Private Profits and Public Liabilities

The average corporate tax rate is 35%.  Target for example pays approximately 35%.  Some corporations pay more and some pay less.  And some pay a lot less.  All complain they are paying too much.

Carnival Cruises pays approximately 1%.  To support Carnival's profitability comes a wide range of public liabilities.  The Coast Guard and their responsibilities for maritime safety and emergency response.  The Homeland Security Agency and their commitment to passenger security.  Federal, state, and local governments that provide access and public infrastructure to support ship and vehicular traffic.  The National Weather Service providing forecasting and weather updates.

Assuming that a significant portion of the cruise traffic are retirees - - the ship is full of walking and talking public liabilities.  Social Security and Medicare have an unfunded present day value of approximately $55 trillion.  From outside the ship to inside the ship - - what keeps all afloat, so to speak, is a system of public services and responsibilities that are supported by tax revenue and fees.  When the private works endlessly and trelessly to figure out ways not to support the public - - the very public that directly supports their business model and is the monetary backstop for their customer base - - we have huge problems with the fairness of our democracy and our form and execution of capitalism.  The gap between private profits and public liabilites has limits.  Private limits, public limits, and limits to what the Chinese are willing to finance.

The reason behind the 1% - - rigging and tax loopholes associated with the ability for Carnival to register in Panama.