Letter: Tax deductions should in no way be confused with subsidies, he saysTO THE EDITOR: ”From Exxon’s own corporate income statement, they had revenues of $382 billion, the result was a gross profit of $83 billion
By: Sanjeev Dhawan, Ellsworth, Pierce County Herald
TO THE EDITOR: ”From Exxon’s own corporate income statement, they had revenues of $382 billion, the result was a gross profit of $83 billion. After all deductions, they realized a net income of $30.5 billion.
“I could bore you with more numbers, but the bottom line is that Exxon paid 17 percent of their income in all taxes.”
Gaslin, you ought to know better. Your family member is a tax preparer. Stop being a Deceptocrat.
The U.S. oil and natural gas industry does not receive “subsidized” payments from the government to produce oil and gas. However, there are many provisions in the tax code that allow companies to recover their costs. The oil and gas industry are eligible for these deductions, which are similar to, if not the same as, deductions available to many other industries.
Tax deductions should in no way be confused with subsidies. A fundamental pillar of the U.S. income tax system is that businesses are taxed only on net income. This means that there needs to be some practical and fair method for businesses to recover costs. The policies underlying cost recovery provisions in the tax code legitimately utilized by the oil and natural gas industry are no different than those for any other industry. Just like your business, Gaslin.
“That’s terrible having only $30.5 billion in profit. If I had that much money, I might support our local economy by buying some new tires for my truck. I may even splurge and buy a new chainsaw.”
Oh really? There is no end of hypocrisy. Why don’t you spread the wealth around?
Aren’t you a socialist collectivist who believes in Obummerism? So you are a wolf in sheep’s clothing.
The links below will show how much oil companies pay in taxes.