Deserving a place in the misnomer hall of fame, comes the term "non-profit." Most Americans, when they see the term non profit, conjure up some thought of bell ringers outside of a Walmart store. Charities barely scraping by on subsistence wages, breaking even. That is also complete bullshit.
Here in Idaho we have the great St Lukes Hospitals. St Lukes calls themselves "non profit." St. Lukes has a hospital in Boise, a 16 million dollar hospital that was built for them by the rich and elite in Moonbat Valley, and they have opened up a hospital in Twin Falls the size of which can be seen by the naked eye from Jupiter. That thing is GINORMOUS.
All of this done of course, with non profit money. What does "not for profit" mean? It means simply that you must spend all of the money you make- rather than distributing it to shareholders. It is an I.R.S. term that allows "non profits" to make as much money as they want and not pay taxes. Non profits also get tremendous breaks on state and local taxes. In short, non profits are some of the most profitable companies on the face of the planet- because they do not pay taxes. Here is a slice from wiki:
United Statesincome tax obligations. That is done typically by applying to the Internal Revenue Service (IRS), although statutory exemptions exist for limited types of nonprofit organizations. The IRS, after reviewing the application to ensure the organization meets the conditions to be recognized as a tax exempt organization (such as the purpose, limitations on spending, and internal safeguards for a charity), may issue an authorization letter to the nonprofit granting it tax exempt status for income tax payment, filing, and deductibility purposes. The exemption does not apply to other Federal taxes such as employment taxes. Additionally, a tax-exempt organization must pay federal tax on income that is unrelated to their exempt purpose. Failure to maintain operations in conformity to the laws may result in an organization losing its tax exempt status.
Individual states and localities offer nonprofits exemptions from other taxes such as sales tax or property tax. Federal tax-exempt status does not guarantee exemption from state and local taxes, and vice versa. These exemptions generally have separate application processes and their requirements may differ from the IRS requirements. Furthermore, even a tax exempt organization may be required to file annual financial reports (IRS Form 990) at the state and federal level. A tax exempt organization's 990 forms are required to be made available for public scrutiny.
So the other day, my doctor (who works for St. Lukes) finally put her foot down and essentially ordered me to come in for an office visit or she refused to refill my prescriptions. I avoid doctor visits like the plague because they cost a gawd awful amount of money. But being a hostage means that I was held for ransom by St. Lukes. We chatted for ten minutes. She palpated my midsection because I thought I might have a hernia. I then left her office. Yesterday, I got my ten minute bill from the great non profit hospital. One hundred and eighty five dollars. That is about 1100 dollars an hour.
Eleven hundred dollars an hour, tax free. Holy shit. I need a gig like that. One hour a week.
Now think about an army of not for profit hospitals, lawyers, and accountants poring over the Obamacare bill. Ready to exploit every possible loophole, gouge the living hell out of taxpayers at about the same time- 30 or 40 million formerly uninsured people show up for economically procrastinated health care needs.
We are going to get our asses kicked. In fact, if Obamacare stands the liberal scrutiny of the Supreme Court this spring, I believe it will absolutely bankrupt our country. Which I see as a good thing. We can finally put the last nails in our financial coffins and get on with rebuilding our country.
All that a non profit has to do is spend it's profits on itself. Something like 34% of all money burned up by non profit hospitals is spent on administrative costs alone. In that regard, U.S. hospitals are far and away the world leaders when it comes to wasting health care dollars on non health care costs.
Next time you hear the term, "non profit" think about huge organizations like the Mormon Church building marble shrines or hospitals building Taj Mahal sized structures. Think about giant organizations not only pillaging the hoi polloi, but doing it twice by avoiding any tax costs. Think about hospital administrators making hundreds of thousands and sometimes millions a year.
Think about a ten minute bill for 185 bucks and know that after Obamacare is in effect, it will most likely double. I can't wait until the government just takes every thing we earn.
Now if you'll excuse me I have to leave to go to my part time job that pays 9 bucks an hour. I have to work 25 hours net of taxes so that I can pay my 10 minute clinic visit.