G.E. and Exxon Paid no Taxes; Conservatives Remain Silent About it

Posted by politicalpartypooper on April 14, 2010

G.E. Earned $10 Billion last year and paid $0 taxes.   In fact, they received a tax credit of $1.1 Billion.

Exxon earned $45 Billion last year, paid $15 Billion in taxes, and not a penny of those taxes was paid to the U.S.  In essence, American citizens were paying for foreign taxes.

The Conservative mantra is that if you tax them, they’ll just pass on those taxes to their consumers.

So what?  Who cares?  Isn’t that the way Capitalism works?

These huge corporations represent less than 30% of the entire economy.  Small businesses, on the other hand, represent about 70%.  What that means is that if you make small businesses pay a higher tax rate than these huge corporations, the net effect is that a normal American’s pocketbook suffers more for it.  In other words, if taxes were raised on these large corporations, and lowered on small businesses, normal Americans would pay less for goods than they do now.

But Conservatives will tell you that you can’t possibly tax these huge corporations, because they are the ones creating the jobs.  Guess again.

Almost seventy percent of all jobs created in America are created by small businesses; firms with fewer than 500 employees.  So there goes that argument.

Here’s the problem for Conservatives; the contradiction they can’t admit or understand.  When large corporations are taxed as they should be, your wallet doesn’t suffer all that much.  When your wallet gets lighter, it’s because I’m being taxed more than they are.

Think about that.   Ω


9 Responses to “G.E. and Exxon Paid no Taxes; Conservatives Remain Silent About it”

  1. can't believe you said that said

    (These huge corporations represent less than 30% of the entire economy.)

    Yet, is it not true that many small businesses are directly or indirectly linked to the 30% that makes up big business?

    (Almost seventy percent of all jobs created in America are created by small businesses; firms with fewer than 500 employees. So there goes that argument.)

    It would be interesting to see a chart showing how many small businesses are dependant on companies like G.E. and others. I know many Mom and Pop operations that depend on big businesses. And yes, that is the way capitalism works.

  2. Liberty4all said

    Exxon paid about $27 Billion over the last 3 years.

    Interesting how they’ve skirted them under Obama.

    I’d imagine all the employees that work for and with Exxon paid income taxes.

    • Liberty4all said

      Correction, Exxon paid about $27 Billion each year for years 2006, 2007, and 2008.

      • politicalpartypooper said

        First off, those $27 Billion figures are for worldwide taxes paid, not just for the US. Secondly, see my reply to your other comment

  3. Liberty4all said

    Apparently they got wind of the Windfall Profit Tax Dems were considering.

    And.. is this not true?

    Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That’s $27,000,000,000 per year, a number so large it’s hard to comprehend. Here’s one way to put Exxon’s taxes into perspective.

    According to IRS data for 2004, the most recent year available:

    Total number of tax returns: 130 million

    Number of Tax Returns for the Bottom 50%: 65 million

    Adjusted Gross Income for the Bottom 50%: $922 billion

    Total Income Tax Paid by the Bottom 50%: $27.4 billion

    Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers paid in 2004 (most recent year available), which is 65,000,000 people! Further, the tax rate for the bottom 50% was only 3% of adjusted gross income ($27.4 billion / $922 billion) in 2004, and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

  4. politicalpartypooper said

    Lib, did you see the date on the IRS data you cited? It was 2004. Repubs held the House, Senate, and White House.

    I get such a kick out of this debate. Conservatives conveniently forget that since 1994, Repubs owned the House, and since 2000, the White House. The Dems have put their stamp of approval on Repub tax programs for the past 3.5 years, but as you can see, this has been going on for quite some time.

    I know it’s vogue to blame Obama and the Dems for the number of people who pay no income tax, but when you honestly analyze the data, the Repubs own more of the blame than the Dems simply because they were the ones in control at the time. Now, to be sure, Clinton has some responsibility for this as well.

    But, in the end, this is endemic of both Parties, who constantly cut taxes without thought to the consequences. It’s like they both decided, “Let’s see who can get more stupid in our race to win the masses at the lower end of the earnings spectrum”.

    You may not be a fan of Democrats (I hate both parties) but restoring the Republicans to power won’t change a thing. That has been my point for quite some time.

    • Liberty4all said

      Yes, I know Republicans be just as bad PPP. I’m sorry but Democrats completely infuriate me with their hypocricy and blatant ignorance.

  5. […] of those taxes was paid to the U.S. In essence, American citizens were paying for foreign taxes. G.E. and Exxon Paid no Taxes; Conservatives Remain Silent About it GE, Exxon Paid No U.S. Income Taxes in '09 By Christopher Helman, Forbes.com April 6, 2010 As you […]

  6. Daniel Hooge said

    So let me get this straight. It is conservatives’ fault that some companies didn’t pay taxes under a liberal senate, a liberal house, and a liberal president? Logic sounds a little faulty to me. Maybe you should support your implied premises a little more.

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