Has anyone else heard this before? Exxon and the other oil corporations made record profits last year, and only paid 13 percent taxes. Its all over the place in liberal media land, where the sky is purple. I would like to now show you exactly how liberals manipulate the truth to further their goal of destroying business and capitalism The first article I found was from these people CTJ Citizens for Tax Justice nice name huh hahaha really? Think Progress: Exxon Mobils Tax Rate Drops To 13 Percent, After Making 35 Percent More Profits On Rising Gas Prices In 2011. They go on and on about deferment of taxes on profits made in other countries and how unfair the credits they get for exploration are etc.. etc... Now lets look at the truth, the term record profits it turns out are numbers not adjusted for inflation, when adjusted it turns out their profits are still lower than before the crash. The next deception, 13 percent is only the corporate tax, and extra little goodie they pay simply because they are a corporation. Now factor in property taxes, payroll taxes, Income taxes and God only knows how much in regulatory and EPA taxes, low and behold Exxon paid more taxes than any other corporation or person for that matter. In 2011 the three oil giants mentioned above paid more income tax than any other American corporation. ExxonMobil paid $27.3 billion in income tax, Chevron paid $17 billion, and Conoco Phillips paid $10.6 billion. These huge sums gave the companies equally huge effective tax rates. Exxon Mobil’s tax rate was 42.9%, Chevron’s was 48.3%, and Conoco Phillips’ was 41.5%. These figures are higher than the US federal statutory rate of 35%, which is the highest tax rate in the developed world. Income tax does not even represent half of the total taxes paid. Last year Exxon also recorded more than $70 billion in sales taxes and other duties. Exxon’s revenues were $486 billion and Chevron’s were $254 billion, which equates to an average net margin of just 10%. Quite possibly because they not only are taxed in the foreign countries they do business in sometimes at 70 percent, but then Uncle Sam wants taxes paid on their profits overseas also. (Im starting to see why government feels its an authority on greed) So knowing all this and seeing the deliberate deception, there can be only 2 possible explanations, 1. The Obama administration sees a cash cow and like everything to do with business and profit, feels its rightfully his not theirs or more to the point ours because we are the stockholders. 2. Corporations evil and bad, must destroy corporations, must redistribute wealth until there is no more, hence the death of America and prosperity. Which do you think it is? ctj.org/ctjinthenews/2012/03/think_progress_exxon_mobils_tax_rate_drops_to_13_percent_after_making_35_percent_more_profits_on_ris.php#.UmRC4vkWJgo oilprice/Latest-Energy-News/World-News/How-much-Tax-does-Big-Oil-Actually-Pay.html
Posted on: Sun, 20 Oct 2013 22:00:17 +0000
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