Oil Companies Paid More Than Bottom 75% of Taxpayers 26 comments
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Investor's Business Daily: According to the American Petroleum Institute, in 2006 alone, U.S. oil companies paid some $138 billion in taxes to the Internal Revenue Service [IRS], and that doesn't include special oil severance, sales and use taxes companies also had to pay.
Internal Revenue Service (pdf file) (Table 6, p. 41): In 2005 (the most recent year for which data are available), the bottom 75% of all individual taxpayers (about 100 million taxpayers out of 132 million total) paid about $130.9 billion in income taxes. Adjusting by the recent average of about $5 billion in annual increases in tax revenue from individuals, it is estimated that the bottom 75% of individual taxpayers (more than 100 million individuals) paid about $136 billion in 2006.
Bottom Line: In 2006, U.S. oil companies paid more in corporate income taxes to the IRS ($138 billion) than the individual taxes paid by the more than 100 million individual taxpayers in the bottom 75% of all individual taxpayers (estimated to be $136 billion, see chart above).
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This article has 26 comments:
Some investors think that it is important to gauge if there will be additional taxes on the industry. You can argue about the source and perhaps whether this info is going to influence congress or not, but articles are not necessarily stock specific. Sometimes industry related news is important as well. At the very least, you are informed of the industry's propaganda and what they think is an important message.
The author has not stated his opinion about the 'news', that is interesting on its own! The author is for more drilling in the U.S. to reduce dependency on imported oil and would like to see lower prices at the pump.
You have to follow specific authors in order to follow the true meaning behind the articles.
See:
seekingalpha.com/artic...
CrossProfit
this is not a tax on oil industry and they i assume get a service fee for collecting these taxes and passing them on.. in other words they make money collecting taxes.
www.urban.org/publicat...
Let's put a flat tax on corporate America. No depletion allowance; no special credits. All corporations pay a flat tax on IBIT. Not only is it sound economics (no tinketing with the economy), it would save corp. America billions. In 2006 GE's Fed Tax return was 30,000 pages!!!
seeksomething.com
Yeah a flat tax would be nice. The trouble is that absolutely no politician in their right mind would put in place a system that can't be manipulated. Their very existence is tied to being able to control things. Plus I'm sure all the tax lawyers and accountants wouldn't exactly be pleased to have a system that no longer needs their services. Then you have the "social engineers" who want to transform behavior through tax incentives and penalties.
A flat tax? Nice, but it's a pipe dream.
What were the gross earnings and specific deductions for both classes of tax payers mentioned in your article??
That when things are taxed the price increase is actually passed on to the next buyer.
Can this possibly be true ?
So taxing fuel and the oil companies, etc., will make me pay MORE ???
And this benefits me HOW ???
TFPIC
That is one big huge stinking lie of omission.
And the fact is, they hate anyone who makes more money than they do. And not a whole lot of people do. Skinflinton and Bullery have over a hundred million since entering the White House in `92 with a net worth of $130,000.
Albert GaWhore has made over a hundred million investing in "alternative energies" that he knew his cronies in Congress would make legislation to favor.
If it were up to the socialists like Maxine Waters and Lil' O'Sambo and Develry they'd take every penny everyone of us makes and distribute it as they wish.
Why? Not only are they sick envious people, but they're also smarter than everyone else and know better what to do with our money than we do.
Lil' O'Sambo wants us to stop eating so much and stop driving SUVs and stop putting our thermostats up on 72 in the winter and down on 68 in the summer.
"These things Americans are going to have to stop," he says. But he should have added, If I get elected president.
Sick! Very sick!
Rebeldog
I like the statement that the top 1% pay over 50% of the taxes in this country. Yet the other side is the top 1% control over 60% of the countries wealth and earn over 50% of its income and that is after deductions. That side is never mentioned. Well let them eat cake.
The wealthy have the following attitude. The bastards don't deserve heath care. Let their children suffer! We have all the money so why should we share. More tax breaks for the rich. And while we are at it why should we pay any social security up to 90K of income at all. We do not use it. let them pay the additional 7% of their salary plus 7% from their employer. We are superior human beings and that is why they should send their children off to die in IRAQ and not ours.
BUT you're right, ultimately we are paying the taxes in the form of higher prices, which is why we shouldn't tax corporations at all, as Robert Reich states in his new book, and tax the "owners" or the shareholders at the individual level. One might also consider from a policy standpoint, a requirement that corps pay out a minimum of their net income, similar to MLPs or REITs. Good comments on this board.
However, it is clear that corporations collect taxes for the IRS. And they collect more from oil users, for the IRS, than the IRS collects directly from income taxes on the bottom 75%.