ExxonMobil pays a lower effective tax rate than the average American family

[Willinois]

Center for American Progress has an interesting study and blog post that relates to Obama's repeated efforts to cut oil subsidies.

Quote:Big Oil is predictably opposed to losing its unnecessary tax breaks. The American Petroleum Institute, or API, the oil industry’s lobbying muscle, quickly claimed that “the Administration plan would hurt jobs and investment.”

But this claim ignores the fact that the big five oil companies—BP, Chevron, ConocoPhilips, ExxonMobil, and Shell—have ample financial resources that dwarf the value of these tax breaks. These companies enjoy billions in cash reserves, made nearly $1 trillion in profits over the past decade, and at least one company (ExxonMobil) pays a lower effective tax rate than the average American family.

They also show how little oil companies spend on research and development for new energy alternatives.



My biggest disappointment in the left blagosphere is that Obama's progressive proposals often get little attention. There's no left echo chamber that would help progressive policies get passed. So, it's good to see this report recognize and support what Obama is pushing for.

Quote:He proposed that the big five oil companies contribute $20 billion over a decade since these extraordinarily rich companies hold billions of dollars in cash reserves, made nearly $1 trillion in profits, and the biggest of them pays a lower effective federal tax rate than the average American family.

I wish there had been more of that last time when he proposed cutting oil subsidies and spending the money specifically on building clean energy. It dropped like a stone and I saw almost no effort from enviro blogs like Grist to push the idea.

[nofurylike]

mind-blowing level of greed!!

thank you for posting that, Willinois!

[Brewman_Jax]

That is, if they bother to pay at all. This should be a cause celebre!