“I know that it won’t be easy to change our energy policy. Exxon Mobil made 11 billion dollars last quarter. They don’t want to give those profits up easily.”
(crowd heard booing Exxon Mobil)
Firstly, why are people booing? What do you think happened with those profits?
Next -Here’s what Sen. Obama failed to mention:
On those profits Exxon Mobil paid federal income taxes of, 28 billion dollars leaving it with 39 1/2 billion in after tax income. That 28 billion dollars is more than what was collected of half of the individual tax payers in 2004. That year, 65 million returns (note that that counts jointly filed returns) paid 24.7 billion in federal income taxes.
In short – one company on those profits alone paid half of what all the tax payers of America (in 2004) paid in taxes.
Think about that for a while. One company paid half what the entire nation of individuals paid in taxes.
Once you are done thinking about that – ask yourself this hypothetical: Who do you think pays corporate taxes (you know, the ones Senators Obama and Hillary want to hike up as soon as they get elected…)?
Hillary’s take: “I want to take those profits”
jksmithpe clarified below:
“Exactly. $11Billion was revenue, not profit.
Exxon buys over half the oil they refine. Then there’s the tax man. The profits go to shareholders. In many cases the shareholders are large institutional investors that fund pensions.
I’ll bet some of the idiots booing are actually on the receiving end of Exxon profits but simply too ignorant to know it.”
The left in general have such a poor understanding of economics. I just can’t stand how little people know about what corporate profits pay for in America. (aka. Everything).