If Exxon Discovers Oil, 35% of Profits go to Uncle Sam to be Used by Pelosi's Congress. Does that Anger Dems

Why do Dems never mention that Exxon pays 35% (as all US corporations do) of it's profits to Uncle Sam in the form of corporate income taxes?





That money is used for whatever things Pelosi's Dems approve --- welfare, education, medical assistance, food stamps, etc and everything else that the Dems spend money on.





Why do Dems forget the fact that a large oil discovery would cause Exxon (or whomever) to pay a boatload of income taxes and royalties to Uncle Sam? That money goes to help America.





Do Dems prefer OPEC and Venezuela to get rich instead?If Exxon Discovers Oil, 35% of Profits go to Uncle Sam to be Used by Pelosi's Congress. Does that Anger Dems
1. Exxon pays nowhere near that after write-offs. The ';profit'; they report to the government isn't even close to what they actually net.





2. 35% would be just about enough to cover the costs of Boy George's war.If Exxon Discovers Oil, 35% of Profits go to Uncle Sam to be Used by Pelosi's Congress. Does that Anger Dems
Actually, if you look at Exxon's accounting statements, it turns out that very little of the tax that Exxon pays goes to the U.S. Most of it goes to foreign governments because most oil is recovered in foreign countries and because Exxon receives foreign tax credits against their U.S. tax liability in the amount of foreign taxes paid.
Oh sure, like the oil companies REALLY pay much in taxes. The know how to weasel out of it. In fact, they get SUBSIDIES. That should outrage YOU-- unless you're a volunteer lackey for the industry.
What Mortimer said.





$11.66 BILLION in the first quarter of 2008. My gas tank and my heart bleeds for the poor oil companies.
Despite discoveries adding 5% per year, United States oil reserves would be half of today鈥檚 level in only eight years.


United States domestic oil reserves would be completely depleted in less than 20 years.


US oil imports would need to increase from the current 63% of consumption to 84% within a decade, and to 90% within fifteen years.


US oil imports would need to increase from less than 5 billion barrels per year today, to over 13 billion barrels per year once domestic reserves ran out.


Today, no significant domestic oil discoveries are being made. If the US decided to shut in some of its domestic production to extend the life of reserves, oil imports鈥攁nd the trade deficit鈥攚ould need to increase significantly. (This of course also assumes that oil exporters will continue to accept dollars for oil indefinitely, which itself is an uncertainty.) On the other hand, if the US seeks to increase domestic production in order to reduce imports, reserves will be depleted even faster! Importing nearly two-thirds of our energy with an eroding manufacturing base, as we do today, is tenuous enough. Imagine trying to import 90%!
No person, corporation, or entity should pay 35% taxes. Hell, 5% is WAY too high. And just because someone is smart and successful, they should not have to pay a higher % than someone else. We just need to stop wasting money on wars, social programs, and foreign aid. And Mortimer, you have seen one too many Michael Moore movies, you poor misled socialist little boy. You guys can give me thumbs down until your bleeding hearts content, it doesn't make it any less true.


EDIT


To the poster below me, you are right, importing 90% of our oil would make it unaffordable. The liberal element in this nation, however, is striving for just that - the more poor people there are, who are dependent on Gov't services and checks rather than their own ambition and talent, the bigger power base they have. There will always be smart, ambitious successful people from which the Government can rob - they are just interested in getting more voters to vote themselves a Gov't check and cheese.