obama vs the truth - those evil oil companies

[gwb72tii]

get rid of the tax loopholes

"The top three oil companies in the United States are ExxonMobil, ConocoPhillips and Chevron. According to the SEC filings of those companies, as analyzed by Forbes, ExxonMobil’s pretax income in 2010 was $52 billion, from which it paid $21.6 billion in income taxes worldwide, leaving a net income of $30.5 billion. That equals a tax rate of 45 percent, which is 10 percent above the statutory corporate rate of 35 percent.

ConocoPhillips earned $19.8 billion in pretax income in 2010 and it paid $8.3 billion in taxes, leaving $11.4 billion in income. That equals a tax rate of 42 percent. Chevron made $32 billion and then paid $12.9 billion in income taxes, leaving a net income of $19.1 billion, which equals a tax rate of 40 percent.

ExxonMobil’s total tax bill, worldwide, was $89 billion in 2010, comprised mostly of sales and excise taxes. ConocoPhillips, for comparison, paid an additional $16.8 billion in “other taxes” beyond its income taxes, reported Forbes, and Chevron paid an additional $18.2 billion in “other taxes” in 2010."

http://www.cnsnews.com/news/article/top-3-us-oil-companies-paid-428-billion

so, what is "fair" in your book?

[iamsam]

all we need to do now is start drilling more in the US.

[Farbin Kaiber]

They are here to provide infrastructure, they should not be profiting at all.

/retarded lets-pretend it's-opposite-day response





They would charge less for their product if the market didn't require so much of them, and the lower costs handed down to end-users would really stimulate the economy in a more free market style. But that won't happen.

[iamsam]

lower gas prices would be awesome, I think we all agree. But why exactly should a company not make a profit? Isn't that what companies DO?

[Farbin Kaiber]

^ I was being sarcastic.

[z31maniac]

Cool, let's revoke the corporate tax break, so that the pass the cost onto the consumers in the form of more expensive oil.

I really wish the "Left" in this country understood that corporations do not pay tax.

[Farbin Kaiber]

^ They get charged them, they just pass it on, such a simple idea to grasp.

[tjts1]

get rid of the tax loopholes

"The top three oil companies in the United States are ExxonMobil, ConocoPhillips and Chevron. According to the SEC filings of those companies, as analyzed by Forbes, ExxonMobil’s pretax income in 2010 was $52 billion, from which it paid $21.6 billion in income taxes worldwide, leaving a net income of $30.5 billion. That equals a tax rate of 45 percent, which is 10 percent above the statutory corporate rate of 35 percent.

ConocoPhillips earned $19.8 billion in pretax income in 2010 and it paid $8.3 billion in taxes, leaving $11.4 billion in income. That equals a tax rate of 42 percent. Chevron made $32 billion and then paid $12.9 billion in income taxes, leaving a net income of $19.1 billion, which equals a tax rate of 40 percent.

ExxonMobil’s total tax bill, worldwide, was $89 billion in 2010, comprised mostly of sales and excise taxes. ConocoPhillips, for comparison, paid an additional $16.8 billion in “other taxes” beyond its income taxes, reported Forbes, and Chevron paid an additional $18.2 billion in “other taxes” in 2010."

http://www.cnsnews.com/news/article/top-3-us-oil-companies-paid-428-billion

so, what is "fair" in your book?

BULLSHIT. These companies publish their financial results every quarter. Come back when you've read through them yourself. Hint: Check the 'effective tax rate line'. Thats the number that is actually paid after they've exhaust every possible loophole and tax haven.

http://investor.chevron.com/phoenix....l-reportsOther

http://ir.exxonmobil.com/phoenix.zhtml?c=115024&p=irol-reportsAnnual

[gwb72tii]

BULLSHIT. These companies publish their financial results every quarter. Come back when you've read through them yourself. Hint: Check the 'effective tax rate line'. Thats the number that is actually paid after they've exhaust every possible loophole and tax haven.

http://investor.chevron.com/phoenix....l-reportsOther
http://ir.exxonmobil.com/phoenix.zht...-reportsAnnual

sorry. you're wrong.
take a look at chevron's income statement and the above is true
the company receives no special tax breaks other non-energy companies don't get also.
its called GAAP
look it up

edit
if you want to add back non cash expenses (13,063MM) the effective tax rate is 28.60%
but then you have to do the same for all operating companies, including union owned GM which pays no tax
oh, and the pres' fave advisor immelt's company GE, which also pays no tax

fair?

[kronus]

did you miss the two times it says "worldwide" in that quote? Worldwide tax payment don't really help the US with tax revenue...

[kronus]

(and there's no response)

[Farbin Kaiber]

^He's jerkin, jerking in this thread.

[joshh]

did you miss the two times it says "worldwide" in that quote? Worldwide tax payment don't really help the US with tax revenue...

The employees and stock holders that are in the US don't pay taxes? That's the point.

[kronus]

The employees and stock holders that are in the US don't pay taxes? That's the point.

what? none of that was in discussion until you mentioned it just now.

here's a link with some actual info...

[mrsleeve]

Really I am not going into this a-fucking-gain

How many times must I say it, the federal govt makes more money on OIL than big oil does .