Guess what rich person paid an 18.4% tax rate last year?

[Redfish]

The oil and gas industries pay on average a 44% effective tax rate.



http://www.api.org/statistics/earnings/upload/earnings_perspective.pdf

And this jackass/off of a President intends to hit these industries with an additional $40+ billion tax bill.

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

prove it untrue, or STFU

 

[Mr. H.]

The oil and gas industries pay on average a 44% effective tax rate.



http://www.api.org/statistics/earnings/upload/earnings_perspective.pdf

And this jackass/off of a President intends to hit these industries with an additional $40+ billion tax bill.

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

Which proves you didn't bother to read it.

 

[Truthseeker420]

The Obamas' falling tax rate - Steven Sloan and Kelsey Snell - POLITICO.com

President Barack Obama and his wife, Michelle, paid the lowest effective tax rate since they moved into the White House by taking advantage of the most popular — and expensive — benefits in the tax code.

Tax returns released by the White House on Friday show that the Obamas paid an effective tax rate of 18.4 percent on more than $608,000 in adjusted gross income earned in 2012. Last year, their rate was 20.5 percent.

They were able to lower the amount of income on which they were taxed by more than $258,000 by claiming several big-ticket deductions.

I'm shocked-- shocked, I tell you!-- to learn that Obama is a blatant hypocrite.

So you agree with Obama that we should raise taxes on the rich and quit giving them a free ride?

 

[edthecynic]

If ALL the wealth of the so-called 1% were confiscated and applied to the national debt, the effect would be mathematically, negligible.

This entire "fair share" argument is nothing but Marx/Lenin/Alinsky inspired nonsense, based on envy, jealousy, hate and avarice by Democrats - including this President - toward people who are smarter and more astute financially than themselves.

Negligible enough to eliminate the GOP National Debt entirely and still have over 5 trillion left over to party with!

The top 1% have 40% of the 54 trillion in wealth for the country. That's 21.6 trillion dollars, hardly a negligible amount of money.

Your post does show how the Misinformation Voter thinks they are so much smarter than everyone else who knows the facts.

 

[boedicca]

To refute that nonsense, I quote myself:

http://www.usmessageboard.com/politics/159746-feed-your-family-on-10-billion-a-day.html

The inimitable Iowahawk strikes again. This is one of the best commentaries I've read concerning the Federal Budget Fracas.

Seems like these days I hear a lot of whiney whiners whining about "out of control government spending" and "insane deficits" and such, trying to make hay out of a bunch of pointy-head boring finance hooey. Sure, $3.7 trillion of spending sounds like a big number. "Oh, boo-hoo, how are we going to get $3.7 trillion dollars? We're broke, boo-hoo-hoo," whine the whiners. What these skinflint crybabies fail to realize is that $3.7 trillion is for an entire year - which translates into only a measly $10 billion per day!

Mister, I call that a bargain. Especially since it pays for all of us - you and me, the whole American family. Like all families, we Americas have to pay for things - health, food, safety, uncle Dave America with his drinking problem. And when little Billy America wants that new quad runner they promised, do Mom and Dad America deny him? No, they get a second job at Circle K, because they know little Billy might have one of his episodes and burn down the house.

So let's all sit down together as an American family with a calendar and make a yearly budget. First, let's lock in the $3.7 trillion of critical family spending priorities; now let's get to work on collecting the pay-as-we-go $10 billion daily cash flow we need.

12:01 AM, January 1
Let's start the year out right by going after some evil corporations and their obscene profits. And who is more evil than those twin spawns of Lucifer himself, Exxon Mobil and Walmart? Together these two largest American industrial behemoths raked in, between them, $34 billion in 2010 global profits. Let's teach 'em both a lesson and confiscate it for the public good. This will get us through...

9:52 AM January 4
Okay, maybe I underestimated our take. But we shouldn't let Exxon and Walmart distract us from all those other corporate profiteers out there worth shaking down. In fact, why don't we grab every cent of 2010 profit made by the other 498 members of the Fortune 500? That will net us another, let's see, $357 billion! Enough to get us to...

2:00 AM February 9
So we're running out of corporate cash, but look - it's Super Bowl time! As we all know, the game has become a crass disgusting festival of commercialism. So let's take all the TV ad money spent on stupid Super Bowl ads, and apply that to government needs. That would be $250 million, enough to fund us for, let's see... 36 minutes. The half time show, at least. But why stop there? Let's take every cent of ad money spent on all 45 Super Bowls, a cool $5 billion, which would cover us until...

2:00 PM February 9
Speaking of sports, why should the players be immune to our pressing public needs? Lord knows professional athletes make obscene salaries for playing a dumb game. So let's take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL. Hey, they've got endorsement deals, they'll hardly miss it. Throw in the total winnings of everybody on the PGA tour and NASCAR, and we get $9.4 billion, enough to get us through until...

1:00 PM February 10
Okay, it's time to stop messing around. Athletes aren't the only ones greedily raking it in. What about America's rich - those fancy pants fat cats living the high life in the above-$250,000 income bracket? According to IRS statistics, these 1.93% of US households are hogging 25% of US income. And why do they need it? For crying out loud, they probably stole it anyway. I say let's take 100% of every penny they make above $250,000. They can use the rest to pay their state and local taxes. Now we're talking big bucks, brother. How much? Let's see...



A: Number of US households: 116,000,000
B: Average US household income: $68,000 (median = $52,000)
C: Total US household income (A * B): $7.89 trillion
D: Percent of households above $250k income: 1.93%
E: Number of households above $250k income (A*D): 2,238,800
F: Percent of national income earned by households making $250k or more = 25%
G: Total income of households making $250k or more (C*F): $1.97 trillion
H: Total income of households in excess of $250k (G - E*$250,000) = $1.412 trillion



Alright! Take that, fat cats! Our $1.412 trillion windfall has us covered for the next 141 days, or until...


Read the whole thing

 

[Synthaholic]

I'm less concerned about Obama's 18% rate. He gave a great deal to charity - good for him!

What does bother me is that he wishes to deny to other people the same opportunity to do well and to donate to the charities of their choices...and his income is dwarfed by the enormous taxpayers subsidies to his $1B per year lifestyle, for which he pays 0% in taxes.

None of you were very concerned with Cheney's income, which rose due to the deals he made in secret with oil companies, in a 2001 White House meeting that we still cannot get the transcript from.

Yet you bitch about Obama's money and his transparency.

 

[rdean]

The Obamas' falling tax rate - Steven Sloan and Kelsey Snell - POLITICO.com

President Barack Obama and his wife, Michelle, paid the lowest effective tax rate since they moved into the White House by taking advantage of the most popular — and expensive — benefits in the tax code.

Tax returns released by the White House on Friday show that the Obamas paid an effective tax rate of 18.4 percent on more than $608,000 in adjusted gross income earned in 2012. Last year, their rate was 20.5 percent.

They were able to lower the amount of income on which they were taxed by more than $258,000 by claiming several big-ticket deductions.

I'm shocked-- shocked, I tell you!-- to learn that Obama is a blatant hypocrite.

For using tax rates Republicans created? Why?

 

[Synthaholic]

Once again, slowly. you on the left demonized Romney for exactly the same things that you are now worshiping obama for------------its called hypocrisy.

Geez, liberals are thick headed.

And Romney deserved it too. He made millions more than Obama and paid a very generous 14 or 13 percent in taxes. That's way too little. Obama paid more on less income. Mitt got hammered for it, and it's HIS FAULT that he got hammered for it. Seriously, you lost to Obama twice, you buffoons. You're the thick headed ones.

Both of them complied with the tax code. Both of them!

your issue is with the tax code that was put in place by congress.

Romney got hammered by a biased media that refused to tell the truth that Romney was in full compliance with that tax code--as was obama.

Liar.

The media never accused Romney of breaking the law. Just using every legal accounting trick his high-paid accountants could come up with to avoid paying his fair share of taxes.

And no, sorry - 11% is not a fair share.

 

[boedicca]

I'm less concerned about Obama's 18% rate. He gave a great deal to charity - good for him!

What does bother me is that he wishes to deny to other people the same opportunity to do well and to donate to the charities of their choices...and his income is dwarfed by the enormous taxpayers subsidies to his $1B per year lifestyle, for which he pays 0% in taxes.

None of you were very concerned with Cheney's income, which rose due to the deals he made in secret with oil companies, in a 2001 White House meeting that we still cannot get the transcript from.

Yet you bitch about Obama's money and his transparency.

What a whingefest.

A critique of one person does not require a lengthy list of everyone ever who may have engaged in similar behavior.

Obama is President Now, not Dick Cheney.

 

[edthecynic]

The oil and gas industries pay on average a 44% effective tax rate.



http://www.api.org/statistics/earnings/upload/earnings_perspective.pdf

And this jackass/off of a President intends to hit these industries with an additional $40+ billion tax bill.

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

prove it untrue, or STFU

Who Else Doesn?t Pay Taxes? Top 10 Corporate Deadbeats and Slackers

Here is a list of the top 10 corporate deadbeats and slackers (thanks to Senator Bernie Sanders of Vermont):

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

 

[Synthaholic]

Sure he's a hypocrite but paying 18 percent is still way to high. Id like to see it down around 12 percent.

How is he a hypocrite?

(just run away - you don't know.)

 

[Synthaholic]

The oil and gas industries pay on average a 44% effective tax rate.



http://www.api.org/statistics/earnings/upload/earnings_perspective.pdf

And this jackass/off of a President intends to hit these industries with an additional $40+ billion tax bill.

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

Which proves you didn't bother to read it.

I don't read propaganda pieces produced by industry lobbyists.

How much weight do you give to climate change warnings from Greenpeace?

 

[boedicca]

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

prove it untrue, or STFU

Who Else Doesn?t Pay Taxes? Top 10 Corporate Deadbeats and Slackers

Here is a list of the top 10 corporate deadbeats and slackers (thanks to Senator Bernie Sanders of Vermont):

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

Another pack of lies.

What you call "tax breaks" are standard depreciation deductions for capital investment...which are available to all industries.

You also neglect the vast amount of gasoline taxes collected by the federal government.

 

[Synthaholic]

I'm less concerned about Obama's 18% rate. He gave a great deal to charity - good for him!

What does bother me is that he wishes to deny to other people the same opportunity to do well and to donate to the charities of their choices...and his income is dwarfed by the enormous taxpayers subsidies to his $1B per year lifestyle, for which he pays 0% in taxes.

None of you were very concerned with Cheney's income, which rose due to the deals he made in secret with oil companies, in a 2001 White House meeting that we still cannot get the transcript from.

Yet you bitch about Obama's money and his transparency.

What a whingefest.

A critique of one person does not require a lengthy list of everyone ever who may have engaged in similar behavior.

Obama is President Now, not Dick Cheney.

I thought this was a thread about hypocrisy?

 

[edthecynic]

If ALL the wealth of the so-called 1% were confiscated and applied to the national debt, the effect would be mathematically, negligible.

This entire "fair share" argument is nothing but Marx/Lenin/Alinsky inspired nonsense, based on envy, jealousy, hate and avarice by Democrats - including this President - toward people who are smarter and more astute financially than themselves.

Negligible enough to eliminate the GOP National Debt entirely and still have over 5 trillion left over to party with!

The top 1% have 40% of the 54 trillion in wealth for the country. That's 21.6 trillion dollars, hardly a negligible amount of money.

Your post does show how the Misinformation Voter thinks they are so much smarter than everyone else who knows the facts.

To refute that nonsense, I quote myself:

http://www.usmessageboard.com/politics/159746-feed-your-family-on-10-billion-a-day.html

The inimitable Iowahawk strikes again. This is one of the best commentaries I've read concerning the Federal Budget Fracas.

Seems like these days I hear a lot of whiney whiners whining about "out of control government spending" and "insane deficits" and such, trying to make hay out of a bunch of pointy-head boring finance hooey. Sure, $3.7 trillion of spending sounds like a big number. "Oh, boo-hoo, how are we going to get $3.7 trillion dollars? We're broke, boo-hoo-hoo," whine the whiners. What these skinflint crybabies fail to realize is that $3.7 trillion is for an entire year - which translates into only a measly $10 billion per day!

Mister, I call that a bargain. Especially since it pays for all of us - you and me, the whole American family. Like all families, we Americas have to pay for things - health, food, safety, uncle Dave America with his drinking problem. And when little Billy America wants that new quad runner they promised, do Mom and Dad America deny him? No, they get a second job at Circle K, because they know little Billy might have one of his episodes and burn down the house.

So let's all sit down together as an American family with a calendar and make a yearly budget. First, let's lock in the $3.7 trillion of critical family spending priorities; now let's get to work on collecting the pay-as-we-go $10 billion daily cash flow we need.

12:01 AM, January 1
Let's start the year out right by going after some evil corporations and their obscene profits. And who is more evil than those twin spawns of Lucifer himself, Exxon Mobil and Walmart? Together these two largest American industrial behemoths raked in, between them, $34 billion in 2010 global profits. Let's teach 'em both a lesson and confiscate it for the public good. This will get us through...

9:52 AM January 4
Okay, maybe I underestimated our take. But we shouldn't let Exxon and Walmart distract us from all those other corporate profiteers out there worth shaking down. In fact, why don't we grab every cent of 2010 profit made by the other 498 members of the Fortune 500? That will net us another, let's see, $357 billion! Enough to get us to...

2:00 AM February 9
So we're running out of corporate cash, but look - it's Super Bowl time! As we all know, the game has become a crass disgusting festival of commercialism. So let's take all the TV ad money spent on stupid Super Bowl ads, and apply that to government needs. That would be $250 million, enough to fund us for, let's see... 36 minutes. The half time show, at least. But why stop there? Let's take every cent of ad money spent on all 45 Super Bowls, a cool $5 billion, which would cover us until...

2:00 PM February 9
Speaking of sports, why should the players be immune to our pressing public needs? Lord knows professional athletes make obscene salaries for playing a dumb game. So let's take the combined salaries of all players in the NFL, Major League Baseball, the NBA, and the NHL. Hey, they've got endorsement deals, they'll hardly miss it. Throw in the total winnings of everybody on the PGA tour and NASCAR, and we get $9.4 billion, enough to get us through until...

1:00 PM February 10
Okay, it's time to stop messing around. Athletes aren't the only ones greedily raking it in. What about America's rich - those fancy pants fat cats living the high life in the above-$250,000 income bracket? According to IRS statistics, these 1.93% of US households are hogging 25% of US income. And why do they need it? For crying out loud, they probably stole it anyway. I say let's take 100% of every penny they make above $250,000. They can use the rest to pay their state and local taxes. Now we're talking big bucks, brother. How much? Let's see...



A: Number of US households: 116,000,000
B: Average US household income: $68,000 (median = $52,000)
C: Total US household income (A * B): $7.89 trillion
D: Percent of households above $250k income: 1.93%
E: Number of households above $250k income (A*D): 2,238,800
F: Percent of national income earned by households making $250k or more = 25%
G: Total income of households making $250k or more (C*F): $1.97 trillion
H: Total income of households in excess of $250k (G - E*$250,000) = $1.412 trillion



Alright! Take that, fat cats! Our $1.412 trillion windfall has us covered for the next 141 days, or until...


Read the whole thing

Yet another know-it-all Misinformation Voter who doesn't know the difference between income and wealth. The wealthy do not work for wages so their wealth does not show up in income stats! Which is how the dishonest are able to so easily deceive the know-it-all Misinformation Voter.

 

[edthecynic]

prove it untrue, or STFU

Who Else Doesn?t Pay Taxes? Top 10 Corporate Deadbeats and Slackers

Here is a list of the top 10 corporate deadbeats and slackers (thanks to Senator Bernie Sanders of Vermont):

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

Another pack of lies.

What you call "tax breaks" are standard depreciation deductions for capital investment...which are available to all industries.

You also neglect the vast amount of gasoline taxes collected by the federal government.

The claim by the API was that Big Oil paid a 44% tax rate, I showed they didn't. There was no claim that Big Oil paid less than 44% due to special tax breaks, that is your Straw Man to change the subject away from the fact that API lied about Big Oil paying a 44% tax rate.
Nice try though.

 

[BillyV]

Who Else Doesn?t Pay Taxes? Top 10 Corporate Deadbeats and Slackers

Here is a list of the top 10 corporate deadbeats and slackers (thanks to Senator Bernie Sanders of Vermont):

1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.

4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.

6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.

9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.

Another pack of lies.

What you call "tax breaks" are standard depreciation deductions for capital investment...which are available to all industries.

You also neglect the vast amount of gasoline taxes collected by the federal government.

The claim by the API was that Big Oil paid a 44% tax rate, I showed they didn't. There was no claim that Big Oil paid less than 44% due to special tax breaks, that is your Straw Man to change the subject away from the fact that API lied about Big Oil paying a 44% tax rate.
Nice try though.

No, actually Big Oil does pay a 44% tax rate - they just don't pay it to the US government. They pay very high income tax rates in the countries where the oil comes from - mainly Africa and the Middle East. US tax law rightly gives them credit for the fact that much of their income comes from outside the US; maybe a good reason to allow more drilling here?

 

[LordBrownTrout]

Sure he's a hypocrite but paying 18 percent is still way to high. Id like to see it down around 12 percent.

How is he a hypocrite?

(just run away - you don't know.)

Castigating, dividing, whipping the exploited into a frenzy over a lie. Don't answer because you haven't the slightest clue.

 

[Sunshine]

the silence of the libs

Deafening!

 

[Mr. H.]

Your link is bullshit.

Like we're supposed to trust the word of the American Petroleum Institute.

Which proves you didn't bother to read it.

I don't read propaganda pieces produced by industry lobbyists.

How much weight do you give to climate change warnings from Greenpeace?

So you didn't see footnotes and references.
Gotcha.