Acetracy2

Oil Companies Paid More Than Bottom 75% of Taxpayers

What's the point? My effective tax rate, including everything (Fed, State, Local sales, RE, Soc. Sec, etc.) is nearly 50%. Exxon/Mobil is under 20%!! Your local small business dry cleaner is taxed at 33%. If this country taxed Exxon like the rest of us, perhaps we wouldn't be so addicted to oil and have a balanced budget.

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!!!