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Thread: Senate Attempt To Eliminate Big Oil Subsidies Defeated

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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Hmm. They paid a lot of taxes. I think this is something that needs looked at.

    XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

    According to that document they paid 21billion in income tax. Maybe someone would share something more detailed or pertinent?

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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by Sgt Meowenstein View Post
    Big sun, big wind? There is no such thing. Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
    You can make personal donations. The answer is cut off corporations from the gov. tit, do not tax them, do not regulate them, and if they fail or succeed it is their own affair. If there is a reason to boost an area of the economy let the government do it themselves and run it themselves on our behalf.
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by ptif219 View Post
    It is a subsidy that is a tax loop hole so change the law or pay the tax.I don't see a subsidy for the death tax
    It isn't a subsidy or a loophole. Businesses should not have to pay tax on income already taxed in the country that it was earned in. That isn't a very difficult concept. If the U.S. taxes income that is earned and already taxed in another jurisdiction, that is double taxation, not a loophole and certainly not a subsidy...
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Funny things about this topic and the "subsidies" you guys want to get rid of.
    Tax breaks aren't subsidies, but any who.

    Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US.

    Percentage depletion allowance -- $1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business.

    Foreign tax credit -- $850 million. All companies get credit for taxes they pay to other countries.

    Intangible drilling costs -- $780 million. This is the only direct tax break that only oil companies get.

    You people are ridiculous.
    Read the underlined, it's very important.
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by OpportunityCost View Post
    Hmm. They paid a lot of taxes. I think this is something that needs looked at.

    XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

    According to that document they paid 21billion in income tax. Maybe someone would share something more detailed or pertinent?
    No.. they paid 21 billion in tax.. world wide.. and most of it, if not all was outside the US. They did not pay taxes on their US operations since I bet like most American companies they run at a loss... for tax reasons of course.
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by ludahai View Post
    It isn't a subsidy or a loophole. Businesses should not have to pay tax on income already taxed in the country that it was earned in. That isn't a very difficult concept. If the U.S. taxes income that is earned and already taxed in another jurisdiction, that is double taxation, not a loophole and certainly not a subsidy...
    So change the law and stop the subsidy. Oil companies have lobbyist

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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by Sgt Meowenstein View Post
    Big sun, big wind? There is no such thing.
    So I Guess that means We The People deserve to have the billions of our dollars given to Big Sun and Big Wind..... returned.....

    Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
    Great......you and the rest of the libtards can give all you want. The rest of us have wallets and purses that need a break. Thanks.....
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by Badmutha View Post
    So we can all agree.......stop giving money to Big Oil, Big Wind, Big Sun.......and stop seizing 40% of their profits.
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    Even with the elimination of their subsidies they wouldn't be paying 40%... Don't use hyperbole.

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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by xpiher View Post
    Even with the elimination of their subsidies they wouldn't be paying 40%... Don't use hyperbole.
    What subsidies? We aren't even TALKING about subsidies here. I guess if the liberal media lies about something enough, it becomes truth to liberals...
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    Re: Senate Attempt To Eliminate Big Oil Subsidies Defeated

    Quote Originally Posted by ludahai View Post
    What subsidies? We aren't even TALKING about subsidies here. I guess if the liberal media lies about something enough, it becomes truth to liberals...
    Tax Expenditures operate the same as a subsidy.

    Get rid of the all. Let the market sort it out. Am I right?


    Quote Originally Posted by Harry Guerrilla View Post
    Funny things about this topic and the "subsidies" you guys want to get rid of.
    Tax breaks aren't subsidies, but any who.

    Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US.

    Percentage depletion allowance -- $1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business.

    Foreign tax credit -- $850 million. All companies get credit for taxes they pay to other countries.

    Intangible drilling costs -- $780 million. This is the only direct tax break that only oil companies get.

    You people are ridiculous.
    Read the underlined, it's very important.
    You know there is a problem with the tax code when people feel its justified to give companies a break for the cost of operating business. How about the tax code just be re-written to only tax profit instead of total income?
    Last edited by xpiher; 05-18-11 at 09:37 PM.

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