Monday, April 15, 2013

"Those greedy oil companies don't pay their fair share!"

Except whatever.  Since today is Tax Day (actually, everyday is tax day), I thought you might like to check out this great article from the indispensible Mark Perry at Carpe Diem.  In it, he shows how the oil companies pay an incredible amount of taxes, the media's distortion of reality on this topic not withstanding.  Here's a slice:
In a WSJ op-ed today (“About Those Tax Breaks for Big Oil...”) Merrill Matthews cites a recent USA Today list of the ten US companies that made the highest income tax payments in 2012, and those ten companies are displayed above. Matthews points out that the two biggest corporate taxpayers last year were oil giants ExxonMobil and Chevron, and along with No. 6 ConocoPhillips, the three oil companies paid more in taxes last year ($59 billion) than the other seven companies combined. As the chart above shows, the Big Oil companies also paid much higher effective tax rates than the other companies on the list – the 51.5% effective tax rate of ConocoPhillips was more than twice the rates paid by Apple (25.4%), IBM (24.2%) and Microsoft (22.8%).  [Emphasis Marc Street].
Perry's article (here) has a very informative table and makes numerous interesting points, including his nomination of 10 "Tax Heroes".  Good stuff; you should definitely check it out today.