Monday, October 24, 2011

The Myth that Oil Companies Pay No Taxes

The media has widely disseminated a fallacious notion that oil companies use so many loopholes that they barely pay any taxes.  Well, Investor's Business Daily has a nice graphic showing the effective tax rates of some major companies in the U.S.  It turns out that it is Obama's cronies at General Electric that get away with all of the loopholes.

As you can see, ExxonMobile pays an effective rate of 45%, while GE enjoys a paltry 7.4% rate.  This is why we must flatten out the corporate tax rate to one low and fair number.

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