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think progress - poor ole oil companies

Whitewing

Well-known member
Having owned an operated a corporation with operations based around the world, I can attest to the fact that the US tax code is a mind-numbing complexity of rules and regulations.

Every corporation has a fiduciary responsibility to its shareholders to do everything in its power legally to reduce its taxes to as low a rate as possible.

Every individual has the same responsibility to his family as well.

Here's what ExxonMobil has to say about its taxes for 2009.

•In 2009, ExxonMobil's worldwide tax expenses amounted to $81 billion, more than four times our earnings. About 25 percent of our revenue went to taxes around the world. Our earnings after taxes amounted to 6.2 percent of our revenues.

•ExxonMobil's worldwide effective income tax rate for 2009 was 47 percent.

•In a commodities business earnings rise and fall in cycles. Over 80 percent of ExxonMobil's earnings in 2009 came from outside the U.S.

http://www.exxonmobil.com/Corporate/about_issues_taxes.aspx
 

Steve

Well-known member
by looking at one set of a specific tax, they conclude corporations didn't pay taxes..

and they keep repeating the misinformation.

by their standard I didn't pay taxes in 05'

I didn't pay any dividend/corporate taxes in 05. despite having a huge stock/fund and capital gains..

yet in 05 I paid more in taxes then I made..

if you add in sales tax, income tax, capital gains and a slew of other taxes..
 

Tam

Well-known member
Again the Liberal commentors are blaming the Big Oil Corp for not paying taxes so maybe we should see who else isn't paying their fair share. :wink:
Fri Mar 25, 11:24 am ET
G.E. paid no taxes on $5.1 billion in profits
By Brett Michael Dykes
As Washington worries about the United States' growing deficit problem, there's mounting evidence the government is failing to collect taxes from wealthy individuals and corporations. A piece in today's New York Times by David Kocieniewski outlines how G.E. skirted paying any taxes on $5.1 billion in profits in 2010--in addition to claiming a $3.2 billion tax credit.
NOW, is the CEO of Exxon sitting at the head of Obama's job creation committee after not paying his taxes like the CEO of GE is? Did the CEO of EXXON ship thousands of US jobs oversea like Obama's head of job creation committee?
Now let us see who else has failed to pay their fair share of taxes

Timothy Geithner, nominated and confirmed on February 24 for Treasury Secretary. Geithner failed to pay $34,000 in self-employment taxes while he worked at the International Monetary Fund from 2001 to 2004. Yet he was still confirmed because Democrats said his position was too important to be left unfilled any longer.

Senator Tom Daschle, nominated for Health and Human Services Secretary. He withdrew on February 3, admitting that he had failed to pay more than $100,000 in taxes on a car and driver provided by a friend and on consulting fees after he left the Senate.

Nancy Killefer, former Assistant Secretary for Management and Chief Financial Officer of the Treasury Department during the Clinton administration, nominated for Deputy Director at the Office of Management and Budget and Chief Performance Officer. Obama said in announcing her nomination, "We can no longer afford to sustain the old ways when we know there are new and more efficient ways of getting the job done." Killefer withdrew on February 3 because of a lien against her home for failure to pay unemployment tax for household help.

Hilda Solis, nominated for Labor Secretary, was confirmed on February 11 even though her husband had liens against his business going back 16 years. He paid the full $6,400 owed a day before her confirmation hearing. Wouldn't that be nice if the average American could pretend to have nothing to do with their spouse's finances?
This is just a few of those the OBAMA APPOINTED to his Administration that didn't pay their fair share of taxes that we know about.

How many of Obama's Czars didn't pay their taxes and were not found out as they were not questioned by anyone but the guy that appointed these tax cheats to the Administration. :?

Never has the old saying of "when pointing the finger of blame remember there are three fingers pointing back at you" been more true.
 

Whitewing

Well-known member
Hey Bee....is this guy an evil person? I'll bet he's just doing the same sort of thing that most well-run corporations do every day to reduce their tax burden to lowest legal level possible.

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http://custom.yahoo.com/taxes/article-112485-2306a83f-c6fe-3fe5-af62-1d7e48c47870-most-tax-efficient-man-wsj
 
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