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Originally Posted by Brucelee
I am saying from an accounting point of view, the line item called incomes taxes does NOT include pass through taxes like sales tax collected on the gas.
It DOES include Federal and State Corporate income taxes. Taxes of other kinds show up in other places in the income statement
In 2010, Exxon paid 21.561B in income taxes on 52.959 in pre-tax profits.
Make sense?
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they also pay 7.5 % payroll taxes, as well as the employee pays 7.5%
then give dividend payments of $1.88 for 5 billion outstanding shares and the recipients of the dividends pay federal and state taxes on it.
lets not talk about retirements, insurance and other benefits paid to employees too.
yes they make much denirio and pay much out too. its a win win for everyone.
here is the other scenario
what if they had to pay more taxes, where would it come from? yup the consumer and who wins, the one receiving the taxes.
they need to show a profit in order to get investors, or otherwise just shut the company down.
then i guess the public would be even more angry because now the oil supply is lessened and the price goes even higher.
a lose lose situation