Oil Subsidies

[Hobbes]

The simple and most effective solution is to lower the corporate tax rate while closing the loopholes. As it is we have the highest tax rate so many companies that can not find a loophole, shift most of their profits overseas to countries with lower rates. Latest estimate that I have seen said 2 trillion dollars in taxable income is kept in other countries where the US can not touch it.

This is the most common sense idea and nearly everyone, in both parties, agrees on it.

And yet it doesn't happen. It won't happen.

Those who benefit from the current loopholes will buy off, err, I mean donate generously enough to the politicians to keep the status quo.
After all, what is a few million dollars in campaign contribution costs if it saves the corporation billions in taxes?

 

[RickN]

This is the most common sense idea and nearly everyone, in both parties, agrees on it.

And yet it doesn't happen. It won't happen.

Those who benefit from the current loopholes will buy off, err, I mean donate generously enough to the politicians to keep the status quo.
After all, what is a few million dollars in campaign contribution costs if it saves the corporation billions in taxes?

Simple solution, join the Nuclear Party. They believe we should just nuke DC and start over.

 

[_CY_]

in doing research on your article by Cato, errr Fox news institute.... found this out, hit me like a nuclear explosion ...

Exxon/Mobil paid ZERO federal taxes for 2009!!!
How one of the most profitable corporations on the face of the earth pay NO taxes????

any chance it could be these pesky Federal subsidies and tax breaks we've been talking about? it sure couldn't be, not making enough profits for 2009... any large disasters?

nope that belongs to BP/Amoco for 2010 ... these Oil GIANTS profits are so HUGE, the largest man made disaster in history only took profits from ONE quarter to pay for.

this hunt for tax breaks enjoyed by oil companies lead to this little nugget.
info below is based data from Congressional Budget Office

more to come ....

-------------------------------
When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes.

The owner, Transocean, moved its corporate headquarters from Houston to the Cayman Islands in 1999 and then to Switzerland in 2008, maneuvers that also helped it avoid taxes.

At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon - a deduction of more than $225,000 a day since the lease began.

an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.

Simple solution, join the Nuclear Party. They believe we should just nuke DC and start over.

 

[RickN]

One of these days when you get over your Fox phobia maybe we can have an intelligent discussion of some simple facts, like that BP is not a US company and does not pay US income tax on all of it's earnings, or that Exxon / Mobile like many if not most multi-national does like I pointed out in a previous post and keeps most of it's profits in countries with lower income tax rates. On the flip side, they did pay 7.7 billion in other US and state taxes.

Something you might want to read instead of just HuffPo,

http://www.politifact.com/truth-o-m...rnie-s/bernie-sanders-filibuster-exxon-mobil/

A couple more you might read, and do not worry, neither is Foxnews so your eyes or computer will not melt down.

http://finance.yahoo.com/taxes/article/109244/what-the-top-us-companies-pay-in-taxes

http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/

 

[Hobbes]

If you notice, all the companies that pay zero taxes are large multinational companies that have the loopholes and resources to evade paying their taxes.
The small companies aren't so fortunate and end up paying nearly the full 35 percent tax burden.
In essence the small companies are paying the taxes for the large corporations.

That's why the lowering of corporate tax rates and closing of loopholes mentioned earlier is so important.
It would put small American companies on an equal footing with large multinational companies and make them more competitive.

 

[RickN]

If you notice, all the companies that pay zero taxes are large multinational companies that have the loopholes and resources to evade paying their taxes.
The small companies aren't so fortunate and end up paying nearly the full 35 percent tax burden.
In essence the small companies are paying the taxes for the large corporations.

That's why the lowering of corporate tax rates and closing of loopholes mentioned earlier is so important.
It would put small American companies on an equal footing with large multinational companies and make them more competitive.

Exactly.

 

[Dale00]

Quote Originally Posted by Hobbes
If you notice, all the companies that pay zero taxes are large multinational companies that have the loopholes and resources to evade paying their taxes.
The small companies aren't so fortunate and end up paying nearly the full 35 percent tax burden.
In essence the small companies are paying the taxes for the large corporations.

That's why the lowering of corporate tax rates and closing of loopholes mentioned earlier is so important.
It would put small American companies on an equal footing with large multinational companies and make them more competitive.

Good information, which I had not considered. I wonder if there is any real resolve in the congress to lower corporate taxes, however. Too much campaign money is donated by the multinationals and there are votes to be gained by bashing the "evil corporations."

 

[_CY_]

FYI... I put information from Huffington Post in the same category as Cato, Fox News. IE very slanted towards what ever agenda they are pushing.

Notice my information is based from what little Neutral/believable sources available, like corporate information made public (regulated by FTC), Congressional Budget Office, who's integrity sometimes comes into play as well. But it's HUGELY better than someone like Cato, who's mission is to push their agenda by publishing VERY long articles with little substance. what little data that is provided is reworked to make it almost impossible to verify.

for instance Cato putting out a figure of Taxes paid for a select 10 year span, ten years ago, next to taxes paid for a select quarter. this tactic by Cato and it's many brethren all funded by the same folks (Koch has funded a slew of similar think tanks, all putting out the same disinformation), on the same level Huffington Post purposely twisting the facts to suit their agenda.

to me extreme right wing fanatics are on the same level as folks from the fanatical left. what alarms me the most is folks whose views falls in these two extremist positions are the one's in charge making our laws.

both sides are taking ideological positions that are WRONG for America... this is why Standard & Poors downgraded our AAA rating. Not because America is not capable of paying it's bills... more due to political polarity that currently exist... a real danger exist for the extreme right not compromising with extreme left on agreeing to pay debts incurred.

note due to the long cycle between permission to spend VS time to pay. most of the national debt due today was spent by Bush. Just like debt taken on by Obama will be paid for by the next president. which I hope will not be Obama.

as for the links below ... not going to do the extensive research I'm doing on the Cato article. flat not willing to spend the time.

at first blush the first link is typical Cato style... IE full of horse manure... lots of words with very little hard data and little data that is provided is convoluted so bad. it's not verifiable.

the second link is bit better... but is hugely slanted too.... for instance Exxon pays zero federal tax for 2009... yet their tax rate is listed at 47%... pure garbage! CBO puts oil companies effective tax rate at closer to 9% or lower than any other type companies.

not even bothering looking at your third link.... sorry your history of what sources you draw from is pure Bullmanure!!!!

which brings us to the base problems of sooooo much disinformation out there from ultra right and extreme left. All which are very slickly written, all which are very hard to decipher without spending an enormous amount of research time.

One of these days when you get over your Fox phobia maybe we can have an intelligent discussion of some simple facts, like that BP is not a US company and does not pay US income tax on all of it's earnings, or that Exxon / Mobile like many if not most multi-national does like I pointed out in a previous post and keeps most of it's profits in countries with lower income tax rates. On the flip side, they did pay 7.7 billion in other US and state taxes.

Something you might want to read instead of just HuffPo,

http://www.politifact.com/truth-o-m...rnie-s/bernie-sanders-filibuster-exxon-mobil/

A couple more you might read, and do not worry, neither is Foxnews so your eyes or computer will not melt down.

http://finance.yahoo.com/taxes/article/109244/what-the-top-us-companies-pay-in-taxes

http://dailycaller.com/2011/04/25/the-truth-about-americas-oil-gas-companies-part-i/

 

[RickN]

That is funny coming from I guy who regularly spews Think Progress and other far lefty talking points and stats.

If you had bothered to really read the second link, you would notice they are talking the complete tax rate and not just income tax. Something almost every one of the talking points you have quoted seems to skip over.

 

[_CY_]

far lefty talking points, stats ... what a bunch of horse manure!

my information is not left or right ... it's hard data with NO agenda.
unlike ALL your links, which are blatantly slanted to the extreme right views.

was wondering when the spin from you was going to hit...
complete tax rate and not just income tax????? give me a break...

fact is Exxon/Mobil is one of the most profitable companies on the face of the earth. and the fact they paid ZERO federal taxes for 2009 is FACT.... no matter what kind of spin you put on it... that will not change

getting really tired of this garbage exchange... I put up verifiable data, you put up Fox news quality data or information with right wing spin, based on information, yanked out their butt, for all I know. (example NONE of the data from second link has a source listed, yanked out of his butt for all I know)

why don't you try looking verifiable data for a change? take a neutral position just for exercise. assume all the right wing info is pure garbage, assume all the left information is also garbage.

that's right forget the spin for once.... look only at verifiable facts. if it's not verifiable by a neutral source. then it's SPIN ....chunk it out.

That is funny coming from I guy who regularly spews Think Progress and other far lefty talking points and stats.

If you had bothered to really read the second link, you would notice they are talking the complete tax rate and not just income tax. Something almost every one of the talking points you have quoted seems to skip over.