Before you jump on the band wagon, what subsidies are big oil actually receiving?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
In 2009 Exxon paid lots of money in taxes. Now one cent went to US federal income taxes.
Quote:
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.
Nice try falcon but that article wasn't even correct. FYI, money profits aren't taxed, until they bet repatriated. I thought we already went down this road on another thread. Wasn't the conclusion of that thread to knock corporate tax rate to 10%?
So let me throw this out again since those on the left hear Obama make the statement to end subsidies to " big oil". What are those subsidies?
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
I can't tell you the exact subsidies, but I was listening to an interview last week about what we can do to get this country out of debt. Those subsidies were brought up and they amount to about 3 cent's per gallon. So I'm guessing if there cut, that's about what we'll see as an increase in the price of gas. The oil company's aren't going to eat the cost, we are at the pump.
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Those who hammer their guns into plows, will plow for those who don't~ Thomas Jefferson~ Today's mighty oak is just yesterday's nut that held it's ground~Unknown~Just because your offended doesn't mean your right~Unknown.
I can't tell you the exact subsidies, but I was listening to an interview last week about what we can do to get this country out of debt. Those subsidies were brought up and they amount to about 3 cent's per gallon. So I'm guessing if there cut, that's about what we'll see as an increase in the price of gas. The oil company's aren't going to eat the cost, we are at the pump.
Again, not the answer to the subsidy question. I'm not jumping on you but my point is, shouldn't we know what the subsidy actually is before you jump on the bandwagon and demand they be cut? I know what they are and they are subsidies but it sounds a lot better and gets idiots fired up when you say it that way. Furthermore, you are right, they will either pass the cost along or in this case, close up more shops.
Now regarding the gas. Exxon reporting earning 2 cents per gallon las qtr when it can to gas. The Feds make 18 and states make a he'll of a lot more.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
And I don't have a problem with that but I would end all subsidies by ending all corporate taxes.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
sometimes I wonder why we argue about all this stuff in the first place, I'm not president, nor a member of congress, have no plans of becoming either.
kinda seems like worry about what you can control, vote for who you like and move on.
I really never understood why a corporation would want to make a profit in the first place, perhaps when it's a big biz vs. a small biz, ie, why have the corporation pay any income tax when as the president etc...you could pass on those profits to yourself, or employees, or reinvest in tooling, etc...or whatever your company does.
I'd certainly simplify things however, end loop holes, all these deductions etc...
Sal, are you serious? You make a profit so investor believe in your corporation and keep investing. When you go to the bank and ask for a loan, first and only thing they want to know is if you can repay the loan. Investing is no different.
One explanation I got last year which I found very interesting. In sales, upper management is constantly pushing for forecasting accuracy. I'm mean I hear that all the time. They want to know what you are going to book each month to a tee. As sales folks, we don't want to explain why an order is slipping a month or 2 because we get it bad. Well ass I found out, let's say your company is predicted to sell 100 million but sells 120 million. Awesome year, 20% above target. However, if management didn't adjust for the 20 million by increasing R&D 's budget, we just shot ourselves in the foot. Investors made out big time but us sales guys lost out on about another 5 million +/- that we could us to create more products and win market share.
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John Adams “The moment the idea is admitted into society that property is not as sacred as the laws of God, and that there is not a force of law and public justice to protect it, anarchy and tyranny commence.”
Ronald Reagan: 'Everybody that is for abortion has already been born'
"I never said I was worth it. I only said I wouldn't do it for less " William F. Buckley Jr.
>>But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.<<
How much money does Oil spend lobbying the government?
So, end subsidies to big oil?
