Monday, July 30, 2012

Oil company and Taxes

Exxon profited by $16 billion this last quarter, bringing its earnings for 2012 to $25 billion. Exxon and Shell made a combined $160,000 per minute last quarter, even though the top five oil companies benefit from $2.4 billion federal tax breaks every year. Exxon paid just 13 percent in federal taxes last year, lower than the average American family. Mitt Romney is the top recipient of Exxon federal contributions, he is also the one proposing a new tax plan that could lower the top five oil companies’ annual tax bill by another $2.3 billion, virtually doubling what they already receive in tax breaks. Moral of the story: If you earn $160,000 you pay around 30-40% tax. If you earn $160,000 per minute you pay 13%. The full details and the numbers are on this article: Top Two Oil Companies Earn $160,000 Per Minute, Paid Low Tax Rate.

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