Why are greedy oil companies getting more tax dollars? Didn't they make $9 BILLION in profits last year?

Question

"Oil companies like ExxonMobil are slated to receive more than $31.6 billion on taxpayer handouts over the next five years. The good news is that new Speaker of the House Nancy Pelosi has stated that one of her top agenda items in the first few days after she takes control in January will be to cut the most outrageous of these taxpayer giveaways to Big Oil."

https://www.uspirg.org/action/new-energy-future/oil-handouts

Why are oil company welfare handouts ok?

Answer 1

If you want to understand what corporate lobbyists in Washington, D.C., are trying to foist on us with the pending "stimulus" bill, look back to the first half of the 1980s.
In 1981, Ronald Reagan pushed a huge tax-cut bill through Congress. For corporations, it offered an array of new loopholes, centered on super-accelerated "depreciation" write-offs for equipment and buildings. The results were staggering, as widespread corporate tax avoidance quickly became routine.

Studies by Citizens for Tax Justice found that half of America's largest and most profitable corporations were able to avoid paying any income tax at all in at least one year between 1981 and 1984, with many enjoying multiple zero-tax years. The list of corporate tax freeloaders was a rogues' gallery of famous names. General Electric, Texaco, Dow Chemical, PepsiCo, Boeing, and ITT were among the long list of companies that paid nothing at all in taxes from 1981 to 1984. In fact, these and other companies were actually able to get checks outright from the U.S. Treasury--by "carrying back" their excess write-offs to earlier years and getting rebates of taxes paid in the past. Meanwhile, companies that couldn't take advantage of carrybacks sold their surplus loopholes to other firms.

This is not an accident-this is the essence of the "trickle down" theory. The Reagan and both Bush administrations believe the wealthy, especially corporations support the economy and therefore should be rewarded. Clinton raised taxes on the top 1.6% and cut government costs at the same time. Republicans-at least the Neo-Cons- believe spending and lowering taxes stimulate the economy. If you think your personal taxes are high, that's because for years-since the 80's especially, corporations pay less and less taxes...Democrats tend to think the middle class largely make the economy run...

Remember Enron? They got tax refunds. In the year 2000, for instance, a tax bill of $112 million turned into a refund of $278 million.

Answer 2

grant and insist. as something gets greater scarce the fee of it is going up. that's somewhat simplistic for oil provided that there's a collection interior the middle east stated as OPEC that regulates how lots oil it truly is going to sell and that way they are able to change the charges. this could come lower back to chew them too nonetheless, in the event that they carry lower back too lots oil for too long we are able to get bored to death with costly gas and seem for different procedures, variety of like what anybody is doing now with using motorcycles greater and using hybrids to save gas. i think of that there is greater of a scarcity in oil than every physique says and in in simple terms some years we are able to could desire to locate an completely diverse gas (ethanol, Hydrogen, etc.) while that takes place the enormous oil agencies will the two substitute additionally or go out of corporation, do no longer plan on them making 19Billion $ then. playstation : jm what international do you reside in that a 7.5% earnings margin is according to expectancies?? All i understand is hospitals or maybe the suited hospitals truly make 5% margin and that's truly the suited, so 7.5% continues to be truly intense.

Answer 3

So... the FEDERAL GOVERNMENT made 500 BILLION dollars last year and they didn't even work for it.

Let's see - Gas prices include a Federal tax. It's about 12 cents on the gallon. The oil companies made 6 cents on the gallon. WHO IS getting rich from BIG OIL??

I sure wish you liberal thinking people would see who the real culprit is in these situations.

Answer 4

Georgie Porgie was in the oil business for 10 years before he went into politics. He was governor of a state that has oil as one of its main businesses. That should tell you everything you need to know.

Answer 5

Let me ask you a simple question, If you where selling a product or service, and the cost of you doing such went up wouldn't you have to charge more?
Simply companys DON"T pay taxes people do. It all gets passed down to us the consumer. Your only hurting yourselfs by listening to the likes of Pelosi.

Answer 6

Oil companies are way too powerful . And that "Peak Oil theory" scares the hell out of me .

Answer 7

$9B is not enough

Bush and his cronies at the Huston Energy Cartel wamt more $$$

Go big Red Go

Answer 8

Don't hold your breath she's still a politician.