betaray

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    • Thu Feb 7th 18:21 PM | Rating: 0 0
      Commented on:
      Exxon's 2007 Tax Bill: $30 Billion
      Re: Bastiat

      I'll just quote Anwar Bhamla for emphasis"

      "Most tax liability is deferred for ever."
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    • Thu Feb 7th 17:59 PM | Rating: 0 0
      Commented on:
      Exxon's 2007 Tax Bill: $30 Billion
      4. If you are dissatisfied with the price of gasoline, you may, at any time, take a train, ride a bike, walk, or ride the bus. All of these options will reduce your energy costs.

      I wouldn't say I'm dissatisfied by the price, but the fact you act like we have a choice in the matter shows your ignorance. Maybe it's mine... remind me, which federal agency spends $30+ billion on bike trails. I see Amtrak subsidized with about $1 billion a year. Heck in my city we don't even have sidewalks between neighborhoods, much less the opportunity to work anywhere within walking distance of an affordable home.

      Each dollar poured into the highway system is another dollar wasted on an inefficient transportation system. This is a system which kills 40,000 people a year. It's a system designed to maximize personal consumption at the cost of lives, the environment, and natural resources.

      I don't think Exxon is unjustified in their profits, but this articles premise is, "look at how much they give back to us!" which is, frankly, bullshit.
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    • Wed Feb 6th 17:08 PM | Rating: 0 0
      Commented on:
      Exxon's 2007 Tax Bill: $30 Billion
      For a Ph.D. in economics, you have a poor understanding of the terminology of your field. Do you know the difference between "income tax expense" and the actual payments to the IRS are? I do. It's "deferred income tax". It doesn't look like the '08 numbers will be out until February, but for '06 the deferred income tax of Exxon was about $21b. This puts their actual tax payments at about $7b and the tax rate on their profits at at a bit above 10% here.

      This more than anything is why our tax code is so bad. If a Ph.D. can't figure out how much a corporation actually pays in taxes, how is the average voter supposed to make informed decisions?
      View article »
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