by $10 billion to $65 billion.The Fed creates this much in "tax revenues": $65B x 12 = $780B.
Home Depot is this much of the Fed in terms of "tax revenues": 2.7 / 780 = 0.00346.
In other words, Home Depot, a monstrous chain of retail home improvement stores, has tax contributions less than 0.35% of what the Fed creates out of thin air. Home Depot is effectively a rounding error when it comes to the income calculations of the politicians. There's an air of unreality to the whole affair when a company like Home Depot is effectively meaningless compared to the fantasy numbers created by the whim of the Fed.
Peggy Noonan has noticed the results.
“House of Cards” very famously does nothing to enhance Washington’s reputation. It reinforces the idea that the capital has no room for clean people. The earnest, the diligent, the idealistic, they have no place there...I guess they think they’re showing they’re in on the joke and hip to the culture. I guess they think they’re impressing people with their surprising groovelocity...Why have them, indeed. After all, the money they spend isn't coming from those pathetic, honest, homely rubes who go to work every day ...
But it’s all vaguely decadent, no? Or maybe not vaguely. America sees Washington as the capital of vacant, empty souls, chattering among the pillars...
We’re at a funny point in our political culture. To have judgment is to be an elitist. To have dignity is to be yesterday. To have standards is to be a hypocrite—you won’t always meet standards even when they’re your own, so why have them?