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

[JustSomeGuy]

Well, this thread blew up while I was at work.

Taking advantage of tax "loopholes", in this case reducing your taxable income by increasing your charitable donations, was bad when Romney did it, but suddenly it's all peachy when Obama does it? Obama goes on about on reducing the amount of deductions one is able to get from charitable donations and how the "rich" should "pay their fair share", yet when he maximizes the amount of deductions he can get by making charitable donations so he can pay less, he's not a hypocrite?

The liberal mind is amazing.

Well, you left out Romney's Cayman Islands and various other crooked tax shelters, the fact that he paid 13% or less while being millions and millions and millions richer than Obama, the fact that Romney STILL thought his own taxes were too high and that becoming president would be a good way to lower them,

at YOUR expense, yeah,

other than all that the two situations are almost identical. lolol you're a retard in the finest tradition of USMB rightwing retardation.

How on Earth are you going to call someone a retard?

Romney didn't run around stating that the "rich" needed to pony up more (30%+ effective tax rate); that was Obama and the libs. Romney didn't deride anyone for making charitable contribution to lower their tax rate; that was Obama and the libs. So why isn't Obama paying a 30% tax rate as he believes he should be? There is nothing stopping him from cutting a check to the IRS for a couple of hundred thousand. Why did Obama claim any charitable contributions on his tax return? He should lead by example, and not take those contributions since he wants them limited anyway. The simple answer is because he's a blatant hypocrite.

The ironic thing here is that everything liberals derided Romney for they now deem acceptable for Obama.

 

[boedicca]

After reading a thread like this one should never ever have to wonder why conservatives cannot win a national election.

cause we don't vote four or five fucking times the way you asshole demoncraps do.

QFT.

And we don't stand at polling places with billy clubs scaring people away from voting.

 

[blackhawk]

cause we don't vote four or five fucking times the way you asshole demoncraps do.

No, because conservatism is dead. The fact that broken down old hags like you are all that's left on the right is proof enough.

What are you going to do when the rich have no more money to tax?

They will ask Greece for a bailout.

 

[Redfish]

Well, you left out Romney's Cayman Islands and various other crooked tax shelters, the fact that he paid 13% or less while being millions and millions and millions richer than Obama, the fact that Romney STILL thought his own taxes were too high and that becoming president would be a good way to lower them,

at YOUR expense, yeah,

other than all that the two situations are almost identical. lolol you're a retard in the finest tradition of USMB rightwing retardation.

Crooked tax shelters? Really?

You want to defend Romney for paying 13% while attacking Obama for paying 18%?

Let's hear it.

they both complied with the law of the tax code. this is not about that. this is about obama ranting about "fair share" and "sacrifice" and then leaving the line for additional taxes paid blank. its about his "do as I say, not as I do" attitude.

 

[AmericanFirst]

Wow.

It really does look like Obama is Junebug's fourth term. But that was clear to me the day he announced Geithner. It tickles me a lot that nutballs only focus on the differences, when the similarities between Obama and the filthy scum who preceded him are far more important - and damaging - to the United States.

W was a lot different and better. You idiots are too stupid to see that.

 

[Redfish]

No, because conservatism is dead. The fact that broken down old hags like you are all that's left on the right is proof enough.

What are you going to do when the rich have no more money to tax?

They will ask Greece for a bailout.

We have already asked China, soon they will own us. great job obozo!!!

 

[CrusaderFrank]

Let's talk about Obama's new SecTres

 

[CrusaderFrank]

Well, this thread blew up while I was at work.

Taking advantage of tax "loopholes", in this case reducing your taxable income by increasing your charitable donations, was bad when Romney did it, but suddenly it's all peachy when Obama does it? Obama goes on about on reducing the amount of deductions one is able to get from charitable donations and how the "rich" should "pay their fair share", yet when he maximizes the amount of deductions he can get by making charitable donations so he can pay less, he's not a hypocrite?

The liberal mind is amazing.

Well, you left out Romney's Cayman Islands and various other crooked tax shelters, the fact that he paid 13% or less while being millions and millions and millions richer than Obama, the fact that Romney STILL thought his own taxes were too high and that becoming president would be a good way to lower them,

at YOUR expense, yeah,

other than all that the two situations are almost identical. lolol you're a retard in the finest tradition of USMB rightwing retardation.

Obama's gotta save some money so he can make it through the Sequester

How you holding up through the Sequester?

 

[Synthaholic]

Every person who went to Iraq was a volunteer.

Really? They didn't get paid? They get no benefits?


Dumbass.

What we get is a lie. Benefits if we're lucky, and those we get are not what we were promised and on top of that they are earned, every dime, every little snack they allow us to keep. You haven't a clue, yes, they are volunteers. Raise your hand and defend your rights......

Yup! Just like I volunteer to go to work every day and do my job.

No one forces me.

 

[Synthaholic]

Really? They didn't get paid? They get no benefits?


Dumbass.

What we get is a lie. Benefits if we're lucky, and those we get are not what we were promised and on top of that they are earned, every dime, every little snack they allow us to keep. You haven't a clue, yes, they are volunteers. Raise your hand and defend your rights......

He tried to make it look like men were sent to Iraq as part of a draft. But we haven't had a draft in years. He only made himself look like an ass, and that was his pathetic failure of an effort to recoup! The ones who got drafted got paid too. He forgot that part! These people are so lame it makes you wonder how they get food enough to live.

No, I didn't. I'm just not blinded to the fact that they joined the military for the job, the career, the occupation...whatever. They aren't "volunteering".

The people I see at ALS fundraisers are volunteers. They aren't getting paid, and they are donating their time. That's not what the military is doing, sweetie.

 

[SFC Ollie]

What is it to place your life on the line if it is not done as a volunteer? Because you get a small compensation for it means you didn't volunteer? Really? Spoken like a true blue never served moron.....

By the way, I still volunteer, seldom a day goes by i don''t have something I do as a volunteer...

 

[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.

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

In 2010, Chevron paid $12.9 billion in income taxes.

CVX Income Statement | Chevron Corporation Common Stoc Stock - Yahoo! Finance

I'm sure the rest of these claims are just as silly.

But not to the USA!

Analysis: Gas price spike revives fight over energy taxes | Reuters

When calculating the headline tax rates it displays to the public, the industry lumps together U.S. and foreign taxes. It includes taxes that are deferred and thus not paid yet. U.S. companies must pay taxes on profits earned abroad, but they can defer these taxes until they bring the cash into the country.

That is the method behind the American Petroleum Institute's 41 percent estimate for the industry as a whole.

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters calculation of securities filings.

Chevron paid about 19 percent by that method, near CTJ's average for all industries.

It is a far cry from the 35 percent top corporate tax rate.

Still, the three-year average for telecom companies is 8 percent; for information technology services companies, it is 2.5 percent, according to CTJ.

"A lot of the techniques that multinationals use to reduce taxes are simply not available to big energy companies," said Howard Gleckman, a fellow at the Tax Policy Center, a centrist think tank.

BIG OIL LACKS IP EDGE

One way big technology and drug companies cut U.S. taxes is by shifting intellectual property income to lower-tax countries. Oil and gas companies, in general, don't benefit from that.

Bob McIntyre, president of Citizens for Tax Justice, said the fact that oil companies still drill in high-tax countries like Saudi Arabia proves they will keep drilling if their U.S. taxes go up. "Their foreign tax rates are very high, and they don't leave Saudi Arabia," McIntyre said.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Legislation drafted by Democratic Senator Robert Menendez would limit this break, among others. Ending it completely would raise $14 billion over a decade, according to the White House.

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

 

[Againsheila]

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.

Well, he had to get back that 5% of his salary he's "giving" to our government somehow didn't he?

 

[Toddsterpatriot]

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.

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

In 2010, Chevron paid $12.9 billion in income taxes.

CVX Income Statement | Chevron Corporation Common Stoc Stock - Yahoo! Finance

I'm sure the rest of these claims are just as silly.

But not to the USA!

Analysis: Gas price spike revives fight over energy taxes | Reuters

When calculating the headline tax rates it displays to the public, the industry lumps together U.S. and foreign taxes. It includes taxes that are deferred and thus not paid yet. U.S. companies must pay taxes on profits earned abroad, but they can defer these taxes until they bring the cash into the country.

That is the method behind the American Petroleum Institute's 41 percent estimate for the industry as a whole.

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters calculation of securities filings.

Chevron paid about 19 percent by that method, near CTJ's average for all industries.

It is a far cry from the 35 percent top corporate tax rate.

Still, the three-year average for telecom companies is 8 percent; for information technology services companies, it is 2.5 percent, according to CTJ.

"A lot of the techniques that multinationals use to reduce taxes are simply not available to big energy companies," said Howard Gleckman, a fellow at the Tax Policy Center, a centrist think tank.

BIG OIL LACKS IP EDGE

One way big technology and drug companies cut U.S. taxes is by shifting intellectual property income to lower-tax countries. Oil and gas companies, in general, don't benefit from that.

Bob McIntyre, president of Citizens for Tax Justice, said the fact that oil companies still drill in high-tax countries like Saudi Arabia proves they will keep drilling if their U.S. taxes go up. "Their foreign tax rates are very high, and they don't leave Saudi Arabia," McIntyre said.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Legislation drafted by Democratic Senator Robert Menendez would limit this break, among others. Ending it completely would raise $14 billion over a decade, according to the White House.

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

But not to the USA!

That's awful! An American company made profits overseas and paid taxes overseas. Just terrible!

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011,

I'd need to check their calculations, liberal math is notoriously untrustworthy.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

I think all companies should be able to deduct all their expenses immediately.

 

[edthecynic]

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

In 2010, Chevron paid $12.9 billion in income taxes.

CVX Income Statement | Chevron Corporation Common Stoc Stock - Yahoo! Finance

I'm sure the rest of these claims are just as silly.

But not to the USA!

Analysis: Gas price spike revives fight over energy taxes | Reuters

When calculating the headline tax rates it displays to the public, the industry lumps together U.S. and foreign taxes. It includes taxes that are deferred and thus not paid yet. U.S. companies must pay taxes on profits earned abroad, but they can defer these taxes until they bring the cash into the country.

That is the method behind the American Petroleum Institute's 41 percent estimate for the industry as a whole.

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters calculation of securities filings.

Chevron paid about 19 percent by that method, near CTJ's average for all industries.

It is a far cry from the 35 percent top corporate tax rate.

Still, the three-year average for telecom companies is 8 percent; for information technology services companies, it is 2.5 percent, according to CTJ.

"A lot of the techniques that multinationals use to reduce taxes are simply not available to big energy companies," said Howard Gleckman, a fellow at the Tax Policy Center, a centrist think tank.

BIG OIL LACKS IP EDGE

One way big technology and drug companies cut U.S. taxes is by shifting intellectual property income to lower-tax countries. Oil and gas companies, in general, don't benefit from that.

Bob McIntyre, president of Citizens for Tax Justice, said the fact that oil companies still drill in high-tax countries like Saudi Arabia proves they will keep drilling if their U.S. taxes go up. "Their foreign tax rates are very high, and they don't leave Saudi Arabia," McIntyre said.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Legislation drafted by Democratic Senator Robert Menendez would limit this break, among others. Ending it completely would raise $14 billion over a decade, according to the White House.

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

But not to the USA!

That's awful! An American company made profits overseas and paid taxes overseas. Just terrible!

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011,

I'd need to check their calculations, liberal math is notoriously untrustworthy.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

I think all companies should be able to deduct all their expenses immediately.

But all companies can't, only Big Oil can. Who says Big Oil gets no special tax deductions all the other companies get?

 

[Toddsterpatriot]

But not to the USA!

Analysis: Gas price spike revives fight over energy taxes | Reuters

When calculating the headline tax rates it displays to the public, the industry lumps together U.S. and foreign taxes. It includes taxes that are deferred and thus not paid yet. U.S. companies must pay taxes on profits earned abroad, but they can defer these taxes until they bring the cash into the country.

That is the method behind the American Petroleum Institute's 41 percent estimate for the industry as a whole.

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters calculation of securities filings.

Chevron paid about 19 percent by that method, near CTJ's average for all industries.

It is a far cry from the 35 percent top corporate tax rate.

Still, the three-year average for telecom companies is 8 percent; for information technology services companies, it is 2.5 percent, according to CTJ.

"A lot of the techniques that multinationals use to reduce taxes are simply not available to big energy companies," said Howard Gleckman, a fellow at the Tax Policy Center, a centrist think tank.

BIG OIL LACKS IP EDGE

One way big technology and drug companies cut U.S. taxes is by shifting intellectual property income to lower-tax countries. Oil and gas companies, in general, don't benefit from that.

Bob McIntyre, president of Citizens for Tax Justice, said the fact that oil companies still drill in high-tax countries like Saudi Arabia proves they will keep drilling if their U.S. taxes go up. "Their foreign tax rates are very high, and they don't leave Saudi Arabia," McIntyre said.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Legislation drafted by Democratic Senator Robert Menendez would limit this break, among others. Ending it completely would raise $14 billion over a decade, according to the White House.

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

But not to the USA!

That's awful! An American company made profits overseas and paid taxes overseas. Just terrible!

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011,

I'd need to check their calculations, liberal math is notoriously untrustworthy.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

I think all companies should be able to deduct all their expenses immediately.

But all companies can't, only Big Oil can. Who says Big Oil gets no special tax deductions all the other companies get?

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Don't other companies get to deduct their labor costs in the year they're incurred?

 

[edthecynic]

But not to the USA!

That's awful! An American company made profits overseas and paid taxes overseas. Just terrible!

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011,

I'd need to check their calculations, liberal math is notoriously untrustworthy.

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

I think all companies should be able to deduct all their expenses immediately.

But all companies can't, only Big Oil can. Who says Big Oil gets no special tax deductions all the other companies get?

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Don't other companies get to deduct their labor costs in the year they're incurred?

Is "labor" the only cost in drilling a well?

The part already posted that already answered your question which you conveniently ignored in your quote:

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

 

[Toddsterpatriot]

But all companies can't, only Big Oil can. Who says Big Oil gets no special tax deductions all the other companies get?

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Don't other companies get to deduct their labor costs in the year they're incurred?

Is "labor" the only cost in drilling a well?

The part already posted that already answered your question which you conveniently ignored in your quote:

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

Is "labor" the only cost in drilling a well?

Ummm...no. But your link did say......

Most of the IDC is for the labor costs of drilling a well.



The part already posted that already answered your question which you conveniently ignored in your quote:

Yes, all companies get to deduct their labor costs, glad you agree.

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil.

And I already said, I think all companies should be able to deduct all their expenses immediately.

 

[edthecynic]

One major tax break for energy companies is a nearly century-old benefit letting them deduct "intangible drilling costs" (IDC) immediately rather than over time.

Most of the IDC is for the labor costs of drilling a well.

Don't other companies get to deduct their labor costs in the year they're incurred?

Is "labor" the only cost in drilling a well?

The part already posted that already answered your question which you conveniently ignored in your quote:

Energy companies liken this benefit to the research and development tax break employed by companies like Apple Inc.

"All the labor (that) tech companies spend on research and development, everything that Apple spends designing the next new product, they recover," said Brian Johnson, a tax expert at the American Petroleum Institute. "Cost recovery is cost recovery."

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil. As a rule, expenses that produce income in the future are not immediately deductible.

Is "labor" the only cost in drilling a well?

Ummm...no. But your link did say......

Most of the IDC is for the labor costs of drilling a well.



The part already posted that already answered your question which you conveniently ignored in your quote:

Yes, all companies get to deduct their labor costs, glad you agree.

Not exactly. Many tax experts across the political spectrum said the IDC is a clear exception made for oil.

And I already said, I think all companies should be able to deduct all their expenses immediately.

But all companies can't, only Big Oil can. Who says Big Oil gets no special tax deductions all the other companies get?

 

[buckeye45_73]

OBama paid 18%...LOLOLOLOLOL....somehow it's reported now? hmmmmmm.....and why arent libtards pissed about this?