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eNewsUSA
6:50 PM: The Senate vote on S.940 to eliminate big oil tax subsidies was defeated on a vote of 52-48. 60 votes were necessary to move the item forward.
I just heard too sad! Also I got the impression thast some of the pubs did not like voting for the big oily guys. Is there a hostage situation here? Hmmmn could be we must not let Obama look like a winner of anything. Destroy Obama at any cost.
So we can all agree.......stop giving money to Big Oil, Big Wind, Big Sun.......and stop seizing 40% of their profits.
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So we can all agree.......stop giving money to Big Oil, Big Wind, Big Sun.......and stop seizing 40% of their profits.
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the socialist left, the anti corporate luddites and the populist appealing scum like to demonize big oil
tell me (if anyone fits in the above categories)
If Exxon makes a billion in profits all over the world and all over the world Exxon is taxed by various entities proportionate to its profits in those entities' jurisdictions, why should the USA be entitled to a tax covering its entire amount of profit?
Yet the dems whine that giving Exxon a tax credit for say 10 million in taxes paid in GB is a "subsidy"
do these clowns understand how much exxon pays in taxes and how many people they employ?
ThinkProgress » ExxonMobil paid no federal income tax in 2009. (Updated)
Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
So we can all agree.......stop giving money to Big Oil, Big Wind, Big Sun.......and stop seizing 40% of their profits.
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Oh no. Poor Exxon. All of those taxes. All of those taxes not paid to the IRS that is.
Big sun, big wind? There is no such thing. Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
Don't you get it? Not seizing their property is a subsidy.
Does anyone think that increasing taxes on any company is going to bring down the price of anything?
edify us about your financial might
Whether or not gas prices would go down upon the elimination of oil subsidies is not the point. Teapublicans argue that everybody has to sacrifice in times like these. They want to cut unemployment benefits, Planned Parenthood funding, NPR funding, etc. They say every little bit helps. So 2 billion that normally goes to big oil would help. To argue otherwise just shows how out of touch with reality your average right-wing con is.
I'm in awe of your vast intelligence. Please, enlighten me some more with your assbackwards...ah never mind. Just keep ignoring valid points and responding with ignorant drivel.
envy is not a sound basis for tax policy
I want to know if you actually have a clue what you are talking about
Why, would you like some advice? You obviously have no ****ing clue.
I don't envy them and I don't envy you. You know what else is not a sound tax policy? Letting multi-billion dollar corporations get away with paying zero taxes, and then giving them tax-payer subsidies on top of it.
really? so you are an expert on how oil companies operate? you understand foreign tax policy?
I am waiting to hear your credentials
zero taxes? LOL
What The Top U.S. Companies Pay In Taxes - Forbes.com
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
Do try to keep up.
Big sun, big wind? There is no such thing. Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
Credentials? Now I need credentials to have an opinion on my tax dollars going to multi-billion dollar, extremely profitable corporations? Other than being a loyal con, what are your credentials?
Do try to keep up.
Wrong all subsidies should be gone and let the free market work.
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