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I just find the ignorance around corporate profits and taxes to be highly amusing.
Every dollar of taxes that Exxon pays has one of two possible outcomes and both are bad for me and most Americans. 1) It reduces their profits and therefore their dividends or 2) they increase gas prices to achieve their target margins.
Either way, when Exxon pays more taxes, millions of hard working tax paying Americans are hurt.
Do you feel the same way about GE, Ford Motor Company? You could make the argument that giving tax breaks to any company lowers the price of the product.
How many billions did they take in order to give most of those billions to a relativly few people? Just another example of redistributing the wealth from the lower class consumers to the Aristicratic owners. How nice of EXXON.
For helping millions of Americans save for retirement. Your performance has helped our 401k savings plans and made us LESS dependent on the government for retirement living.
Thank you very much.
"ExxonMobil earnings go to our shareholders
Once we’ve paid our expenses, paid our taxes and funded new projects, we turn the rest of the money over to our shareholders. Last year we distributed more than $19 billion to shareholders through dividends and share purchases.
If you’re living in the United States – where some 85 percent of our shareholders live – chances are you’re benefiting in some direct or indirect way from our earnings even if you don’t own our stock. For example, if you live in any of the following states, your public sector or teachers retirement funds hold shares in ExxonMobil: New York, California, Texas, Ohio, Colorado, Alabama, Tennessee, Alaska, Michigan, Pennsylvania, Kentucky and Utah. Many more retirement funds, 401-Ks and IRAs hold shares in ExxonMobil and other major publicly traded oil companies – including those for government workers and members of Congress."
So 19 billion dollars was given to people who had money and expected Exxon to magically make it multiply?
That tells me that the American people were overcharged $19 billion for gas so Exxon could redistribute wealth to entitled people who already have money. Classic private sector wealth redistribution.
yet again, most of this "tax" EXXON is claiming to have paid, is the GAS EXCISE TAX we pay at the pump, just as WE ALL pay a SALES TAX on many of our purchases every day... IRS policy is that the ultimate purchaser is the one paying the excise tax, not the oil company.
Quote:
Originally Posted by Roadking2003
You picked only one year to make your point, but that is misleading. One year does not make a trend.
Here is what Exxon says:
ExxonMobil is one of the largest taxpayers in the United StatesLast year, our total taxes and duties to the U.S. government topped $9.8 billion, which includes an income tax expense of $1.6 billion. Over the past five years, we incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than we earned in the United States during the same period. Critics often try to ignore these facts by saying the oil and gas industry receives “subsidies.” But what they really mean is that they want to increase our taxes by taking away long-standing deductions for our industry while leaving these same deductions in place for other sectors of the economy.
LOL, when you cannot refute the FACTS inside a article, you attack the source? I guess that means, we should automatically dismiss anything coming from the right, without even looking at the underlying facts.
Please show me one point in the FACTCHECK article that is not supported by fact.
. Before you mock the sources of others why don't you try something other than a far left liberal site. Mother Jones and the Soros funded "fact check", is that the best you can do?
You want Exxon numbers to mock....here you go, posted for the 3rd time today.
In other words "i'm making stuff up to push the "agenda"
The correct answer is the federal government only takes 18 cents a gallon in tax. "The government's take is greater than that of the oil producing/refining companies." is an outright lie.
Not quite.
Exxon profit is 5.7 percent of revenue. And your 18 cents number is federal only. Government includes state taxes.
In other words "i'm making stuff up to push the "agenda"
The correct answer is the federal government only takes 18 cents a gallon in tax. "The government's take is greater than that of the oil producing/refining companies." is an outright lie.
Here is your answer:
ExxonMobil is one of the largest taxpayers in the United States Last year, our total taxes and duties to the U.S. government topped $9.8 billion, which includes an income tax expense of $1.6 billion. Over the past five years, we incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than we earned in the United States during the same period. Critics often try to ignore these facts by saying the oil and gas industry receives “subsidies.” But what they really mean is that they want to increase our taxes by taking away long-standing deductions for our industry while leaving these same deductions in place for other sectors of the economy.
yet again, most of this "tax" EXXON is claiming to have paid, is the GAS EXCISE TAX we pay at the pump, just as WE ALL pay a SALES TAX on many of our purchases every day... IRS policy is that the ultimate purchaser is the one paying the excise tax, not the oil company.
Yet again, consumers pay ALL corporate taxes. So what is your point?
Gas taxes are no different than taxes on your Ipod. Consumers pay 100% of Apple's taxes.
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