In the quarter just prior to the Bush tax cuts Exxon Netted (after taxes) $4.5 BILLION DOLLARS. That's 18 BILLION a year without the tax gift from Bush. If gas goes up with that sort of profit blame GREED, not supplies or taxes.
Oil should never be allowed to exist in a speculative market. The Saudis told us all along there were no shortages and that the pricing was due to speculation in that market.
That may be. I honestly don't know how much in taxes (%) they pay in taxes stacked up against everyone else (one of the problems) because our system is so screwed up we (I don't, anyway) don't really know how fair or unfair things really are. Again, politicians shouldn't be in the business of picking out winners and losers when it comes to taxes, cuts, benefits, subsidies, etc...
Found it!
"...Exxon's average effective U.S. income tax rate over the last six years is about 29%, according to the firm's security filings and an interview with a top Exxon tax lawyer. It's one of the highest rates for any industry...." http://money.cnn.com/2011/05/04/news...axes/index.htm
I picked this off the same link. It seems that once the government starts meddling then it has a chance to play favorites thus buying votes while supplying pork. Also growing the number of federal employees who enjoy wealth, prestige, influence and power.
Quote:
Exxon's income tax rate is below the 35% rate mandated by corporate tax law, but it's widely believed most U.S. companies don't pay that rate thanks to generous loopholes in the tax code.
The loopholes are designed to let U.S. companies compete with their foreign counterparts, which often have a lower corporate tax rate.
............ once the government starts meddling then it has a chance to play favorites thus buying votes while supplying pork. Also growing the number of federal employees who enjoy wealth, prestige, influence and power.
And these are the things that are ruining our country (I believe anyway...).
OP-ED CONTRIBUTOR
Stop Coddling the Super-Rich
By WARREN E. BUFFETT
Published: August 14, 2011
Omaha
OUR leaders have asked for ?shared sacrifice.? But when they did the asking, they spared me. I checked with my mega-rich friends to learn what pain they were expecting. They, too, were left untouched.
Quote:
While the poor and middle class fight for us in Afghanistan, and while most Americans struggle to make ends meet, we mega-rich continue to get our extraordinary tax breaks. Some of us are investment managers who earn billions from our daily labors but are allowed to classify our income as ?carried interest,? thereby getting a bargain 15 percent tax rate. Others own stock index futures for 10 minutes and have 60 percent of their gain taxed at 15 percent, as if they?d been long-term investors.
These and other blessings are showered upon us by legislators in Washington who feel compelled to protect us, much as if we were spotted owls or some other endangered species. It?s nice to have friends in high places.
Last year my federal tax bill ? the income tax I paid, as well as payroll taxes paid by me and on my behalf ? was $6,938,744. That sounds like a lot of money. But what I paid was only 17.4 percent of my taxable income ? and that?s actually a lower percentage than was paid by any of the other 20 people in our office. Their tax burdens ranged from 33 percent to 41 percent and averaged 36 percent.
If you make money with money, as some of my super-rich friends do, your percentage may be a bit lower than mine. But if you earn money from a job, your percentage will surely exceed mine ? most likely by a lot.
To understand why, you need to examine the sources of government revenue. Last year about 80 percent of these revenues came from personal income taxes and payroll taxes. The mega-rich pay income taxes at a rate of 15 percent on most of their earnings but pay practically nothing in payroll taxes. It?s a different story for the middle class: typically, they fall into the 15 percent and 25 percent income tax brackets, and then are hit with heavy payroll taxes to boot.
Back in the 1980s and 1990s, tax rates for the rich were far higher, and my percentage rate was in the middle of the pack. According to a theory I sometimes hear, I should have thrown a fit and refused to invest because of the elevated tax rates on capital gains and dividends.
I didn?t refuse, nor did others. I have worked with investors for 60 years and I have yet to see anyone ? not even when capital gains rates were 39.9 percent in 1976-77 ? shy away from a sensible investment because of the tax rate on the potential gain. People invest to make money, and potential taxes have never scared them off. And to those who argue that higher rates hurt job creation, I would note that a net of nearly 40 million jobs were added between 1980 and 2000. You know what?s happened since then: lower tax rates and far lower job creation.
Since 1992, the I.R.S. has compiled data from the returns of the 400 Americans reporting the largest income. In 1992, the top 400 had aggregate taxable income of $16.9 billion and paid federal taxes of 29.2 percent on that sum. In 2008, the aggregate income of the highest 400 had soared to $90.9 billion ? a staggering $227.4 million on average ? but the rate paid had fallen to 21.5 percent.
The taxes I refer to here include only federal income tax, but you can be sure that any payroll tax for the 400 was inconsequential compared to income. In fact, 88 of the 400 in 2008 reported no wages at all, though every one of them reported capital gains. Some of my brethren may shun work but they all like to invest. (I can relate to that.)
I know well many of the mega-rich and, by and large, they are very decent people. They love America and appreciate the opportunity this country has given them. Many have joined the Giving Pledge, promising to give most of their wealth to philanthropy. Most wouldn?t mind being told to pay more in taxes as well, particularly when so many of their fellow citizens are truly suffering.
Twelve members of Congress will soon take on the crucial job of rearranging our country?s finances. They?ve been instructed to devise a plan that reduces the 10-year deficit by at least $1.5 trillion. It?s vital, however, that they achieve far more than that. Americans are rapidly losing faith in the ability of Congress to deal with our country?s fiscal problems. Only action that is immediate, real and very substantial will prevent that doubt from morphing into hopelessness. That feeling can create its own reality.
Job one for the 12 is to pare down some future promises that even a rich America can?t fulfill. Big money must be saved here. The 12 should then turn to the issue of revenues. I would leave rates for 99.7 percent of taxpayers unchanged and continue the current 2-percentage-point reduction in the employee contribution to the payroll tax. This cut helps the poor and the middle class, who need every break they can get.
But for those making more than $1 million ? there were 236,883 such households in 2009 ? I would raise rates immediately on taxable income in excess of $1 million, including, of course, dividends and capital gains. And for those who make $10 million or more ? there were 8,274 in 2009 ? I would suggest an additional increase in rate.
My friends and I have been coddled long enough by a billionaire-friendly Congress. It?s time for our government to get serious about shared sacrifice.
Warren E. Buffett is the chairman and chief executive of Berkshire Hathaway.
__________________
I'll believe corporations are persons when Texas executes one.: LBJ's Ghost
The threat of Obamacare and other government regulatory intrusion.
come on, don't you get tired of that lame line.......... ObamaCare is old news, companies have prepared for what little impact it will have. it will hardly have any impact on large companies as it is unless they were sleazy before and not offering health insurance.
plus you think obamacare is holding down the world economy? or do you not pay attention to that? get real, quit blaming everything on obamacare which has very little impact.
other regulatory impact? from what obama has failed to get anything through so I have no idea what regulation is so disastrous.....
it couldn't be that all that money is just sitting on the sidelines because it's better to get it now at the low tax rate then to invest now to grow the company. both democrats and non-tea party republicans know the bush tax cuts were excessive and will be removed/taxes will be raised, it's just a simple economic issue where we have the rates far lower then anyone else and can't have a government f this size, ending medicare and social security is not an option just like going down to a reasonable size military, taxes will need to be raised for our spending spree (and primarily for the bush reduce taxes and spend a lot of money philosophy).
come on, don't you get tired of that lame line.......... ObamaCare is old news, companies have prepared for what little impact it will have. it will hardly have any impact on large companies as it is unless they were sleazy before and not offering health insurance.
plus you think obamacare is holding down the world economy? or do you not pay attention to that? get real, quit blaming everything on obamacare which has very little impact.
other regulatory impact? from what obama has failed to get anything through so I have no idea what regulation is so disastrous.....
it couldn't be that all that money is just sitting on the sidelines because it's better to get it now at the low tax rate then to invest now to grow the company. both democrats and non-tea party republicans know the bush tax cuts were excessive and will be removed/taxes will be raised, it's just a simple economic issue where we have the rates far lower then anyone else and can't have a government f this size, ending medicare and social security is not an option just like going down to a reasonable size military, taxes will need to be raised for our spending spree (and primarily for the bush reduce taxes and spend a lot of money philosophy).
Maybe you can get on the bus and convince the small businesses that Obamacare is not a threat. It's as fresh as this morning's FACE THE NATION where it was discussed. The EPA operating sans legislation is another one of Obama's threats and these are only the tip of the iceberg. Nothing is simple when you deal with economic issues.
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