We recently published a map showing how far $100 would take you in different states. For example, in states with low costs of living, like Arkansas, $100 had the same sort of purchasing power that $115 would have in an...
- The Tax Policy Blog
- Oil Companies Getting A "Free Ride"?
Oil Companies Getting A "Free Ride"?
CNSNews.com reports House lawmakers will attempt to add language to the U.S. Tax Code that will "roll back some tax loopholes and subsidies for oil companies.”
"While the oil companies experience record profits, the federal government has been giving them a free ride," Jeff Rickert, vice president of the Apollo Alliance, charged during a news conference Tuesday.
In the most recent flap over “excessive” profits, ExxonMobil reported paying over $26 Billion in federal, state, and local taxes in the third quarter alone – roughly two and a half times what they made in net profits.
Income taxes: $7.68 billion
Excise taxes: $7.76 billion
All other taxes: $10.79 billion
Total taxes remitted/paid: $26.24 billion
That has to be the most expensive “free ride” in history.
Subscribe to the Tax Foundation Newsletter
Join the Tax Foundation's fight for sound tax policy Go
About the Tax Policy Blog
The Tax Policy Blog is the official weblog of the Tax Foundation, a non-partisan, non-profit research organization that has monitored tax policy at the federal, state and local levels since 1937. Our economists welcome your feedback. If you would like to send an e-mail to the author of a blog post, please click on that person's name to locate his or her e-mail address or visit our staff page here.