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Thread: Rich-Poor gap widening

  1. #351
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    Re: Rich-Poor gap widening

    Quote Originally Posted by apdst View Post
    Oil and gas royalties bring in $6 billion in revenues to the government every year. That's just royalties. That doesn't include payroll taxes, income taxes, etc. Plus th taxes generated from the hundreds of thousands of jobs created all over the country.
    And if they paid the same tax rates as the middle class, we would not be so much in debt. But who cares about our National debt, right? The oil companies salute you soldier!
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  2. #352
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    Re: Rich-Poor gap widening

    Quote Originally Posted by Catawba View Post
    And if they paid the same tax rates as the middle class, we would not be so much in debt. But who cares about our National debt, right? The oil companies salute you soldier!
    Oil companies pay materially more in taxes worldwide than someone in the middle class. But it is not as much fun using facts as tired party lines.

  3. #353
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    Re: Rich-Poor gap widening

    Quote Originally Posted by washunut View Post
    Oil companies pay materially more in taxes worldwide than someone in the middle class. But it is not as much fun using facts as tired party lines.
    "Oil production is one of the most heavily subsidized businesses in America, with tax breaks available at almost every stage of the exploration and extraction process, according to an analysis by The New York Times. The tax breaks average about $4 billion a year, based on various government reports, and are preserved by the oil industry's massive political influence.

    The many subsidies in BP's (BP) disastrous Deepwater Horizon drilling venture, which resulted in the worst offshore oil spill in U.S. history, are typical. Transocean (RIG), the owner of the Deepwater Horizon drilling platform, registered the rig in the Marshall Islands, where it is subject to lower taxes and less stringent safety regulations. The company moved its corporate headquarters overseas from Houston in 1999, saving $1.8 billion in taxes in its years abroad. It is headquartered in Switzerland now, where it has far fewer employees than in Houston.

    BP also gained huge tax benefits in leasing the Deepwater Horizon rig, writing off 70% of the platform's rent -- a deduction of more than $225,000 a day since the lease began, according to a letter sent to the Senate Finance Committee.

    Paying Much Lower Taxes Than Virtually Any Other Industry

    The Times reports: "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%, significantly lower than the overall rate of 25% for businesses in general and lower than virtually any other industry."

    For many small and midsize oil businesses, the tax on capital investments is so low that their returns on them are often higher after taxes than before.

    The government is now considering a new tax on petroleum production to pay for the enormous Gulf oil spill cleanup. This, and attempts to curb the oil industry's tax breaks, are likely to encounter fierce opposition in Congress. The Times reports that the oil and natural gas industry has spent $340 million on lobbyists since 2008, according to the nonpartisan Center for Responsive Politics, which monitors political spending.

    The oil industry claims that cutting the subsidies and tax breaks threatens jobs and oil production. But a Treasury Department economist cited in 2009 a study that found oil prices and potential profits were so high that eliminating the subsidies would decrease U.S. output by less than 0.5%."

    See full article from DailyFinance: Oil Companies Reap Billions in U.S. Subsidies and Tax Breaks - DailyFinance
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  4. #354
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    Re: Rich-Poor gap widening

    Quote Originally Posted by Catawba View Post
    And if they paid the same tax rates as the middle class, we would not be so much in debt. But who cares about our National debt, right? The oil companies salute you soldier!
    and if we hadn't chased them overseas with the second highest corporate tax rate in the developed world.... then they might!

  5. #355
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    Re: Rich-Poor gap widening

    Quote Originally Posted by cpwill View Post
    the poor have been getting wealthier, and the wealthy have been getting wealthier faster. as could be predicted; the easier it becomes for someone to build wealth, the more those who are better at doing so will achieve.


    but remind me again - why should i care?
    you care enough to make repeated posts in a thread titled: Rich-Poor gap widening
    we are negotiating about dividing a pizza and in the meantime israel is eating it
    once you're over the hill you begin to pick up speed

  6. #356
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    Re: Rich-Poor gap widening

    i don't understand why i am supposed to. i know that many consider this a big deal, but all i can get from it is jealousy.

  7. #357
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    Re: Rich-Poor gap widening

    Quote Originally Posted by cpwill View Post
    and if we hadn't chased them overseas with the second highest corporate tax rate in the developed world.... then they might!
    I would like to see your facts that 9% is higher than the rest of the developed world.
    Treat the earth well: it was not given to you by your parents, it was loaned to you by your children. We do not inherit the Earth from our Ancestors, we borrow it from our Children. ~ Ancient American Indian Proverb

  8. #358
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    Re: Rich-Poor gap widening

    Quote Originally Posted by Catawba View Post
    "Oil production is one of the most heavily subsidized businesses in America, with tax breaks available at almost every stage of the exploration and extraction process, according to an analysis by The New York Times. The tax breaks average about $4 billion a year, based on various government reports, and are preserved by the oil industry's massive political influence.

    The many subsidies in BP's (BP) disastrous Deepwater Horizon drilling venture, which resulted in the worst offshore oil spill in U.S. history, are typical. Transocean (RIG), the owner of the Deepwater Horizon drilling platform, registered the rig in the Marshall Islands, where it is subject to lower taxes and less stringent safety regulations. The company moved its corporate headquarters overseas from Houston in 1999, saving $1.8 billion in taxes in its years abroad. It is headquartered in Switzerland now, where it has far fewer employees than in Houston.

    BP also gained huge tax benefits in leasing the Deepwater Horizon rig, writing off 70% of the platform's rent -- a deduction of more than $225,000 a day since the lease began, according to a letter sent to the Senate Finance Committee.

    Paying Much Lower Taxes Than Virtually Any Other Industry

    The Times reports: "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%, significantly lower than the overall rate of 25% for businesses in general and lower than virtually any other industry."

    For many small and midsize oil businesses, the tax on capital investments is so low that their returns on them are often higher after taxes than before.

    The government is now considering a new tax on petroleum production to pay for the enormous Gulf oil spill cleanup. This, and attempts to curb the oil industry's tax breaks, are likely to encounter fierce opposition in Congress. The Times reports that the oil and natural gas industry has spent $340 million on lobbyists since 2008, according to the nonpartisan Center for Responsive Politics, which monitors political spending.

    The oil industry claims that cutting the subsidies and tax breaks threatens jobs and oil production. But a Treasury Department economist cited in 2009 a study that found oil prices and potential profits were so high that eliminating the subsidies would decrease U.S. output by less than 0.5%."

    See full article from DailyFinance: Oil Companies Reap Billions in U.S. Subsidies and Tax Breaks - DailyFinance
    It saddens me to read posts like the above. That is because it shows the lack of financial education in America. People moving their businesses OUT of the U.S. is not because we make it cheap with tax advantages, it is to avoid taxes and regulations, so even in that your thinking seems convoluted.

    Taking rent as a business expense is not exclusive to the oil industry, it is a deductable expense in every business I know of.

    It would be great if people understood some of the basic workings of an income statement and a cash flow anlaysis in America. It would be harder for biased reporting to pull the wool over the public's eyes.

  9. #359
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    Re: Rich-Poor gap widening

    Quote Originally Posted by Catawba View Post
    And if they paid the same tax rates as the middle class, we would not be so much in debt. But who cares about our National debt, right? The oil companies salute you soldier!
    Have you come with anything other than an oped to prove they pay a lower rate than someone in the middle class? Last time I checked, corporations don't qualify for the earned income credit.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  10. #360
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    Re: Rich-Poor gap widening

    Quote Originally Posted by washunut View Post
    It saddens me to read posts like the above. That is because it shows the lack of financial education in America. People moving their businesses OUT of the U.S. is not because we make it cheap with tax advantages, it is to avoid taxes and regulations, so even in that your thinking seems convoluted.

    Taking rent as a business expense is not exclusive to the oil industry, it is a deductable expense in every business I know of.

    It would be great if people understood some of the basic workings of an income statement and a cash flow anlaysis in America. It would be harder for biased reporting to pull the wool over the public's eyes.
    That's right. 100% deductable. It's why oil companies rent oil rigs vice own them, because the note on the loan isn't 100% deductable, the way that the rent is.
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

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