red states rule
05-30-2013, 03:12 AM
I am aware libs and the liberal media will do their best to ignore and/or spin this story - but they cannot change the facts. Oil companies are cash cows for the governemnt and the greedy left wants more of their money (just like they want more of our money)
The three largest oil companies paid the most in taxes in absolute terms of all major corporations, according (http://www.nytimes.com/interactive/2013/05/25/sunday-review/corporate-taxes.html?smid=tw-share&_r=2&) to data on S&P 500http://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#) companies compiled by The New York Times.
President Barack Obama has chastised oil companies for receiving billions of dollars in tax breaks. However, the Times reports that ExxonMobil paid $146 billion in taxes; Chevron paid $85 billion; and ConocoPhillips paid $58 billion over the last five years.
In terms of their effective tax rates, the big three oil companies don’t get off easily either. Exxon had an effective tax rate of 37 percent, Chevron’s effective tax rate was 39 percent, and ConocoPhillips’s was a whopping 74 percent. The U.S. corporate tax rate is 35 percent.
In fact, the big three oil companies paid multiples more, in both total dollars and effective tax rates, than such administration favorites as Apple, Google and General Electric.
President Obama sparked a conflict with the oil industry when he called for eliminating $4 billion in tax breaks to oil, gas and coal companies.
“As we continue to pursue clean energyhttp://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#) technologies that will support future economic growth, we should not devote scarce resources to subsidizing the use of fossil fuels produced by some of the largest, most profitable companies in the world,” read the president’s 2014 budget proposal. “That is why the Budget proposes to eliminate unnecessary fossil fuel subsidies that impede investment in clean energy sources and undermine efforts to address the threat of climate change.”
However, last year Exxon and Chevron ranked in the top two companies that paid the most in taxes. ConocoPhillips ranked sixth in terms of taxes paid, reports (http://www.usatoday.com/story/money/personalfinance/2013/03/17/companies-paying-highest-income-taxes/1991313/) USA Today. In 2012, Exxon paid $31.05 billion, Chevron paid $20 billion, and ConocoPhillips paid $7.94 billion.
“The oil and gas industry gets no subsidies, zero, nothing,” said Jack Gerard, president and CEO of the American Petroleum Institute — the nation’s largest oil and gas lobby.
“We get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do businesshttp://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#).”
Read more: http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#ixzz2Um0Zp7As
The three largest oil companies paid the most in taxes in absolute terms of all major corporations, according (http://www.nytimes.com/interactive/2013/05/25/sunday-review/corporate-taxes.html?smid=tw-share&_r=2&) to data on S&P 500http://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#) companies compiled by The New York Times.
President Barack Obama has chastised oil companies for receiving billions of dollars in tax breaks. However, the Times reports that ExxonMobil paid $146 billion in taxes; Chevron paid $85 billion; and ConocoPhillips paid $58 billion over the last five years.
In terms of their effective tax rates, the big three oil companies don’t get off easily either. Exxon had an effective tax rate of 37 percent, Chevron’s effective tax rate was 39 percent, and ConocoPhillips’s was a whopping 74 percent. The U.S. corporate tax rate is 35 percent.
In fact, the big three oil companies paid multiples more, in both total dollars and effective tax rates, than such administration favorites as Apple, Google and General Electric.
President Obama sparked a conflict with the oil industry when he called for eliminating $4 billion in tax breaks to oil, gas and coal companies.
“As we continue to pursue clean energyhttp://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#) technologies that will support future economic growth, we should not devote scarce resources to subsidizing the use of fossil fuels produced by some of the largest, most profitable companies in the world,” read the president’s 2014 budget proposal. “That is why the Budget proposes to eliminate unnecessary fossil fuel subsidies that impede investment in clean energy sources and undermine efforts to address the threat of climate change.”
However, last year Exxon and Chevron ranked in the top two companies that paid the most in taxes. ConocoPhillips ranked sixth in terms of taxes paid, reports (http://www.usatoday.com/story/money/personalfinance/2013/03/17/companies-paying-highest-income-taxes/1991313/) USA Today. In 2012, Exxon paid $31.05 billion, Chevron paid $20 billion, and ConocoPhillips paid $7.94 billion.
“The oil and gas industry gets no subsidies, zero, nothing,” said Jack Gerard, president and CEO of the American Petroleum Institute — the nation’s largest oil and gas lobby.
“We get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do businesshttp://images.intellitxt.com/ast/adTypes/icon1.png (http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#).”
Read more: http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/#ixzz2Um0Zp7As