As most of you probably know, I live in Southeast Michigan, and I can't tell you how fantastic this news is.

Karl Henkel at The Detroit News reports:

Ford Motor Co.'s record North American profit in 2012 will have a ripple effect on auto communities across the country and especially here in Southeast Michigan.

Roughly 45,800 hourly United Auto Workers members who work at Ford plants in the United States will receive record profit-sharing checks of $8,300 on average in March.

"The expected increase in profit-sharing checks for autoworkers this March is good news for Michigan's economy," said Robert Dye, chief economist at Comerica Bank. "It will help to buffer households from the drag of higher payroll taxes," which increased 2 percent for all working Americans on Jan. 1.

On average, the $8,300 profit-sharing check will have an economic impact of $20,750 per worker, when factoring a multiplying ripple effect, said David Sowerby, portfolio manager for Loomis Sayles in Bloomfield Hills.

The $8,300 profit-sharing check shatters the previous record for Ford UAW workers, which was $8,000 in 1999. It also breaks the all-time UAW profit-sharing record of $8,100 that Chrysler workers received in 1999.

Big corporations are getting a steady infusion of your hard-earned tax dollars...

Reuters:

Across the country more than 2,700 companies are collecting state income taxes from hundreds of thousands of workers - and are keeping the money with the states' approval, says an eye-opening report published on Thursday.

The report from Good Jobs First, a nonprofit taxpayer watchdog organization funded by Ford, Surdna and other major foundations, identifies 16 states that let companies divert some or all of the state income taxes deducted from workers' paychecks. None of the states requires notifying the workers, whose withholdings are treated as taxes they paid.

General Electric, Goldman Sachs, Procter & Gamble, Chrysler, Ford, General Motors and AMC Theatres enjoy deals to keep state taxes deducted from their workers' paychecks, the report shows. Foreign companies also enjoy such arrangements, including Electrolux, Nissan, Toyota and a host of Canadian, Japanese and European banks, Good Jobs First says.
...

"Job piracy" occurs when one state diverts taxes to lure an employer across state lines. AMC Entertainment announced a deal last year to move its corporate headquarters from Kansas City, Mo., to a nearby Kansas suburb. In return, Good Jobs First said, Kansas will let the multiplex chain keep $47 million of state income taxes withheld from its workers' paychecks, a drain on public finances that did not create any jobs, but does enrich the Wall Street firms that own AMC including arms of J. P. Morgan, Apollo Management, Bain Capital and the Carlyle Group. AMC declined to answer my questions.

If I lived in Missouri, I'd be more than a little unhappy to find out that my tax dollars were enriching Wall Street firms -- not to mention Mitt Romney's Bain Capital -- on a daily basis.