Ford, like Exxon, is enjoying monster profits right now. But of course there are no calls for “excess profits taxes” on them. I hereby propose one. Here is a nice bit from the news story:
Ford will pay profit-sharing checks of about $8,300 to its 45,000 hourly workers in the U.S. represented by the United Auto Workers union.
I suppose Exxon’s massive profits end up in the hands of its CEO and no-one else? And here, I suppose the entire payment is just a tax-loophole. I propose that Comrade Obama put an end to those loopholes:
Ford pays the profit sharing based on the pre-tax operating profit generated by the North American division.
Ford should invest some of its profits in Exxon so it can fund its retirement plan:
Ford ended 2012 with a world-wide underfunded pension obligation of $18.7 billion, compared with around $15 billion at the end of 2011, despite Ford making $3.4 billion in cash contributions to the pensions in 2012.
Here is the news story. It doesn’t tell us whether all of these profits are because of F150 sales of because of electric car sales or something in between.