Ending Big-Oil Subsidies Would Save 20 BILLION Over The Next 5 Years...

[yoyossarian]

according to this here webpage:

http://climateprogress.org/2010/04/16/pumping-tax-dollars-to-big-oil/">Pumping tax dollars to big oil

Getting priorities right on tax subsidies for oil companies
April 16, 2010

ExxonMobil paid no U.S. federal income tax in 2009. In fact, it was entitled to a $156 million tax refund. Why? CAP’s Sima J. Gandhi, has the answer in this repost.

The answer is more boring than you think: It overpaid its 2008 taxes.

ExxonMobil was required to bolster its pension plan by $3 billion when the market went down in 2008. According to Alan Jeffers, Exxon’s media relations manager, this overpayment reduced the amount of taxes owed in 2008, but the tax adjustment wasn’t made until one year later, which led to an overpayment and the refund in 2009.

But what’s more interesting about this story is Exxon’s effective income tax rate. Exxon has over the past couple years paid a U.S. federal income tax that is about 10 percent lower than its non-U.S. effective tax rate. Other oil companies also pay less, and in some years this difference has approached 50 percentage points.*
(snip)

That's a lot of samolians, if you ax me... hope it's even more.

And it was the best thing out of a really great speech; it was very gutsy, I think...

IMHO, Obama looked like a black James Tiberius Kirk.
Paul Ryan looked like a highly realistic animatronic salesman. He made a strange whirring sound.
And Michelle Bachmann looked like Sarah Palin--that is, irrelevant.

Loves me some Obama speechifyin', I do...


:toast: :toast:
:bounce: :bounce: :bounce: :bounce:
:loveya: :tinfoilhat: :loveya: :tinfoilhat: :loveya: :tinfoilhat: :loveya:
:grouphug: :grouphug:
:applause: :applause: :applause: :applause: :applause: