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Continued "bail-outs" for Exxon Mobil?
Oct 30, 2008 | 1:48 PM
Category: News
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At least one major American corporation seems to "make the most" of their tax breaks and subsidies.  Exxon Mobil just announced another record breaking profit of $14.83 Billion for the third quarter of 2008 according to Associate Press reports. 

The present socialistic policies of our government seem to be working pretty well for major industries like Exxon Mobil, but not very well for the American Tax Payer.  People are losing their jobs, their houses, and the upcoming holidays are beginning to look a little bleak.

Congress seems interested in ending those tax breaks and subsidies, however the Bush administration doesn't  support such a move. 

How do the two major presidential candidates, McCain and Obama  feel about eliminating tax breaks and subsidies for the Oil Companies?

Should the American Tax Payers continue to support the record profits of firms like Exxon Mobil both at the pump and with their taxes?
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Member Comments Total Comments: 12
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Cromagnonwoman read my blog view my photos
Oct 30, 2008 | 4:54 PM

And the government wonders why us regular folks are mad as hell.
I guess it is time for a "change".
Hawkeye read my blog
Oct 30, 2008 | 5:42 PM

43% of that is GOING to the Government..

EVEN WITH THE TAXBREAKS ..
KISSHANK read my blog
Oct 30, 2008 | 6:50 PM

oh yes the bush tax breaks,,wait a minute we have been a socialist government for almost 8 years now... what a revelation!!
shadows read my blog
Oct 30, 2008 | 7:02 PM

Hawkeye, from Exxon Mobil's website:

ExxonMobil's worldwide effective income tax rate for 2007 was 44 percent, and has risen even higher in 2008. A recent survey by Tax Notes of 80 leading U.S. companies revealed that these companies had an average income tax rate of 30 percent. According to the EIA, the oil industry's 2006 income tax expenses averaged 40.7 percent,

Notice that the effective income tax rate for 2007 was 44 percent WORLDWIDE. In other words, those taxes are also paid world wide and not exclusively to the U.S. Treasury.
shadows read my blog
Oct 30, 2008 | 7:06 PM

KISSHANK, Believe it or not, a lot of people still don't get it. Or perhaps they do, but as long as they personally benefit from a particular government program, they won't "call it like it is."
Abunai read my blog view my photos
Oct 30, 2008 | 8:58 PM

Of course shadows sort of forgets that the record quarter tax collection of well over 260 MILLION was paid to the federal government....

You wonder about bailouts? Again... who here that complains about the profit dollar figure EVER ASKS WHAT THE DAILY OPERATIONAL COST IS..

The margin is still single digits! Google and Yahoo still make more than 3 times what Big Oil makes!

Remember that Obama himself admitted he didn't have a problem with 4.00 a gallon plus gas, he just hated that it happend so fast and people took notice!

Remember that Govt. makes 18 cents on the dollar for gasoline alone, while the company makes 8.5 to 9 cents. Thats DOUBLE!

For all the liberals and Democrats who say they want transparency and truth... you sure don't reflect it in your posts...
American_Man read my blog
Oct 31, 2008 | 4:36 AM

Present socialistic policies, I thought George Bush was still president. Anyway, it gives me a headach.
shadows read my blog
Oct 31, 2008 | 8:07 AM

Abunai, once again you got lost in your partisanship and lost the point of the blog.

In your comparison of "Big Oil" to Google and Yahoo, you failed to mention if first of all, that Google and Yahoo do not receive the tax breaks and government subsidies that Big Oil continues to receive under Bush and possibly McCain.

Your rant about gasoline taxes, etc. also fails to mention such things as government expenditures relative to road construction, funding for the EPA and other agencies that are involved in protecting Americans and their environment from damage that results from gasoline/oil usage.......but that is for another blog.

Please try to stay on topic......reread the blog if necessary.
RNC08 read my blog view my photos
Oct 31, 2008 | 8:54 AM

O yea lets “git them” !!! We can punish anyone who makes a profit and I am sure that will help me the average guy ! It worked out so well in countries like Cuba and Venezuela why not try it here (I should say continue to try it because we already tax at multiple levels all of our industry, and our total tax load on American industry IS the highest in the world) )
Abunai read my blog view my photos
Oct 31, 2008 | 9:24 AM

Road construction! Good example!

The federal fund for highways and bridges up to 2005 had a surplus in the millions. It only took democrats a year and a half to dip into it for funding earmarks to put it into the red! That is with record tax revenues pouring into Washington! Funny how we spend MILLIONS out of that fund to study the breading habbits of chickens!....

Oh.. I see .. So big oil vs. yahoo and google, (again.. no comparison on overhead) and subsidies is your argument? Well I will walk hand and hand with you shadows to kick off subsidies! Can we start with Big Farmer who STILL gets them when they make over 700 grand in profits average per farm that receives them.

Lets subsidize them, then when they turn over the crop they recive it for to plant corn for Ethanol that burns FASTER than gasoline, and raise the price of corn per bushel through the roof!

Lets debate subsidies then! Ready to talk about Labor Union production like the auto industry and theirs too? Union labor killing the industry, can't afford to re-tool or re-train workers...

EPA/Enviroment? LOL! Seems to me the Global Warming debate has died now that people are demanding EVIDENCE now, instead of computer models, and data collected wrong... The Green Hippies had their fun, but now its on OUR dime... NOT!
Abunai read my blog view my photos
Oct 31, 2008 | 9:30 AM

CONT. Now that everyone has found out that NOAA colleted data from improper collection stations, fake polar bear stories, computer generated glacier meltings reported as news, when it was a fictional scene from a movie! GreenPeace filming glacier melt in Argentina on one side, but not reporting the 60% increase in ice on the other side! Artic/Antartic ice ABOVE norm, and earlier! NASA and NOAA leaders have had to recend their initial findings!

Can't say you are for the planet when you wont stop Chinese leases for offshore dirlling 60 miles off the FL coastline, Russians already drilling next to them, China and India selling rights for others to build plants in their countries free from ridiculous EPA restrictions, and second highest taxes!

Global freaks are NOW going to have to PROVE their case that MANKIND is at fault, AND debate the evidence on the other side instead of ignore it!
shadows read my blog
Oct 31, 2008 | 10:04 AM

Get rid of subsidies for private businesses, including farmers, etc. It is a form of protectionism.

Ethanol I have opposed from the beginning because it is inefficient and practically as expensive as pure gasoline.

The case for more areas being opened up to drilling has not been made, since the oil companies haven't yet drilled in the areas previously permitted. The oil supply is presently adequate based on the price and OPEC's move to reduce production.

Global warming is indisputable, but the cause(s) for it are still a matter of debate. It is being overshadowed by the election.

Yes, China and India lack many of the restrictions on some businesses that we have. As a result their water supplies and environments are a mess.

Taxes are on profits in our country, and there is sufficient reason for those collections.......especially in light of the recent business bail-outs by taxpayers.
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