PoliticalChic
Diamond Member
- Thread starter
- #81
Pay no taxes? You're insane.
Exxon's 2009 income statement shows $15B of taxes on $35B of profit - and that doesn't include the huge amount of at the pump taxes collected on gasoline.
And Chevron paid $8B on $18.6B for the same period.
I wanted to add a rep, it wouldn't let me.
I hope you don't mind if I amplify this one:
The antibusiness crowd loves stories about how much Big Oil is stealing from the American people! On the contrary, 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
Did you get the joke yet? Here are some of the ones playing the joke: Leahy: how can you [executives] justify such exorbitant profit on the backs of the middle-class and hard-working families?
Markey: On Aprils Fools Day, the biggest joke of all is being played on American families by Big Oil.
Boxer: Working people struggle with high gas prices and your sacrifice, gentleman [executive] appears to be nothing.
Durbin: Oil companies need to know that there is a limit on how much profit they can take in this economy. While all of the above are Democrats, the Republicans appear to be no better.
But, maybe its their patriotic duty to pay more taxes. My answer: Tim Geithner, Charlie Rangel, Tom Daschle.