User 290436

U.S. Oil Companies Paid, Collected More in Taxes Than They Made in Profits in 2006

If you know anything at all about Accounting, which this author apparently does not, then you would know that "INCOME TAXES" are the payroll taxes that the governments require to be withheld, but are actually paid by the EMPLOYEE (for the most part). The portion they consider to be a "payroll tax" was for the Employer portion of Social Security. No company in the history of the United States has EVER paid more in taxes for their NET income than the profit they made for that year.

It is sad that this author has attempted to twist things so that it looks favorable to the oil companies. Of the $90.445 million COLLECTED and PAID for income taxes, a large portion would be Federal/State/Local INCOME Taxes, which the EMPLOYEES pay from their gross pay!