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<blockquote data-quote="_CY_" data-source="post: 1609541" data-attributes="member: 7629"><p>in doing research on your article by Cato, errr Fox news institute.... found this out, hit me like a nuclear explosion ... </p><p></p><p>Exxon/Mobil paid ZERO federal taxes for 2009!!! </p><p>How one of the most profitable corporations on the face of the earth pay NO taxes????</p><p></p><p>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? </p><p></p><p>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. </p><p></p><p>this hunt for tax breaks enjoyed by oil companies lead to this little nugget. </p><p>info below is based data from Congressional Budget Office </p><p></p><p>more to come .... </p><p></p><p>-------------------------------</p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p><p></p><p>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.</p></blockquote><p></p>
[QUOTE="_CY_, post: 1609541, member: 7629"] 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. [/QUOTE]
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