It's Official--Romney and Ryan for 2012!!!

[georgephillip]

Here's what Mr. Treasure Secretary left out of his assessment of "Percentage depletion"

"The oil and gas industry maintains that this is not a special tax break because other companies receive similar deductions. But the percentage depletion method permitted for oil and gas is fundamentally different and more favorable. In some cases, it can eliminate all federal taxes for these companies."

Saying that all money doesn't belong to the government doesn't change the fact that without government money loses all of its value.

Big Oil?s Misbegotten Tax Gusher: Why They Don?t Need $70 Billion from Taxpayers Amid Record Profits

You're pockets probably aren't deep enough.

I could probably find a stamp. I'm a citizen. You think the founders wrote a Constitution for Princes, Lords, Dukes and Earls to make all the nominations? Think again. And think, "They wrote it for the people."

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

 

[freedombecki]

Here's what Mr. Treasure Secretary left out of his assessment of "Percentage depletion"

"The oil and gas industry maintains that this is not a special tax break because other companies receive similar deductions. But the percentage depletion method permitted for oil and gas is fundamentally different and more favorable. In some cases, it can eliminate all federal taxes for these companies."

Saying that all money doesn't belong to the government doesn't change the fact that without government money loses all of its value.

Big Oil?s Misbegotten Tax Gusher: Why They Don?t Need $70 Billion from Taxpayers Amid Record Profits

You're pockets probably aren't deep enough.

I could probably find a stamp. I'm a citizen. You think the founders wrote a Constitution for Princes, Lords, Dukes and Earls to make all the nominations? Think again. And think, "They wrote it for the people."

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

I addressed the part of your post that said "You're pockets probably aren't deep enough." When I copied it I must have hit "cut" instead of "copy."

I try not to omit any of people's words. I'm sorry. It was my bad.

 

[Toddsterpatriot]

Here's what Mr. Treasure Secretary left out of his assessment of "Percentage depletion"

"The oil and gas industry maintains that this is not a special tax break because other companies receive similar deductions. But the percentage depletion method permitted for oil and gas is fundamentally different and more favorable. In some cases, it can eliminate all federal taxes for these companies."

Saying that all money doesn't belong to the government doesn't change the fact that without government money loses all of its value.

Big Oil?s Misbegotten Tax Gusher: Why They Don?t Need $70 Billion from Taxpayers Amid Record Profits

You're pockets probably aren't deep enough.

I could probably find a stamp. I'm a citizen. You think the founders wrote a Constitution for Princes, Lords, Dukes and Earls to make all the nominations? Think again. And think, "They wrote it for the people."

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

According to this.....
XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

They paid 42% average over the last 3 years.

 

[Foxfyre]

As I do not trust ThinkProgress as a reliable source:

Exxib Mobil
Rank: 2 (Previous rank: 3)
CEO: Rex W. Tillerson
Employees: 99,100
Address: 5959 Las Colinas Blvd.
Irving, Texas 75039
Country: U.S.
Website: Exxon Mobil Corporation

Exxon Mobil topped the Fortune 500 this year with a banner 2011, raking in $41.1 billion in profits, up 35% from the previous year. To keep the energy giant growing, CEO Rex Tillerson has made a big bet on natural gas. The company now produces roughly as much natural gas as oil. Tillerson believes the long-term play will pay off over the next 25-30 years.

In the short term, the price of natural gas remains low in the U.S. and other markets. This past quarter, Exxon Mobil's profits decreased by about 11.3% from the previous year, due to a decrease in oil and gas production, according to the company. Like other oil majors, Exxon Mobil is champing at the bit to boost production by drilling in the Arctic this year. –S.D.
Exxon Mobil - XOM - Fortune Global 500 Top Companies

Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

 

[georgephillip]

You're pockets probably aren't deep enough.

I could probably find a stamp. I'm a citizen. You think the founders wrote a Constitution for Princes, Lords, Dukes and Earls to make all the nominations? Think again. And think, "They wrote it for the people."

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

According to this.....
XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

They paid 42% average over the last 3 years.

Are you saying they paid 42% in income taxes over the past three years?

"income tax expense

"The amount of income tax that is associated with (matches) the net income reported on the company's income statement. This amount will likely be different than the income taxes actually payable, since some of the revenues and expenses reported on the tax return will be different from the amounts on the income statement. For example, a corporation is likely to use straight-line depreciation on its income statement, but will use accelerated depreciation on its income tax return.

income tax expense definition | AccountingCoach.com

 

[Foxfyre]

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

According to this.....
XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

They paid 42% average over the last 3 years.

Are you saying they paid 42% in income taxes over the past three years?

"income tax expense

"The amount of income tax that is associated with (matches) the net income reported on the company's income statement. This amount will likely be different than the income taxes actually payable, since some of the revenues and expenses reported on the tax return will be different from the amounts on the income statement. For example, a corporation is likely to use straight-line depreciation on its income statement, but will use accelerated depreciation on its income tax return.

income tax expense definition | AccountingCoach.com

You do understand what straight-line and accelerated depreciation is? Why it is deductible. And why it can affect a bottom line in one year but increase taxes paid in subsequent years? Why this is irrelevent to taxes paid by oil companies as ALL of us running businesses use accelerated depreciation when we can?

Anyhow, I posted the number for taxes paid by the top three big oil companies.

How much do YOU think they should have to pay in taxes?

 

[Katzndogz]

The amount paid by Exxon in taxes is more than what the average American pays in taxes by several million dollars.

 

[Toddsterpatriot]

I don't think many of the founder considered corporations to be people:

"ExxonMobil had the largest profits of the Big Five oil companies in 2011, raking in $41.1 billion for the year. This 35 percent jump from last year is driven in large part by record-high oil prices. Today, the oil giant announced its fourth quarter profits of $9.4 billion, a 2 percent increase since 2010. Here are a few other facts about ExxonMobil..."

Virtually every gain the corporation has made since the ratification of the US Constitution has come through the Judicial Branch. Citizens United was only the most recent example. The people have never had a chance to vote on whether corporations are people.

And as long as they continue "choosing" between Democrat OR Republican in the voting booth, they never will.

ExxonMobil Made $41.1 Billion In 2011, But Pays Estimated 17.6 Percent Tax Rate | ThinkProgress

According to this.....
XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

They paid 42% average over the last 3 years.

Are you saying they paid 42% in income taxes over the past three years?

"income tax expense

"The amount of income tax that is associated with (matches) the net income reported on the company's income statement. This amount will likely be different than the income taxes actually payable, since some of the revenues and expenses reported on the tax return will be different from the amounts on the income statement. For example, a corporation is likely to use straight-line depreciation on its income statement, but will use accelerated depreciation on its income tax return.

income tax expense definition | AccountingCoach.com

Are you saying they paid 42% in income taxes over the past three years?

I'm saying the income statements from Yahoo Finance are more trustworthy that the claims made by ThinkProgress with no backup.
Show me where they pulled their numbers and I'll take a look.
I won't be shocked if you can't find their source.

 

[georgephillip]

As I do not trust ThinkProgress as a reliable source:

Exxib Mobil
Rank: 2 (Previous rank: 3)
CEO: Rex W. Tillerson
Employees: 99,100
Address: 5959 Las Colinas Blvd.
Irving, Texas 75039
Country: U.S.
Website: Exxon Mobil Corporation

Exxon Mobil topped the Fortune 500 this year with a banner 2011, raking in $41.1 billion in profits, up 35% from the previous year. To keep the energy giant growing, CEO Rex Tillerson has made a big bet on natural gas. The company now produces roughly as much natural gas as oil. Tillerson believes the long-term play will pay off over the next 25-30 years.

In the short term, the price of natural gas remains low in the U.S. and other markets. This past quarter, Exxon Mobil's profits decreased by about 11.3% from the previous year, due to a decrease in oil and gas production, according to the company. Like other oil majors, Exxon Mobil is champing at the bit to boost production by drilling in the Arctic this year. –S.D.
Exxon Mobil - XOM - Fortune Global 500 Top Companies

Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

 

[Toddsterpatriot]

As I do not trust ThinkProgress as a reliable source:

Exxib Mobil
Rank: 2 (Previous rank: 3)
CEO: Rex W. Tillerson
Employees: 99,100
Address: 5959 Las Colinas Blvd.
Irving, Texas 75039
Country: U.S.
Website: Exxon Mobil Corporation

Exxon Mobil topped the Fortune 500 this year with a banner 2011, raking in $41.1 billion in profits, up 35% from the previous year. To keep the energy giant growing, CEO Rex Tillerson has made a big bet on natural gas. The company now produces roughly as much natural gas as oil. Tillerson believes the long-term play will pay off over the next 25-30 years.

In the short term, the price of natural gas remains low in the U.S. and other markets. This past quarter, Exxon Mobil's profits decreased by about 11.3% from the previous year, due to a decrease in oil and gas production, according to the company. Like other oil majors, Exxon Mobil is champing at the bit to boost production by drilling in the Arctic this year. –S.D.
Exxon Mobil - XOM - Fortune Global 500 Top Companies

Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

Unaffordable benefits programs are unaffordable.

 

[Foxfyre]

As I do not trust ThinkProgress as a reliable source:

Exxib Mobil
Rank: 2 (Previous rank: 3)
CEO: Rex W. Tillerson
Employees: 99,100
Address: 5959 Las Colinas Blvd.
Irving, Texas 75039
Country: U.S.
Website: Exxon Mobil Corporation

Exxon Mobil topped the Fortune 500 this year with a banner 2011, raking in $41.1 billion in profits, up 35% from the previous year. To keep the energy giant growing, CEO Rex Tillerson has made a big bet on natural gas. The company now produces roughly as much natural gas as oil. Tillerson believes the long-term play will pay off over the next 25-30 years.

In the short term, the price of natural gas remains low in the U.S. and other markets. This past quarter, Exxon Mobil's profits decreased by about 11.3% from the previous year, due to a decrease in oil and gas production, according to the company. Like other oil majors, Exxon Mobil is champing at the bit to boost production by drilling in the Arctic this year. –S.D.
Exxon Mobil - XOM - Fortune Global 500 Top Companies

Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

And this relates to how much you think oil companies should be required to pay in taxes, how?

Romney has not had any salary or wages for some time. He took no salary as governor of Massachusetts. He donated all of his salary received from the Olympics. Other than what was allowed for a personal IRA or 401K--we are all eligible for tax deferment on those--he paid taxes on his investments and he and his family now live off the investments he has made over the years and those are taxed at the same capital gains rate that we all pay on non tax-deferred capital gains.

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I won't be surprised if Romney refuses his salary as President if he is elected in 2012.

We ALL have the ability to build a retirment account that will allow us leisure and freedom later on, and we will be taxed on capital gains from those accounts at the exact same rate that Romney and Buffet pay.

So again. Back to those oil companies since you brought it up. How much do you think we should be entitled to of what they earn?

 

[Toddsterpatriot]

As I do not trust ThinkProgress as a reliable source:



Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

And this relates to how much you think oil companies should be required to pay in taxes, how?

Romney has not had any salary or wages for some time. He took no salary as governor of Massachusetts. He donated all of his salary received from the Olympics. Other than what was allowed for a personal IRA or 401K--we are all eligible for tax deferment on those--he paid taxes on his investments and he and his family now live off the investments he has made over the years and those are taxed at the same capital gains rate that we all pay on non tax-deferred capital gains.

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I won't be surprised if Romney refuses his salary as President if he is elected in 2012.

We ALL have the ability to build a retirment account that will allow us leisure and freedom later on, and we will be taxed on capital gains from those accounts at the exact same rate that Romney and Buffet pay.

So again. Back to those oil companies since you brought it up. How much do you think we should be entitled to of what they earn?

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I debunked his claim before. I think he said she made $60,000 and paid 30%.

Check it out......

http://www.usmessageboard.com/politics/172042-tax-the-rich-fix-jobs-and-deficits-32.html#post3810015

 

[georgephillip]

According to this.....
XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

They paid 42% average over the last 3 years.

Are you saying they paid 42% in income taxes over the past three years?

"income tax expense

"The amount of income tax that is associated with (matches) the net income reported on the company's income statement. This amount will likely be different than the income taxes actually payable, since some of the revenues and expenses reported on the tax return will be different from the amounts on the income statement. For example, a corporation is likely to use straight-line depreciation on its income statement, but will use accelerated depreciation on its income tax return.

income tax expense definition | AccountingCoach.com

You do understand what straight-line and accelerated depreciation is? Why it is deductible. And why it can affect a bottom line in one year but increase taxes paid in subsequent years? Why this is irrelevent to taxes paid by oil companies as ALL of us running businesses use accelerated depreciation when we can?

Anyhow, I posted the number for taxes paid by the top three big oil companies.

How much do YOU think they should have to pay in taxes?

I hope you understand the difference between a small business owner working 70-80 hours/week and ExxonMobile when it comes to Paul Ryan's and Obama's tax policies. Why does someone earning $360,000 a year pay taxes at the same rate as parasites earning $3.6 million/year or $36,000,000/ year or $360,000,000 a year?

I would suggest the rich and the corporations that make them rich pay taxes at the same rate they paid in the 1950s. The rich no longer depend on the US middle class to buy products they produce in China since the emerging middle classes in China, India, and Brazil dwarfs the US. If that's the deal the US rich are offering the country that made them rich, they deserve higher taxes for starters.

 

[georgephillip]

As I do not trust ThinkProgress as a reliable source:



Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

Unaffordable benefits programs are unaffordable.

Be sure to mention that to the Wall Street parasites and their political enablers who recently got richer from the greatest transfer of private debt into public debt in history.

 

[Foxfyre]

Are you saying they paid 42% in income taxes over the past three years?

"income tax expense

"The amount of income tax that is associated with (matches) the net income reported on the company's income statement. This amount will likely be different than the income taxes actually payable, since some of the revenues and expenses reported on the tax return will be different from the amounts on the income statement. For example, a corporation is likely to use straight-line depreciation on its income statement, but will use accelerated depreciation on its income tax return.

income tax expense definition | AccountingCoach.com

You do understand what straight-line and accelerated depreciation is? Why it is deductible. And why it can affect a bottom line in one year but increase taxes paid in subsequent years? Why this is irrelevent to taxes paid by oil companies as ALL of us running businesses use accelerated depreciation when we can?

Anyhow, I posted the number for taxes paid by the top three big oil companies.

How much do YOU think they should have to pay in taxes?

I hope you understand the difference between a small business owner working 70-80 hours/week and ExxonMobile when it comes to Paul Ryan's and Obama's tax policies. Why does someone earning $360,000 a year pay taxes at the same rate as parasites earning $3.6 million/year or $36,000,000/ year or $360,000,000 a year?

I would suggest the rich and the corporations that make them rich pay taxes at the same rate they paid in the 1950s. The rich no longer depend on the US middle class to buy products they produce in China since the emerging middle classes in China, India, and Brazil dwarfs the US. If that's the deal the US rich are offering the country that made them rich, they deserve higher taxes for starters.

American corporations are paying more in taxes now than they were in the 1950's because of drastic change in the tax laws over the years. As are millionaires.

So how much more than the 42.9% Exxon Mobil is currently paying in taxes or the 48.3% Chevron is paying in taxes should the government be able to take?

And to answer your other question, I am a flat tax person. I think the person earning $10,000 should pay at the same rate as the person earning $1,000,000. I do not believe in punishing and thereby discouraging success, and I am strongly in favor of us ALL sharing in the consequences, pro and con, of changes in tax policy. We all need to have skin in the game so that our fearless leaders are not able to create class envy and social divisions among us and make some believe that the more successful are less deserving of their profits than are the less successful.

 

[georgephillip]

As I do not trust ThinkProgress as a reliable source:



Now then, considering that Exxon Mobil employs 99,100 people, is a major producer of petreoleum that winds up in our automobile and truck fuel tanks and many other products, and they have become a major producer of natural gas that keeps us warm in winter as well as serves us very well in other capacities. . . .

How much should Exxon Mobil be allowed to earn? What part of their earnings are all the rest of us entitled to?

And it is instructive that big oil pays more in taxes than any other corporations:

In 2011 the three oil giants . . . .paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and ConocoPhillips paid $10.6 billion.

These huge sums gave the companies equally huge effective tax rates. ExxonMobil’s tax rate was 42.9%, Chevron’s was 48.3%, and ConocoPhillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world.

Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties.
http://oilprice.com/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.​

html

So do we go with the President who wants Exxon Mobile and other big oil to pay more in taxes and who wants to cut the tax breaks extended to big oil?

Or do we go with Romney/Ryan who want to eliminate as many barriers as is expedient and realistic in order to encourage energy independence?

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

And this relates to how much you think oil companies should be required to pay in taxes, how?

Romney has not had any salary or wages for some time. He took no salary as governor of Massachusetts. He donated all of his salary received from the Olympics. Other than what was allowed for a personal IRA or 401K--we are all eligible for tax deferment on those--he paid taxes on his investments and he and his family now live off the investments he has made over the years and those are taxed at the same capital gains rate that we all pay on non tax-deferred capital gains.

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I won't be surprised if Romney refuses his salary as President if he is elected in 2012.

We ALL have the ability to build a retirment account that will allow us leisure and freedom later on, and we will be taxed on capital gains from those accounts at the exact same rate that Romney and Buffet pay.

So again. Back to those oil companies since you brought it up. How much do you think we should be entitled to of what they earn?

It's my understanding Romney's Olympics relied more on US Government funds than any other Olympics ever. In my opinion he should be paying closer to 90% on his unearned income than the current 15% rate that Republicans AND Democrats have gifted their 1% employers.

 

[Toddsterpatriot]

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

Unaffordable benefits programs are unaffordable.

Be sure to mention that to the Wall Street parasites and their political enablers who recently got richer from the greatest transfer of private debt into public debt in history.

Please, tell me more about this transfer of debt.

 

[Toddsterpatriot]

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

And this relates to how much you think oil companies should be required to pay in taxes, how?

Romney has not had any salary or wages for some time. He took no salary as governor of Massachusetts. He donated all of his salary received from the Olympics. Other than what was allowed for a personal IRA or 401K--we are all eligible for tax deferment on those--he paid taxes on his investments and he and his family now live off the investments he has made over the years and those are taxed at the same capital gains rate that we all pay on non tax-deferred capital gains.

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I won't be surprised if Romney refuses his salary as President if he is elected in 2012.

We ALL have the ability to build a retirment account that will allow us leisure and freedom later on, and we will be taxed on capital gains from those accounts at the exact same rate that Romney and Buffet pay.

So again. Back to those oil companies since you brought it up. How much do you think we should be entitled to of what they earn?

It's my understanding Romney's Olympics relied more on US Government funds than any other Olympics ever. In my opinion he should be paying closer to 90% on his unearned income than the current 15% rate that Republicans AND Democrats have gifted their 1% employers.

Kill the greedy kulaks, eh comrade?

 

[georgephillip]

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

Unaffordable benefits programs are unaffordable.

Be sure to mention that to the Wall Street parasites and their political enablers who recently got richer from the greatest transfer of private debt into public debt in history.

Please, tell me more about this transfer of debt.

Ask your good buddy, Hank.
You two got that Great Chicago Carbon Bubble working yet?

 

[freedombecki]

"In 2011, Ryan and his wife, Janna, paid an effective tax rate of 20 percent, paying $64,764 in federal taxes on $323,416 of adjusted gross income. That was up from the 15.9 percent effective tax rate they paid in 2010, with $34,233 going to federal taxes after reporting $215,417 in adjusted gross income."

Ryan had a 20 percent effective tax rate in 2011 - Fox News

IMHO, a "choice" between Obama and Ryan amounts to NO choice for 99% of US voters.

"In elevating deficit reduction to his highest priority and setting up the deficit reduction supercommittee in 2011, President Obama made it clear that benefits programs were on the chopping block and that he would negotiate with Republicans on how to curtail them.

"Now, Representative Paul Ryan’s budget is in the spotlight, which also threatens services that millions of Americans depend on.

"'Ryan's extreme budget ideas were rejected by Congress, including many of his own Republican colleagues,' said (Dr. Jill) Stein. 'Americans value Medicare and Social Security, and do not want to be the sacrificial lambs for deficit reduction, especially when they see the massive waste in the private health insurance industry, the bloated Pentagon budget, and the backroom Wall Street bailouts.'”

Obama cleared path for Ryan; Greens offer only alternative to austerity agenda, say Stein, Honkala - Jill Stein for President

And this relates to how much you think oil companies should be required to pay in taxes, how?

Romney has not had any salary or wages for some time. He took no salary as governor of Massachusetts. He donated all of his salary received from the Olympics. Other than what was allowed for a personal IRA or 401K--we are all eligible for tax deferment on those--he paid taxes on his investments and he and his family now live off the investments he has made over the years and those are taxed at the same capital gains rate that we all pay on non tax-deferred capital gains.

This is precisely the reason Warren Buffet pays at a lower rate than his secretary.

I won't be surprised if Romney refuses his salary as President if he is elected in 2012.

We ALL have the ability to build a retirment account that will allow us leisure and freedom later on, and we will be taxed on capital gains from those accounts at the exact same rate that Romney and Buffet pay.

So again. Back to those oil companies since you brought it up. How much do you think we should be entitled to of what they earn?

It's my understanding Romney's Olympics relied more on US Government funds than any other Olympics ever. In my opinion he should be paying closer to 90% on his unearned income than the current 15% rate that Republicans AND Democrats have gifted their 1% employers.

The money people earn does not belong to politicians with greedy eyeballs on it for their edification in power and prestige. The money people earn belongs to them. The idea that redistribution of wealth is necessary is a Marxist hammer to consolidate power in hands that honestly, didn't earn it.

Politicians give themselves a bad name by hissy-fitting about not having as much money as somebody else. And while no one is watching the budget, there's a Nancy Pelosi sticking in her thumb and pulling out a tax-free 100% guaranteed loan plum for a member of her family. Or two. Or three. And we're talking not plums, we're talking billions of dollars in treasury bilking done by politicians.