New Haven Independent

Posted by: Rachel & Jonathan Dranoff | April 30, 2007 10:13 AM

To the editor:
This is an example of what we find quite disappointing about the far left. Is it fair to protest at least one Connecticut company for thriving in the current climate? Aetna's success helps Connecticut citizens in multiple ways:
1) Increased profits will (or should) lead to increased jobs within the state.
2) Corporate profits are taxed highly. Most of us would rather have corporations than (poorer and middle-class) individuals pay taxes.
3) Many people have pension plans that include Aetna in their holdings. Success translates to better retirement.
4) Success of a Connecticut corporation can only help pride in Connecticut. One of us (Rachel) grew up in what her friends called "Patheticut" in the Hartford suburbs.

Please do not misunderstand us. Neither of us would pledge allegiance to any corporation, nor do we have any trust in the altruism of big companies. We have no patience for corporate malfeasance. However, Aetna's recent short-term success does not seem to be malevolent.

Rachel & Jon Dranoff
New Haven

Posted by: Carole | May 1, 2007 11:46 AM

Rachel & Jonathan write, "Increased profits will (or should) lead to increased jobs within the state." "Should" is the right word. Last October, the AP reported: "Aetna Inc. announced Thursday it will lay off about 650 workers. ... The layoffs, 280 of which will be in Connecticut, account for about 2 percent of the company's work force."

Rachel & Jonathan also write, "Corporate profits are taxed highly. Most of us would rather have corporations than (poorer and middle-class) individuals pay taxes."

According to Aetna's first-quarter report, it paid $229 million in income taxes on revenues of $6.7 billion. That's a tax rate of 3.4 percent -- exactly the same rate that Aetna paid in the first quarter of 2006, although profits are up 8 percent ($33 million) this year. I suspect that most of us individuals would love to pay only 3.4 percent in income taxes, especially if our income were rising that fast.