PoliticalChic
Diamond Member
As if this isn't enough, the Big O still has over $40 billion in taxes in store for the petroleum industry.
It is amazing that you would bitch about a minimum wage worker not paying any income taxes, but you support the idea of a company that makes tens of billions in profit every year not paying any income taxes.
Brainwashing is an understatement. It's the same thing with taxing the wealthy. Because they have a higher tax rate, you tell us how unfair it is, yet the wealthy end up actually paying a smaller percentage than the struggling middle class family. It is insanely laughable that you have been duped to such an extent.
In 2006, the oil industry paid $81 billion in income tax, and while Exxons earnings increased 89% from 2003 to 2007, their income taxes increased 170%. Exxon: Profit Pirate or Tax Victim?
The non-thinking segment of the public has been conditioned to hate the oil industry. Very few realize the extent to which they are subsidized by this industry. According to the [Exxon] company's income statement, the amount of taxes it paid in 2008 was 2.5 times as much as its net profit. The $45.2 billion profit figure makes a snappy headline, but the $116.2 billion in taxes that it paid is relegated to a footnoteif that. Exxon's tax bill breaks down like this: income taxes, $36.5 billion; sales-based taxes, $34.5 billion; "all other" taxes, $45.2 billion. Exxon, Big Oil Profits Evil Only Until You Weigh Their Tax Bills - US News and World Report
If Exxons 2008 tax bill of $116.2 billion were split equally among all tax filers who pay income tax, each filers share would be $1,259/year. Still hate Exxon? The Tax Foundation - Number of Americans Paying Zero Federal Income Tax Grows to 43.4 Million