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Originally Posted by Brucelee
No, you are incorrect. That number would state and federal corporate income tax. It certainly does not include gas tax collections. Those go straight to the taxing authority after retail sale.
Check your facts out dude.
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yes they go straight to the taxing authority, collected by exxon owned retail outlets. or are you saying that the money somehow magically goes from a consumer's bank account to the state's coffers without ever passing through the hands of exxon?
i never said that exxon paid those monies from their own pockets. just like they don't pay the sales taxes they collect from their own pockets. they merely collect and distribute to the taxing authority.
i don't know how you get a 41% tax rate on $107b in gross profit with $21b in taxes paid without including non-income taxes as "taxes paid." my math skills are not the greatest, but that comes out to 19.6%
we are essentially agreeing on the same thing. as much as i align myself as a democrat, and as much as i want "evil corporations" to pay their fair share, i do not vilify exxon, chevron, shell, or any other "big oil" company. they make money - that is their purpose. i am all for it. as long as the market will bear it, then they can make it. it sucks as the person paying $4.13/gallon, but that's the point of a free-market (even a pseudo-free market that we currently have.) i also don't buy the "exxon doesn't pay income taxes" or the "they make too much profit" arguments - both are false. they pay income taxes (2009 was effectively $0 because they overpaid in 2008, simple explanation.)
"Sales-based taxes and all other taxes and duties increased in 2011 reflecting higher prices." -- Form 10-Q, 3/31/2011
"The Corporation reports sales, excise and value-added taxes on sales transactions on a gross basis in the Consolidated Statement of Income (included in both revenues and costs)." -- Form 10-K, 2010
as an aside, please do not refer to me as "dude," we are not familiar enough with each other and it just feels like you are talking down to me.