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FeliciaKnight

This makes me so mad!!!

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Yeah, they do... its just all jumbled up and complicated - like most business taxes.  Also, Gas companies are just that, a company - they are not a person - they do not have to pay the same taxes we do. 

 

I think your beef is with the CEO... and he pays taxes, just like you and me.

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Everyone pays taxes.  They may take advantage of tax shelters that many people are not aware of but tax is not something any can avoid. I doubt that Bush has any pull in tax avoidance. 

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I read Bloomberg Businessweek and they often criticize millionaires and oil companies and how they get away from paying too much tax...by using tax breaks... why are there tax breaks for oil companies? this is ridiculous and doesnt make sense...since oil is bad for our future...we need to invest in other sources of energy...god...politicians are pigs.

 

i just googled it, and well Exxon Mobil.. turns out.. didn’t pay any federal income tax in 2009.

 

"But Exxon Mobil’s tax rate is “lower than the average American’s,†Daniel Weiss, an energy expert at CAP, countered in an analysis that put the company’s U.S. federal income tax rate in 2010 at just 17.2 percent." icon_eek.gif article link

 

 

 

 

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It's still misleading - Exxon Mobil didnt pay federal income tax because of a tax break, but they paid other taxes (the article clearly states that they are looking into that).  2009 was when the economy was in a shit hole and the gas prices were sky rocketing... the incentive was to lower prices and try to stimulate the economy - hence the whole trillion dollar tax thing.  These tax breaks were given to alot of companie's NOT just the oil companies.  If you want to critize someone for their behavior - blame the banks and their crappy handling of mortgages and the lies they spread to the markets and securities.

 

CEO's do pay income taxes (no one can get away with that), they just pay at a different rate, it's the American income tax bracket that you need to critize, not the CEO's. 

 

While they may have been moma's boys (in your opinion), they didnt just walk up to the podium for the job - they had to get voted in by a commitee and still prove their worth.  Because, if the committee put an uneducated ignorant hedge fund baby on the chair of the board, the whole board will look foolish at the stock markets and chances are they will all eventually loose their jobs.  CEO responsabilites are not to be taken lightly and I bet $100 you could not do their job or make the choices they need to make.  These guys are highly educated, stupid at times - even moronic, but still educated, well known, and well versed in the business world.

 

Also, some CEO's are not born in the Hampton's, some were raised in the hoods of NYC and have worked damn hard to become CEO's and Directors and whatnot - Its whats great about living in America - you have the choice be the factory line worker, the supervisor, the boss or the damn owner of the factory. 

 



 

Originally Posted by musingmuse View Post

 

i just googled it, and well Exxon Mobil.. turns out.. didn’t pay any federal income tax in 2009.

 

"But Exxon Mobil’s tax rate is “lower than the average American’s,†Daniel Weiss, an energy expert at CAP, countered in an analysis that put the company’s U.S. federal income tax rate in 2010 at just 17.2 percent." icon_eek.gif article link

 

 

 

 



 

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There is always tons of criticism toward wealthy individuals/companies regarding payment of taxes.

I wonder if anyone questions how much they donate to charities each year?

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I happen to work for the oil industry, indirectly. Actually, directly, doing websites for companies in that industry. No, I am not out there digging wells and working on the floating rigs, but they put food on my table and gas in my car.  Yes, I know damn well that people who work in the oil industry pay very little tax because they are provided with crazy amounts of tax shelters, but they actually DO donate a great deal to charities of all sorts, all over the world. Yes, this gives them tax breaks, but it also educates, provides surgeries for people who can not afford them, and helps people who otherwise would be destitute their entire lives. And believe me, people in North America have no idea what 'destitute' truly is, unless they also are living under a bridge. Does that excuse the damage the oil companies do? No, but they sure do a whole hell of a lot more for people than anybody else I know. They DO make obscene amounts of money, they ARE arrogant as all hell and think they own the world, and I have seen some things which definitely made me question their morals and ethics - like having wives and kids in multiple countries, buying women where ever they feel like it - but I can't fault somebody for making loads of money. I happen to make loads of money as well because they pay me extremely well. I certainly make a great deal more money than every Canadian I know. Where I fault them is their environmental practices mostly, especially over seas, where they take full advantage of government officials who are willing to look the other way when they are polluting an area. Then again, there are plenty of corrupt government officials in the US and Canada who get multiple millions of $$ in kickbacks from these guys as well. They are just less obvious about it. After living in different countries for quite a while, I have come to the conclusion that ALL governments and corporate heads are corrupt as hell and take/make pay-offs. I've also had a chance to see a lot of the private emails between these guys because I look after everything that goes through their mail forms and company mail servers and have copies of everything emailed to me. Yes, they know because I provide them backup copies of everything every month, just in case :-) It is truly shocking some of the things I have heard come from them. I've seen this happen everywhere. It is the way that business of all kinds is done in the world, unfortunately. There are very few honest, ethical people in this world, sadly, and that will never change. That's why I very much value people I meet who are honest and ethical. They are very rare.

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Tax brackets /governenment is bizarre... Canadian too. My parents pay over 30% ...federal and provincial... and they are nowhere near rich.

 

 

I dunno. I keep finding awful information on the internet. What does this all mean?

 

"Huge corporations, such as ExxonMobil, have recently had years where they paid literally nothing to the U.S. Treasury, despite making huge profits. The New York Times made waves by finding that General Electric paid no federal income tax last year, instead pocketing hundreds of millions of dollars in tax benefits. Mega-manufacturer Boeing has done the same, paying no federal taxes in 2009 while collecting $132 million in tax benefits. Google last year had a 2.4 percent effective tax rate, while California-based Broadcom's rate was just 1.4 percent, far below the rate that the average American pays." link

 

One thing for sure....raise taxes for the richest....turn into Sweden. Will never be able to be the richest. hehe icon_cheesygrin.gif

 


 

Originally Posted by DreamWarrior View Post

It's still misleading - Exxon Mobil didnt pay federal income tax because of a tax break, but they paid other taxes (the article clearly states that they are looking into that).  2009 was when the economy was in a shit hole and the gas prices were sky rocketing... the incentive was to lower prices and try to stimulate the economy - hence the whole trillion dollar tax thing.  These tax breaks were given to alot of companie's NOT just the oil companies.  If you want to critize someone for their behavior - blame the banks and their crappy handling of mortgages and the lies they spread to the markets and securities.

 

CEO's do pay income taxes (no one can get away with that), they just pay at a different rate, it's the American income tax bracket that you need to critize, not the CEO's. 

 

While they may have been moma's boys (in your opinion), they didnt just walk up to the podium for the job - they had to get voted in by a commitee and still prove their worth.  Because, if the committee put an uneducated ignorant hedge fund baby on the chair of the board, the whole board will look foolish at the stock markets and chances are they will all eventually loose their jobs.  CEO responsabilites are not to be taken lightly and I bet $100 you could not do their job or make the choices they need to make.  These guys are highly educated, stupid at times - even moronic, but still educated, well known, and well versed in the business world.

 

Also, some CEO's are not born in the Hampton's, some were raised in the hoods of NYC and have worked damn hard to become CEO's and Directors and whatnot - Its whats great about living in America - you have the choice be the factory line worker, the supervisor, the boss or the damn owner of the factory. 

 



 



 



 

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Sat, I completely agree with your statement here: "After living in different countries for quite a while, I have come to the conclusion that ALL governments and corporate heads are corrupt as hell and take/make pay-offs."

 

I've had a chance to work on annual report for Teck Resources, a big mining company, and while designing it, we had to present the company in its 'best light' when it really isnt..they've been sued over evironmental concerns.

Yes, they give jobs and all, but I still feel like I sold my soul to the devil. There is no such thing as 'sustainable' mining. Ugh. Anyway, here is how much the CEO makes according to forbes

 

They may seem 'charitable' and support kids with zinc deficiency, but to me it's an excuse to make themselves look better and to avoid taxes. They are driven by money, and count every cent..in my experience. Very cheap when it comes to spending on other services, such as good design.

 

I agree with this too...it's the truth! icon_cool.gif"It is the way that business of all kinds is done in the world, unfortunately. There are very few honest, ethical people in this world, sadly, and that will never change. That's why I very much value people I meet who are honest and ethical. They are very rare."
 

Originally Posted by satojoko View Post

I happen to work for the oil industry, indirectly. Actually, directly, doing websites for companies in that industry. No, I am not out there digging wells and working on the floating rigs, but they put food on my table and gas in my car.  Yes, I know damn well that people who work in the oil industry pay very little tax because they are provided with crazy amounts of tax shelters, but they actually DO donate a great deal to charities of all sorts, all over the world. Yes, this gives them tax breaks, but it also educates, provides surgeries for people who can not afford them, and helps people who otherwise would be destitute their entire lives. And believe me, people in North America have no idea what 'destitute' truly is, unless they also are living under a bridge. Does that excuse the damage the oil companies do? No, but they sure do a whole hell of a lot more for people than anybody else I know. They DO make obscene amounts of money, they ARE arrogant as all hell and think they own the world, and I have seen some things which definitely made me question their morals and ethics - like having wives and kids in multiple countries, buying women where ever they feel like it - but I can't fault somebody for making loads of money. I happen to make loads of money as well because they pay me extremely well. I certainly make a great deal more money than every Canadian I know. Where I fault them is their environmental practices mostly, especially over seas, where they take full advantage of government officials who are willing to look the other way when they are polluting an area. Then again, there are plenty of corrupt government officials in the US and Canada who get multiple millions of $$ in kickbacks from these guys as well. They are just less obvious about it. After living in different countries for quite a while, I have come to the conclusion that ALL governments and corporate heads are corrupt as hell and take/make pay-offs. I've also had a chance to see a lot of the private emails between these guys because I look after everything that goes through their mail forms and company mail servers and have copies of everything emailed to me. Yes, they know because I provide them backup copies of everything every month, just in case :-) It is truly shocking some of the things I have heard come from them. I've seen this happen everywhere. It is the way that business of all kinds is done in the world, unfortunately. There are very few honest, ethical people in this world, sadly, and that will never change. That's why I very much value people I meet who are honest and ethical. They are very rare.



 

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Originally Posted by DreamWarrior View Post

 

It's still misleading - Exxon Mobil didnt pay federal income tax because of a tax break, but they paid other taxes (the article clearly states that they are looking into that).  2009 was when the economy was in a shit hole and the gas prices were sky rocketing... the incentive was to lower prices and try to stimulate the economy - hence the whole trillion dollar tax thing.  These tax breaks were given to alot of companie's NOT just the oil companies.  If you want to critize someone for their behavior - blame the banks and their crappy handling of mortgages and the lies they spread to the markets and securities.

 

CEO's do pay income taxes (no one can get away with that), they just pay at a different rate, it's the American income tax bracket that you need to critize, not the CEO's. 

 

While they may have been moma's boys (in your opinion), they didnt just walk up to the podium for the job - they had to get voted in by a commitee and still prove their worth.  Because, if the committee put an uneducated ignorant hedge fund baby on the chair of the board, the whole board will look foolish at the stock markets and chances are they will all eventually loose their jobs.  CEO responsabilites are not to be taken lightly and I bet $100 you could not do their job or make the choices they need to make.  These guys are highly educated, stupid at times - even moronic, but still educated, well known, and well versed in the business world.

 

Also, some CEO's are not born in the Hampton's, some were raised in the hoods of NYC and have worked damn hard to become CEO's and Directors and whatnot - Its whats great about living in America - you have the choice be the factory line worker, the supervisor, the boss or the damn owner of the factory. 

 

 

 

 

 

 

 

I found this article claiming that ExxonMobil actually pays 40% in worldwide taxes. I don't know which is true, but obviously this situation is a little bit more complicated than simply writing off companies as paying no taxes.

 

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There is always misleading info on the internet. No one to trust.

 

Some of the commenters question the article...

 

"Posted by investmentaccountant | 04/16/11 05:46 PM EDT

Not very honest reporting. The writer obviously knows nothing about accounting and even less about financial reporting. "   "Posted by kovalb | 04/14/11 11:40 AM EDT
The tax rates for US corporations are indeed high. However the deductions, credits and loopholes permit many to escape paying their fair share of the tax burden. This article was one sided and did not comprehensively examine the issue. I expect that from the left, I do not appreciate it when the right does it."

Originally Posted by janetgriselle View Post





I found this article claiming that ExxonMobil actually pays 40% in worldwide taxes. I don't know which is true, but obviously this situation is a little bit more complicated than simply writing off companies as paying no taxes.
 



 

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I acknowledge that there is always misleading information, but that's why I said "I don't know which is true, but obviously this situation is a little bit more complicated..." Some articles say they pay no taxes, others say they pay too much. Felicia's comment illustrated one extreme, that no one pays taxes, and this article illustrates the other extreme "ExxonMobil is paying 40%". As I continue to research this topic, I continue to find articles that are polarized, either one way or the other, so it's really unclear who to believe.

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True. So shady. policeman.gif
 

Originally Posted by janetgriselle View Post

I acknowledge that there is always misleading information, but that's why I said "I don't know which is true, but obviously this situation is a little bit more complicated..." Some articles say they pay no taxes, others say they pay too much. Felicia's comment illustrated one extreme, that no one pays taxes, and this article illustrates the other extreme "ExxonMobil is paying 40%". As I continue to research this topic, I continue to find articles that are polarized, either one way or the other, so it's really unclear who to believe.



 

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