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posted to rec.boats
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First recorded activity by BoatBanter: Apr 2010
Posts: 52
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I will pay more in federal income taxes this year than ExxonMobil
Bill McKee wrote:
wrote in message
...
Bill McKee wrote:
wrote in message
...
On Wed, 07 Apr 2010 12:08:04 -0400, wrote:
On Wed, 07 Apr 2010 01:31:41 -0700, wrote:
Every time you drive up to the pump, you pay more in federal tax for a
single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S.
income taxes in 2009. That's in spite of the fact that the world's
second largest company had a gross operating profit of nearly $53
Corporations don't pay taxes, their customers do..
If they paid any additional taxes, it would simply show up in the
price of gas, with the profit tacked on.
I understand some people do want to increase taxes on gasoline and
this is a way to do it but understand that is what you would be doing.
Flawed logic. Exxonmobil is simply a conduit for sales taxes paid by
you and me. Doesn't make a whit of difference to ExxonMobil, whose
profit was the largest in history last year, while paying no taxes.
You think that's fair? Not me.
I do the same for the city, state and government when selling retail
but that doesn't make my company a productive tax producer, just a
conduit.
Where I produce for the state is in state revenue taxes and federal
income taxes.
Profitable corporations do not pay taxes. They pay a business expense.
And
expenses are calculated in to the price the consumer pays.
Do you have an example of that? Pick a publicly traded company and look
at their balance sheet and financial statement. Profits = taxes. If they
were an expense they would reduce the profits.
Profits are what you have after expenses. So the tax expense is built in to
the cost structure. XOM may not pay any US income tax, but I pay on my
dividends I receive from them. Also 46% of the workers in this country do
not pay income tax. And lots of those get back extra from the government.
Is one thing to not pay taxes, but to get back money is criminal. Criminal
for government. A family of 4 making $50k will not pay any income tax. But
they get all the benefits of society. They get an 11k deduction that
everyone gets, which leaves them an about $2k tax bill. They they get a $K
credit for each kid. the $2k tax bill is now zero. That is middle class
America making $50k.
I can't see where we didn't agree on that.
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