R
rdean
Guest
To the Congress of the United States,
Within the next 24 hours a bill will be presented for a vote that if passed will close the tax loophole the giant multi-national oil companies now enjoy at American taxpayer expense. The current loophole allows these companies to drill for oil owned by the citizens of the United States without paying a dime for the priviledge of doing so. As a matter of fact Exxon-Mobile which made record profits last year and not only paid no taxes but received a $156 million dollar refund.
Newsvine - A Letter to Congress...Close the Oil Company Tax Loophole or Else!
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Oil companies drilling for free? Paying no taxes? Getting free taxpayer money back? Can this be happening?
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Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:
ExxonMobil paid no federal income tax in 2009. (Updated)
UPDATE Forbes has updated its article to include a statement from Exxon: "Though Exxon's financial statement's don't show any net income tax liability owed to Uncle Sam, a company spokesman insists that once its final tax bill is figured, Exxon will owe a 'substantial 2009 tax liability.' How substantial? 'That's not something we're required to disclose, nor do we.'"
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At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.
http://www.nytimes.com/2010/07/04/business/04bptax.html
DRILL BABY DRILL!!!
Within the next 24 hours a bill will be presented for a vote that if passed will close the tax loophole the giant multi-national oil companies now enjoy at American taxpayer expense. The current loophole allows these companies to drill for oil owned by the citizens of the United States without paying a dime for the priviledge of doing so. As a matter of fact Exxon-Mobile which made record profits last year and not only paid no taxes but received a $156 million dollar refund.
Newsvine - A Letter to Congress...Close the Oil Company Tax Loophole or Else!
---------------------------------------------
Oil companies drilling for free? Paying no taxes? Getting free taxpayer money back? Can this be happening?
----------------------------------------------
Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:
ExxonMobil paid no federal income tax in 2009. (Updated)
UPDATE Forbes has updated its article to include a statement from Exxon: "Though Exxon's financial statement's don't show any net income tax liability owed to Uncle Sam, a company spokesman insists that once its final tax bill is figured, Exxon will owe a 'substantial 2009 tax liability.' How substantial? 'That's not something we're required to disclose, nor do we.'"
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At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.
http://www.nytimes.com/2010/07/04/business/04bptax.html
DRILL BABY DRILL!!!
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