- Oct 6, 2008
- Reaction score
- Brooklyn, NY
But it's okay to subsidize billions for Big Oil, the biggest profiteers on the globe. Got it and amen.
Wow! You've got those bumper-stickers down pat!
But they really don't make you appear very bright:
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
There are about 138 million tax filers in the United States of America, about half of whom pay any federal income tax. How many tax payers are in America That means if we divide Exxons taxes by the 69 million who pay taxes, each is subsidized by $1,681. Still hate 'Big Oil'?
Oh yes, I feel their pain. Companies as large as Exxon Mobil obviously have top-notch lawyers and CPAs scanning tax laws for every available loophole they can find. Are you KIDDING ME???
So....you couldn't dispute this one either?
That's what I thought.
Doesn't require any insight, either.