Clearly Exxon Mobil Needs More Tax Breaks
Barely clearing $11 Billion dollars in three months, who knows what kind of financial ruin awaits big oil should you and I stop giving them Billions in tax breaks?!
Exxon Mobil Corp. reported second-quarter earnings of $11.68 billion Thursday, the biggest quarterly profit ever by any U.S. corporation, but the results were well short of Wall Street expectations and its shares fell.
The world’s largest publicly traded oil company said net income for the April-June period came to $2.22 a share, up from $10.26 billion, or $1.83 a share, a year ago.
On the flip side, because people might have gained $0.20-$0.50 due to XOM being in the index fund their 401k is in invested in, it’s all good! The extra dollar for every gallon of gas I buy every week is clearly worth the massive dividends I’m seeing in my 401k!
Every extra dollar I spend that lines their pockets is at least 1/100000th of a dollar back in mine, so let the gas prices surge!
July 31, 2008 7:56 am 
I live in the Washington Heights neighborhood of Milwaukee, WI with my wife Jen, our daughter Emerson, and son Carter.; ?>/images/feed-icon-16x16.gif){kind=icon}
By Go Celtics, August 1, 2008 @ 5:52 am
I agree there should be no subsidies, but why don’t you have the same complaint about raising taxes?
By Yeah Boy, August 1, 2008 @ 12:19 pm
but why don’t you have the same complaint about raising taxes?
“I’m politically active with the Democratic party …” - About Dan Cody (from right side panel)
By Smitty, August 1, 2008 @ 3:51 pm
In the second quarter Exxon had revenues of $138 billion and made a profit of $11.68 billion for an “outrageous” profit rate 8.46%.
What Dan omits mentioning is that during the same quarter Exxon paid taxes totalling $32.36 billion for an outrageous tax rate of 26.34%
So, in the second quarter, for every dollar in profit Exxon paid three dollars in taxes.
Talk about windfalls.
By Yeah Boy, August 4, 2008 @ 11:01 am
Even though Dan will somehow dismiss the facts, here is a good article from the Wall Street Journal providing some reason and facts to this nutty fascination with how horrible oil companies are:
http://online.wsj.com/article_print/SB121780636275808495.html
Good read. Every liberal should read it so they know how idiotic they sound when complaining about oil companies.
By Go Celtics, August 5, 2008 @ 9:30 pm
Dan’s silence is deafening.
By Daniel Cody, August 5, 2008 @ 10:48 pm
My silence has more to due with being gone than anything else, but project away…
Smitty, you’re right and we should all feel sorry for who Exxon made $40 Billion after taxes in 2007. It’s outrageous that after their small village of accountants get done lowering the amount of net income they’re liable for taxes on that they have to pay anything at all.
I think a lot of Americans would empathize with them. It’s outrageous that they’re in the same tax bracket as I am.
By Smitty, August 6, 2008 @ 4:03 pm
Dan,
My use of the word “outrageous” (with and without the quotation marks) was ironic. But really, do you think that paying $32.39 billion in taxes in nothing, (despite the best that “small village” of accontants could do)? Is a return of 8.46% on investment excessive? If so, what should Exxon pay in taxes and what should their rate of profit be?
By the way Exxon’s income tax rate is 46%.