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Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes. That's because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.
Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon's federal income-tax bill down into negative territory. That said, Uncle Sam gets his money in other ways. Including sales taxes and duties, Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas. Its grand total in global taxes for the year? A whopping $78.6 billion. The company's effective income tax rate was a hefty 47%, its highest in three years.
Of course the left leaning windbags in the blogoshpere will ignore those details.
Poor exxon, having to pay all that sales tax, the same thing everyone pays, but getting out on income tax, something that most of the rest of us have to pay into every year.
I don't blame Exxon, really, they are taking advantage of every situation they can. Good for them, thats free market. Whats not free market is lawmakers taking away from the folks who need help, and not sharing that same sacrifice with those who make the most.
Smart, so you want to see large corporations leave the US?
So basically you want to give these welfare recipients even more than they already have
Is it any wonder no one takes corporate right-wingers seriously anymore lol. And to think people actually believe them when they say they hate socialism rofl...
So basically you want to give these welfare recipients even more than they already have
Is it any wonder no one takes corporate right-wingers seriously anymore lol. And to think people actually believe them when they say they hate socialism rofl...
Do tell, what welfare have they received? You do understand welfare is a transfer of wealth form one party to another. The left really think they own all the wealth and dole it out to others. Confiscating less of others wealth doesn't constitute welfare.
47% of Americans live on lesser budgets than the 53%. They also pay sales tax, social security FICA etc. Don't portray the image that these individuals pay no taxes. If you want them to pay taxes, then maybe the CEOs of America should up their wages.
Those of us who pay taxes pay on what we earn.
Do you want these companies to pay what 50% tax rate so the products YOU buy will go up and the millions of jobs they provide are gone?
No I want them to do what they should do. Tighten their belts like the rest of us. Their belts have a lot more slack to tighten too.
The millions of jobs they provide will be gone the instant they can replace the workers with cheaper SE asian counterparts or machines.
If we want to get into what I want, I also want people to wake up and realize the rich have been redistributing/concentrating the wealth at the expense of the middle class and working poor for decades.
My father was an officer in the USAF and during one of those years of service the president's tax return was released and my father's taxes were higher-just think, my father paid more taxes than the commander in chief! Sort of remind's one of the old days of royalty and all.
I can't speak as to the States and their tax policy, and quite frankly, unless I am talking about my state of residence, my opinion is moot.
I am merely saying that we should remove corporations from our government.
Corporations have obligations to their shareholders, partners, and creditors; they share no allegiance to the taxpayer. And they shouldn't, but they shouldn't have representation in our government, at least the fed for sure. It's up to the individual states if they want to do things differently.
I agree. I would also end income tax on them and just charge them for liability protection they enjoy.
Quote:
Originally Posted by shorebaby
Corporations should have a right to petition the government as long as government wishes to interfere with business.
I wish people would learn that there is a big difference between the words, "Then" and "Than"
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Public Education Fail
