08-04-2008
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#4 (permalink)
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| Cogito, ergo porto.
Join Date: Apr 2008 Location: Wherever the bacon is. Anywhere else is not living, just existing.
Posts: 5,112
| Quote:
Originally Posted by BloodEclipse 
Although the way CNN reported it is "Exxon posts record $11.68 billion profit."  According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
Buried in the story we also find that " In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'" MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above. Big Oil my ***. This is Big Government. Make sure all your LIB friends know this little bit of INFO. Time to put a windfall tax rebate back from our Goverment huh? | OK, as I read that, it means that Exxon made the 11.68 billion even with the 32+ billion paid in taxes, so if we removed the taxes entirely, they would have made roughly $44 billion in profits. I don't see Exxon or any other company dropping prices precipitously as opposed to paying more to their stockholders. That said, I do not think that government should be making three times the net income of the business on it's sales. I don't know the solution. I've stopped believing that our government will ever listen to the citizenry saying "stop" when it comes to fleecing us of our rightful income.
Blessings,
B
Last edited by Bill of Rights; 08-04-2008 at 15:17.
Reason: "isten" is not a word. :-p
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