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Originally Posted by Z06PDQ
GE & Exxon Mobile paid exactly nada in income tax last year while posting record profits & the American Middle Class as a whole is earning less than what they were when Reagan took office. show me the "liberty & freedom" in that. do you have anything besides tired ass cliches that were worn out decades ago?  |
Exxon mobile has most of their business overseas.
Plus they paid dividends of over 8 billion in last year and the people who get that money paid income taxes on it.
And just think of all those Union retirement funds that have invested in XOM. I wonder if they would be happy having their dividends cut back?
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Tax bills for 5 corporate giants
2 of 5Exxon Mobil: $15.1 billionU.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion
Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes. That's because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.
Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon's federal income-tax bill down into negative territory.
That said, Uncle Sam gets his money in other ways. Including sales taxes and duties, Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.
Its grand total in global taxes for the year? A whopping $78.6 billion. The company's effective income tax rate was a hefty 47%, its highest in three years.
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And GE has for decades aggressively used a tax avoidance policy that is marveled at in the world. And they do a great job of lobbying those in power to keep avoiding power. Can you say BHO is in Bed with GE?
And lastly your fallacy Abbot the middle class. If you are talking about the middle class that so=pent weeks demonstrating for their rights to collective bargaining in WI then you are totally mistaken. Their income and benefits rose and a faster rate than inflation and GDP growth.
Do you have any FACTS to back up your assertion that the rest of the middle class are earning less in real dollars now than under Reagan? Or is this more "repeat it enough" Bullshit that the left is famous for repeating ?