Skip to comments.Exxon-Mobil Paid $3 in Taxes for Every $1 of Profit
Posted on 05/01/2008 5:32:25 PM PDT by drbasketball
In the first quarter, Exxon-Mobil earned $10.9 billion, but at the same time paid a total of $29.3 billion in taxes...
(Excerpt) Read more at nationaleconomist.com ...
Class envy = votes and thus = prosperity and power for a few.
Needless to say class envy is a promotional tool used for personal gain with many politicians.
You simply cannot explain this to the dim bulbs who just want to blame “Big Oil” for all their problems. The RATS have used “Big Oil” as a whipping boy to inflame the rabble for a century.
I am not sure what you are talking about—Corporations have no ability to collect taxes. however, my little company paid 31% taxes last year. Maybe we don’t run our company as well as others.
No, the oil companies are not paying the sales tax—you are. They don’t collect it or receive benefit from it. Oh, and by the way, what other industries are taxed with federal sales taxes? The phone companies and cable companies have minute federal taxes, but there are very few others that do. So, the oil companies are not screwing you, the federal government is. We have the crunch now because Bill Clinton did not allow any incentives for drilling to replace our own reserves. In fact, oil prices dropped to below $10 per barrel, so no exploration was occuring. Half of the oil companies went out of business. Through his efforts, we were importing 50% of our oil—now we are importing 65%.
It is a trade off. A ‘corporation’ gets the status of a legal entity, indeed many of the rights of a person, in exchange they have to pay taxes like ‘everyone else’.
I don’t know if that is ‘fair’ or not, it is just the way it is. The concept of a corporation lets the people who own and run it mostly off the hook for many things, for example a stockholder cannot lose more than their investment, while a partner or sole proprietor can be on the hook for far more than they invested, and few executives go to jail for the actions of the company they run ( they seem more likely to do time for perjury and the like).
your small corp paid 31% taxes...........where did they get the money to do so????perhaps from their customers???? now do you get the idea.....when the government taxes a business, the business raises prices to compensate for this COST OF DOING BUSINESS EXPENSE. sorry, didn’t mean to shout.....but wake up.....only consumers pay taxes.....only consumers...,.....
Federal excise taxes... 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel.
California ...63.9 cents per gallon for gasoline and 72.0 cents per gallon for diesel
plus local sales tax
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)
Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B
2007 Financial & Operating Review
You are just wrong—the taxes come out of revenues—we don’t pay taxes because we want to, nor do you. My point was that it is reported as profit by the media, but, in fact, almost all of it is put back into the ground. You are right that it is a cost of doing business, as spending $5 to $10 million per well is. If we can’t make enough revenue to cover our costs, then we will be out of business, as we nearly all were in 1999. The effect of that is that if you wish to drive a vehicle, buy groceries, etc., then instead of us importing 65% of our oil, it will be 100%. And the foreign producers don’t pay american taxes. Our effective profit is about 8.5%. The insurance industrys are about 11%, many other industries are more than that.
Where do you learn that though?
To the Victor go the Spoils.
The early bird catches the worm.
THROW THE BUMS OUT!
I have these lovely teachers in my family who work like dogs and teach well.
I have a great deal of respect for them.
But, you know what? They must not respect themselves because they vote party line.
Whatever the Union Newsletter tells them, they do it.
Can they tell you why?
UMMMM.... Ummmm Ummmm
Oh, but that isn’t enough, say Hillary, Barak, and the rest of the greedy Dems. They have to have their profits confiscated to pay for the fantasies of our environmentalist supporters. Meanwhile, we won’t have any more oil produced, and the price of gasoline will go higher.
The oil companies are in the position of the kulaks in the Soviet Union. Same thing.
Schumer is a socialist dirtball. There should be a tax on liberals, since they’re the ones who want all these government programs.
See, that's the crux of the matter. You can "manage" a centralized Marxist economy, but a capitalist economy needs no managing... The job of Government should be to just get the hell out of the way...:)
when will the dhimmicraps call for hearings on how THEY are gouging??????
I’ll explain-corporations COLLECT the taxes they pay from their customers-it’s part of the CODB. (that means cost of doing business)
Put even simpler, they factor the cost of their taxes into the prices they charge...see? It’s really NOT like Uncle Sam sent them a bill for their taxes and they said “Oh, crap! Where are we gonna come up with THAT kinda money”?
When h*ll freezes over!!!