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jillan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 12:16 PM
Original message
Status going around Facebook ~ (oil companies)
It's time for taxpayers to stop giving large subsidies to Oil Companies. We get screwed at the pump, and then give them a huge tax break. If you are reading this, you paid more in taxes than Exxon Mobil. They paid ZERO in taxes, and even got a multi-million dollar refund. If you've have had ENOUGH, repost this in your status.


Just wanted to share:hi:
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FreeJoe Donating Member (331 posts) Send PM | Profile | Ignore Thu May-12-11 12:28 PM
Response to Original message
1. Zero?
Where did you hear that XOM paid $0 in taxes? Their annual report shows earnings of $53 billion and income taxes of $21.5 billion.
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jillan Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 12:32 PM
Response to Reply #1
4. I am just reposting a status, and besides, there were several articles written about this.
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liberalla Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 04:20 PM
Response to Reply #1
5. Here's a couple of links
ThinkProgress: http://thinkprogress.org/2010/04/06/exxon-tax/"> Exxon paid zero federal tax in 2009

Center for American Progress: http://www.americanprogress.org/issues/2011/05/tax_man.html ">Exxon Mobil Dodges the Tax Man
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Spike89 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 04:31 PM
Response to Reply #1
6. The OP clearly stated US federal taxes
Besides, your figures show ~40% tax rate, which is obvious garbage and of course corporations do NOT pay income taxes, but taxes on profit. Another area where tax double-speak is used by the oil companies (and other corporations) is to ignore write-offs, subsidies, and other tax offsets. This would be akin to a private citizen claiming their taxes are the figure computed before all the exemptions are taken.

The oil companies simply are not paying a net tax to the federal government in line with the profits they are taking.
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mimitabby Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 12:29 PM
Response to Original message
2. wait, if they paid zero in taxes how did they get a refund?
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JSK Donating Member (1000+ posts) Send PM | Profile | Ignore Thu May-12-11 12:30 PM
Response to Reply #2
3. Wrong terminology
They got multi-billion dollar "subsidies."
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