They made 40.6 billion in profits for the year ended 12/31/2007. The number you keep quoting is off more than 10%. Why do you have a problem with a company having some retained earnings and returning some value for their shareholders? The top Federal rate is 35% but there are also state and local income taxes. In 2007 their total income taxes paid amounted to a little over 42% of net income. Income Before Tax 70,474.00 Income After Tax 40,610.00 This of course does not include the hundreds of millions in payroll taxes XOM pays which is wrapped up somehwhere in the G&A expense line.
I would suggest that you research your statement: http://www.chron.com/disp/story.mpl/front/5927011.html Exxon Mobile pays quite a bit more than 35%. Red, I don't know what your motivation is for being so enamored with Obama, but don't try to BS those of us who have worked for corporations and have run our own businesses and understand the economy. Just tell us that you favor socialism and be done with it. Just tell us that you want someone else to pay for your health insurance and be done with it. The reality is that if Obama becomes President, he will be sent legislation from Congress that will contain hefty tax increases in many forms. Regardless of what he now says, will he actually veto any of the tax proposals included in the legislation that will be sent to him? :dis: I know the answer and I think deep down you know the answer too! :dis:
They don't have to. They are presently refining everything they produce plus the unrefined product that is imported. Why build new refineries when the Dems won't let them drill? Your hard on for successful corporations is Cialis-like. How is the taxpayer burdened by Exxon-Mobil's, et al tax break? Nothing is being paid by us? The tax breaks are intended to be incentives to encourage the companies to produce jobs and product to the benefit of all Americans. You Obama guys are like lawyers. You never met a dollar you didn't think was rightfully yours'.
once again another question well meaning "progressives" can't properly answer except to complain that "it's not fair". so the question now becomes: How is the taxpayer burdened by tax breaks given to corporations?
You know what is great about our country? If you are upset that Exxon is making to high of profits, you can own Exxon. Go buy the stock, reap the rewards and stop complaining. Let me ask a question... What is the purpose of tax in our country? I was under the impression that the government would levee taxes on citizens to provide the services to the citizens they could not provide themselves. I get up in the morning and have a cup of coffee and it has a tax on it. I drive to work and the gas has a tax on it. I make a cell phone call and that call is taxed. I eat lunch and that is taxed. I buy an airline ticket and that has a tax on it. I rent a car and that has a tax on it. I stay in a hotel room and pay tax on it. When I get home and turn on my cable TV that is taxed. We are friggin taxed on everything we do. I do not mind paying my fair share of taxes. I don’t even mind some level of socialistic programs because we should help our fellow citizens who have stumbled on hard times. Not everybody in this country can be a Boss. Not everybody has the leadership ability to be a Boss. Not everybody has the balls to step up and start their own business. And that is ok, because most people in this country enjoy the security of working for someone else. But I do. I work long hours and spend time away from my wife and kids, while risking every penny we have to build long term wealth and security for my family (and technically my employees). I go to bed at night thinking about how to grow our business and wake up the next morning thinking about our business growth. My employees leave work and do not think about the business again until they return to work. And that is fine; if they were that driven to be business owners they would be out there starting their own business. But for Obama to tell me he thinks he should tax me more so that he can give my hard earned money to the “people behind me” just for the sake of giving them more money makes my blood boil.
Everyone on welfare sees Obama has their God with this statement! This statement alone guarantees Obama will not get my vote. I'm a small business owner and I'll be dammed if Im gonna bust my a$$ so lazy a$$ americans on welfare can get a piece of the pie without doing a dam thing. Don't get me wrong, i know some need welfare (disabled, illness, etc.). But everyday i see people sittin on their porch drinking a 40 at 8:00 in the morning. They don't have a job, but can sure as hell drink all dam day! And nothing burns me more when I see them collect come income tax season. Don't have a job, have 8 kids, and collect a big fat check which comes from my hard earned money. But yeah, lets become a socialist country! God help us if Obama gets elected.
You're forgetting that if his suppliers are taxed, they pass that tax increase to him and he has to pass it down to his customers. It's the Democratic version of the trickle down theory.
Take a ride down Main Street in St. Martinville any day of the week. Of course it's been that way since the 60s.
