Robert Rapier makes a point of boosting oil companies because they bring in tax revenues.
The trouble is,to whom?
Ask the oil companies how much they pay in taxes and they won't tell you. Oh, but it is clear that tax monies are invested... OUTSIDE the USA. See link to back up both my statements
http://motherjones.com/mojo/2010/04/exxon-mobil-paid-zero-income-tax-offshore%20shelter-wal-mart-general-electric-forbes\
From that link:
Snip
ExxonMobil, the world's second-largest company, says it actually paid out 47 percent of its profits in taxes, but not to the good ol' capitalist US of A. Says Forbes in a report on all the taxes of the US's top 25 firms (with added emphasis):
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
Snip
Jeffers, however, declined to discuss what ExxonMobil's actual US income tax liabilities might be—in 2009, or in any year—except to say that it wasn't zero. "We don't disclose our tax bill; we're not required to," he said. "Just like most corporations and individuals, we disclose what we're required to."
Which leaves the figures in ExxonMobil's 10-K largely unexplained: Even if the firm overpaid taxes and earned a refund, it still wouldn't show up as a zero or a positive revenue in cashflow—unless the paid tax liabilities are concealed elsewhere in the report. And it doesn't explain why ExxonMobil's figures are so out of wack with its peer corporations, like Wal-Mart, cited in the original story above, or Chevron, which listed $200 million in US income tax on the same line in its 10-K, Forbes reported.
In any case, the original story is wrong in this respect: According to the 10-K, a screenshot of which is provided below, ExxonMobil didn't have a zero-tax liability in 2009; it was actually owed $46 million by the IRS, against $15.1 billion in foreign taxes owed. As Jeffers says, that may not be the case; but it's what ExxonMobil told the SEC, its shareholders, and the world. And since the firm refuses to share its actual tax numbers with the public, it's all we have to go by.]
Money invested in ethanol stays at home. No one talks about that.
Then there's breaks such as this one.
http://www.commondreams.org/headlines06/0214-01.htmThere is just so much behind the scenes machination that it is impossible to know how much corporations such as these get away with. Yes, Rapier is correct, this happens across the board with all kinds of corporations. Doesn't make it right. Doesn't involve a NECESSARY product which to some people's thinking should have been nationalized and controlled decades ago.
Thanks for the post, John