No ‘Shared Sacrifice’ for Big Oil
Big Oil Hits A Gusher
Jul 28, 2011 | By ThinkProgress War Room
While the government’s coffers are nearly empty (not unlike the wallets of millions of Americans), Big Oil is still flush with cash — including some of the $4 BILLION in taxpayer-funded handouts they’ll get from Uncle Sam this year. This week, the government-subsidized oil giants once again reported tens of billions of dollars in profits.
As the nation teeters on the brink of default, the GOP wants us to “kiss Medicare goodbye” (along with Medicaid and Social Security), but they still refuse to touch a dime of the $77 BILLION in taxpayer handouts that we’ll give to the most profitable industry the world has ever known over the next 10 years.
Here are the numbers you need to know:
$3.4 BILLION
ConocoPhillips’ second quarter profit.
$5.6 BILLION
BP‘s second quarter profit, which investors called “disappointing.”
$8 BILLION
Shell’s second quarter profit.
$10.7 BILLION
ExxonMobil’s second quarter profit.
17.6 Percent
ExxonMobil’s effective federal tax rate.
20.4 Percent
The average American’s individual effective tax rate.
41 Percent
The increase in ExxonMobil’s second quarter profits.
$77 BILLION
The cost of taxpayer-funded subsidies for Big Oil from 2011-2021.
In one sentence: Even as ExxonMobil made more than $118 MILLION a day in profits last quarter, it is still paying a lower tax rate than the average American.
Evening Brief: Important Stories That You May Have Missed
Move over Atkins; Paleo is the newest dietary fad sweeping the country.
Over 100 members of Congress sent a letter to the Department of Justice asking it to investigate whether new voter ID laws passed by various Republican lawmakers are in violation of the Voting Rights Act.
On his radio show yesterday, Rush Limbaugh declared that “almost no temperature records were broken” during the recent heat wave, claiming the media was lying so it could “advance a political agenda of liberalism.”
Sen. John McCain (R-AZ) is facing backlash on all fronts of the Republican Party after he called it “foolish” for letting its Tea Party fringe dominate the debt ceiling negotiations.
The story of American prosperity isn’t a story about a poor country that used good policy to become rich.
Using the debt crisis as a distraction, Tea Party Republicans are trying to ban the government from buying fluorescent light bulbs, protecting manatees, fighting skin cancer, or researching climate change.
It doesn’t make any sense for the United States to stay in Iraq because of Iran.
It’s probably a bit much to expect sophisticated understanding of strategic deterrence theory from a guy who “misremembers” his own military record.
Tim Gunn may know style, but he doesn’t know Hillary Clinton, diplomacy, or apparently, much about sexism.
Jul 28, 2011 | By ThinkProgress War Room
While the government’s coffers are nearly empty (not unlike the wallets of millions of Americans), Big Oil is still flush with cash — including some of the $4 BILLION in taxpayer-funded handouts they’ll get from Uncle Sam this year. This week, the government-subsidized oil giants once again reported tens of billions of dollars in profits.
As the nation teeters on the brink of default, the GOP wants us to “kiss Medicare goodbye” (along with Medicaid and Social Security), but they still refuse to touch a dime of the $77 BILLION in taxpayer handouts that we’ll give to the most profitable industry the world has ever known over the next 10 years.
Here are the numbers you need to know:
$3.4 BILLION
ConocoPhillips’ second quarter profit.
$5.6 BILLION
BP‘s second quarter profit, which investors called “disappointing.”
$8 BILLION
Shell’s second quarter profit.
$10.7 BILLION
ExxonMobil’s second quarter profit.
17.6 Percent
ExxonMobil’s effective federal tax rate.
20.4 Percent
The average American’s individual effective tax rate.
41 Percent
The increase in ExxonMobil’s second quarter profits.
$77 BILLION
The cost of taxpayer-funded subsidies for Big Oil from 2011-2021.
In one sentence: Even as ExxonMobil made more than $118 MILLION a day in profits last quarter, it is still paying a lower tax rate than the average American.
Evening Brief: Important Stories That You May Have Missed
Move over Atkins; Paleo is the newest dietary fad sweeping the country.
Over 100 members of Congress sent a letter to the Department of Justice asking it to investigate whether new voter ID laws passed by various Republican lawmakers are in violation of the Voting Rights Act.
On his radio show yesterday, Rush Limbaugh declared that “almost no temperature records were broken” during the recent heat wave, claiming the media was lying so it could “advance a political agenda of liberalism.”
Sen. John McCain (R-AZ) is facing backlash on all fronts of the Republican Party after he called it “foolish” for letting its Tea Party fringe dominate the debt ceiling negotiations.
The story of American prosperity isn’t a story about a poor country that used good policy to become rich.
Using the debt crisis as a distraction, Tea Party Republicans are trying to ban the government from buying fluorescent light bulbs, protecting manatees, fighting skin cancer, or researching climate change.
It doesn’t make any sense for the United States to stay in Iraq because of Iran.
It’s probably a bit much to expect sophisticated understanding of strategic deterrence theory from a guy who “misremembers” his own military record.
Tim Gunn may know style, but he doesn’t know Hillary Clinton, diplomacy, or apparently, much about sexism.
posted by Kevin Anthony Stoda at 1:47 AM
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