Inversions have been in the news consistently this summer as multiple companies have looked for legal paths away from the U.S. corporate tax system. Burger King became the latest corporation to add to the list after they...
- 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.
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