I will pay more in federal income taxes this year than ExxonMobil
 

From Meteor Blades:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53
billion.

ExxonMobil did pay $15 billion in income taxes. That was 47% of its
pre-tax income. But not a dime of it went to the IRS, however.
Because, as Forbes points out:

Exxon tries to limit the tax pain with the help of 20 wholly owned
subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands
that (legally) shelter the cash flow from operations in the likes of
Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in
income taxes last year, Exxon paid none of it to Uncle Sam, and has
tens of billions in earnings permanently reinvested overseas.

Likewise, GE has $84 billion in overseas income parked indefinitely
outside the U.S.

The fact that many ultra-lucrative U.S.corporations pay no taxes to
federal government is hardly a new event. In April, 2004, the General
Accountability Office found in a study sought by Sen. Byron Dorgan
that "[m]ore than half of US corporations paid no federal income taxes
during the boom years of the late 1990s." And an August 2008 GAO
report sought by Dorgan and Sen. Carl Levin found that "[t]wo out of
every three United States corporations paid no federal income taxes
from 1998 through 2005." While many corporations did not pay taxes
because they had net losses for those years, that wasn't the case for
some of the big guys. In 2005, for instance, 25% of large U.S.
corporations paid no taxes on revenue of $1.1 trillion.

Could one reason ExxonMobil paid $0 in taxes have to do with the
$27,430,000 it spent on lobbying Congress against job-killing,
confiscatory socialism? Nah.

I will pay more in federal income taxes this year than ExxonMobil
 

"jps" wrote in message
...

From Meteor Blades:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53
billion.

ExxonMobil did pay $15 billion in income taxes. That was 47% of its
pre-tax income. But not a dime of it went to the IRS, however.
Because, as Forbes points out:

Exxon tries to limit the tax pain with the help of 20 wholly owned
subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands
that (legally) shelter the cash flow from operations in the likes of
Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in
income taxes last year, Exxon paid none of it to Uncle Sam, and has
tens of billions in earnings permanently reinvested overseas.

Likewise, GE has $84 billion in overseas income parked indefinitely
outside the U.S.

The fact that many ultra-lucrative U.S.corporations pay no taxes to
federal government is hardly a new event. In April, 2004, the General
Accountability Office found in a study sought by Sen. Byron Dorgan
that "[m]ore than half of US corporations paid no federal income taxes
during the boom years of the late 1990s." And an August 2008 GAO
report sought by Dorgan and Sen. Carl Levin found that "[t]wo out of
every three United States corporations paid no federal income taxes
from 1998 through 2005." While many corporations did not pay taxes
because they had net losses for those years, that wasn't the case for
some of the big guys. In 2005, for instance, 25% of large U.S.
corporations paid no taxes on revenue of $1.1 trillion.

Could one reason ExxonMobil paid $0 in taxes have to do with the
$27,430,000 it spent on lobbying Congress against job-killing,
confiscatory socialism? Nah.


Corporate welfare bums!
Locally, the provincial government gave about $100 million no interest loans
and grants to two companies to help them run business locally.
One business was a Korean firm to take over an old railcar manufacturing
plant in the hopes of building windmills for electricity generation and the
other was for a pulp mill.
Yesterday they decided to raise our HST to 15% from 13% (harmonized tax on
goods & services)
Obvious who runs the country..... big business. We'll do anything including
bribery to encourage them to come & then to stay when the original gift
monies run out.

I will pay more in federal income taxes this year than ExxonMobil
 

On 4/7/2010 7:55 AM, Don White wrote:
wrote in message
...

From Meteor Blades:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53
billion.

ExxonMobil did pay $15 billion in income taxes. That was 47% of its
pre-tax income. But not a dime of it went to the IRS, however.
Because, as Forbes points out:

Exxon tries to limit the tax pain with the help of 20 wholly owned
subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands
that (legally) shelter the cash flow from operations in the likes of
Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in
income taxes last year, Exxon paid none of it to Uncle Sam, and has
tens of billions in earnings permanently reinvested overseas.

Likewise, GE has $84 billion in overseas income parked indefinitely
outside the U.S.

The fact that many ultra-lucrative U.S.corporations pay no taxes to
federal government is hardly a new event. In April, 2004, the General
Accountability Office found in a study sought by Sen. Byron Dorgan
that "[m]ore than half of US corporations paid no federal income taxes
during the boom years of the late 1990s." And an August 2008 GAO
report sought by Dorgan and Sen. Carl Levin found that "[t]wo out of
every three United States corporations paid no federal income taxes
from 1998 through 2005." While many corporations did not pay taxes
because they had net losses for those years, that wasn't the case for
some of the big guys. In 2005, for instance, 25% of large U.S.
corporations paid no taxes on revenue of $1.1 trillion.

Could one reason ExxonMobil paid $0 in taxes have to do with the
$27,430,000 it spent on lobbying Congress against job-killing,
confiscatory socialism? Nah.


Corporate welfare bums!
Locally, the provincial government gave about $100 million no interest loans
and grants to two companies to help them run business locally.
One business was a Korean firm to take over an old railcar manufacturing
plant in the hopes of building windmills for electricity generation and the
other was for a pulp mill.
Yesterday they decided to raise our HST to 15% from 13% (harmonized tax on
goods& services)
Obvious who runs the country..... big business. We'll do anything including
bribery to encourage them to come& then to stay when the original gift
monies run out.



Maybe if we make it illegal for corporations to contribute to
political parties this might change. That being said I will likely end
up on an all inclusive cruise to Guantanamo.


wake up in Githowever I a

I will pay more in federal income taxes this year than ExxonMobil
 

On Wed, 07 Apr 2010 12:08:04 -0400, wrote:

On Wed, 07 Apr 2010 01:31:41 -0700, jps wrote:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.

Flawed logic. Exxonmobil is simply a conduit for sales taxes paid by
you and me. Doesn't make a whit of difference to ExxonMobil, whose
profit was the largest in history last year, while paying no taxes.

You think that's fair? Not me.

I do the same for the city, state and government when selling retail
but that doesn't make my company a productive tax producer, just a
conduit.

Where I produce for the state is in state revenue taxes and federal
income taxes.

I will pay more in federal income taxes this year than ExxonMobil
 

wrote in message
...
On Wed, 07 Apr 2010 01:31:41 -0700, jps wrote:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.


There is a basic problem with how corporations are treated as individuals.
They're not people.

--
Nom=de=Plume

I will pay more in federal income taxes this year than ExxonMobil
 

"LdB" wrote in message
m...
On 4/7/2010 7:55 AM, Don White wrote:
wrote in message
...

From Meteor Blades:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53
billion.

ExxonMobil did pay $15 billion in income taxes. That was 47% of its
pre-tax income. But not a dime of it went to the IRS, however.
Because, as Forbes points out:

Exxon tries to limit the tax pain with the help of 20 wholly owned
subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands
that (legally) shelter the cash flow from operations in the likes of
Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in
income taxes last year, Exxon paid none of it to Uncle Sam, and has
tens of billions in earnings permanently reinvested overseas.

Likewise, GE has $84 billion in overseas income parked indefinitely
outside the U.S.

The fact that many ultra-lucrative U.S.corporations pay no taxes to
federal government is hardly a new event. In April, 2004, the General
Accountability Office found in a study sought by Sen. Byron Dorgan
that "[m]ore than half of US corporations paid no federal income taxes
during the boom years of the late 1990s." And an August 2008 GAO
report sought by Dorgan and Sen. Carl Levin found that "[t]wo out of
every three United States corporations paid no federal income taxes
from 1998 through 2005." While many corporations did not pay taxes
because they had net losses for those years, that wasn't the case for
some of the big guys. In 2005, for instance, 25% of large U.S.
corporations paid no taxes on revenue of $1.1 trillion.

Could one reason ExxonMobil paid $0 in taxes have to do with the
$27,430,000 it spent on lobbying Congress against job-killing,
confiscatory socialism? Nah.


Corporate welfare bums!
Locally, the provincial government gave about $100 million no interest
loans
and grants to two companies to help them run business locally.
One business was a Korean firm to take over an old railcar manufacturing
plant in the hopes of building windmills for electricity generation and
the
other was for a pulp mill.
Yesterday they decided to raise our HST to 15% from 13% (harmonized tax
on
goods& services)
Obvious who runs the country..... big business. We'll do anything
including
bribery to encourage them to come& then to stay when the original gift
monies run out.



Maybe if we make it illegal for corporations to contribute to political
parties this might change. That being said I will likely end up on an all
inclusive cruise to Guantanamo.


wake up in Githowever I a


That ship has sailed.

--
Nom=de=Plume

I will pay more in federal income taxes this year than ExxonMobil
 

wrote in message
...
On Wed, 07 Apr 2010 10:33:29 -0700, jps wrote:

On Wed, 07 Apr 2010 12:08:04 -0400, wrote:

On Wed, 07 Apr 2010 01:31:41 -0700, jps wrote:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.

Flawed logic. Exxonmobil is simply a conduit for sales taxes paid by
you and me. Doesn't make a whit of difference to ExxonMobil, whose
profit was the largest in history last year, while paying no taxes.

You think that's fair? Not me.

I do the same for the city, state and government when selling retail
but that doesn't make my company a productive tax producer, just a
conduit.

Where I produce for the state is in state revenue taxes and federal
income taxes.

I guarantee you the tax burden is buried in the price. If you tax
Exxon, their price will go up by that amount..



So, we shouldn't tax them?? Because keeping that oil flowing is the primary
concern?

--
Nom=de=Plume

I will pay more in federal income taxes this year than ExxonMobil
 

On Wed, 07 Apr 2010 17:38:41 -0400, wrote:

On Wed, 07 Apr 2010 10:33:29 -0700, jps wrote:

On Wed, 07 Apr 2010 12:08:04 -0400, wrote:

On Wed, 07 Apr 2010 01:31:41 -0700, jps wrote:

Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.

Flawed logic. Exxonmobil is simply a conduit for sales taxes paid by
you and me. Doesn't make a whit of difference to ExxonMobil, whose
profit was the largest in history last year, while paying no taxes.

You think that's fair? Not me.

I do the same for the city, state and government when selling retail
but that doesn't make my company a productive tax producer, just a
conduit.

Where I produce for the state is in state revenue taxes and federal
income taxes.

I guarantee you the tax burden is buried in the price. If you tax
Exxon, their price will go up by that amount..

Ah, yes. That's how I price my products too. NOT! Corporations do
not price their products to ensure exhorbitant profits. They price
them consistent with what the market will bear, based on supply and
demand. That's especially true of commodity sellers like EM.

I will pay more in federal income taxes this year than ExxonMobil
 

nom=de=plume wrote:
wrote in message
...

On Wed, 07 Apr 2010 01:31:41 -0700, wrote:


Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.


There is a basic problem with how corporations are treated as individuals.
They're not people.


That's an S-corp. Exxon Mobil is a publicly traded C-corp.

I will pay more in federal income taxes this year than ExxonMobil
 

"Larry" wrote in message
...
nom=de=plume wrote:
wrote in message
...

On Wed, 07 Apr 2010 01:31:41 -0700, wrote:


Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53

Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.


There is a basic problem with how corporations are treated as
individuals.
They're not people.


That's an S-corp. Exxon Mobil is a publicly traded C-corp.


Nope. ExxonMobil is treated as an individual, according the several Supreme
Court rulings. Most recently, this involved lobbying limits being removed.

--
Nom=de=Plume