Word: pretax
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Still, AutoZone, which generates $6 billion in annual revenues, will donate $200,000 this year to the arts in its home city of Memphis, Tenn., as it has since 1993. And Target Corp. continues to devote 5% of its pretax profits--$3 million a week--to charities and outfits like the Pacific Symphony. "When the economy is struggling, the arts help people move forward," says Todd Simon, senior vice president of family-owned Omaha Steaks. "We take a long-term view of our business and a long-term view of our community...
...Take Allied Irish Banks. The country's biggest lender revealed this week that its pretax profit dropped 62% in 2008. The bank's share price slid 90% last year. In any other country, worried customers would already be queuing to withdraw all their money. But so far Ireland has avoided a run on its banks, thanks largely to the government's decision in October to guarantee deposits in six Irish banks, as well as those in five foreign institutions, for two years. The Irish guarantee was heralded in some quarters as a model solution for restoring confidence, with several...
...Schibsted's board was fully prepared to give it to them. Only Tinius Nagell-Erichsen, the revered former chairman who controlled the Schibsted family's trust, said no. Now VG's website, VG.no, is Norway's biggest destination, period. In 2007 VG Nett, the paper's online arm, had pretax earnings of $23.4 million on revenues of $55 million, up 44% over 2006 and accounting for just over a third of VG's total profits. Online ad revenue is also over a third of VG's total. That's simply unheard of for most newspapers...
...where is the dough going to come from? In 2007, 56% of pretax income went to households making between $70,000 and $250,000 a year, estimates the Census Bureau. That's the upper middle class, broadly defined. If we need more money to keep the country running, here's betting that is where it's going to be found...
That brings us back to the lucky duckies. Trouble is, they're an even less promising target. The share of pretax income going to the bottom 40% of households dropped from 20% in 1980 to 15.9% in 2005, according to the Congressional Budget Office, and that decline has been counteracted only modestly by tax credits. There's simply not enough money there to close any budget gaps...