Corporate welfare for ExxonMobil

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ExxonMobil – the most profitable corporation in the history of the world – isn’t paying its fair share in taxes. Last year – the oil giant raked in over $41 billion in profits – that’s not revenue – that’s PROFITS. And even though corporations are supposed to be paying a 35% corporate tax rate – guess how much ExxonMobil paid?
Try just 13%. By using at least 20 different tax shelters – and an army of accountants – ExxonMobil was able to pay fewer taxes than even Mitt Romney. On top of that – Exxon continues to benefits from billions in taxpayer oil subsidies paid for by you and me each and every year. That’s corporate welfare at its finest.

Thom Hartmann Administrator's picture
Thom Hartmann A...
Joined:
Dec. 29, 2009 10:59 am

Comments

Yes.

You do realize that in order for corporations to avoid shareholder lawsuits, corporations must meet its fiducial responsibility. And one of these responsibility is to take full advantage of the law. Reduce your tax liability to the minimum possible and collect all possible government subsidies. Failure to do either is dereliction of fiducial duty and may incure share holder lawsuit.

Thom would know of the share holder lawsuit which was the landmark case of this. I'm not a lawyer so don't know where and when.

Share holders are as much to blame as the corporate executives.

smilingcat
Joined:
Sep. 23, 2010 9:14 am
Quote Thom Hartmann Administrator:

Exxon continues to benefits from billions in taxpayer oil subsidies paid for by you and me each and every year. That’s corporate welfare at its finest.

Thom, it is time to start being honest with yourself and with your listeners, otherwise you will continue to hemorrhage many many stations and markets.

You KNOW, that oil subsides are a "progressive" policy. Do you not care that our most valuable resource is available to all working people, and especially working people of limited income. Oil subsidies help the most vulnerable in our society get to work and to continue work.

You're a smart man, and to willfully distort this issue just to try and smack an oil company upside the head is part of the reason why the radio listening free market no longer takes you seriously.

Calperson's picture
Calperson
Joined:
Dec. 11, 2010 10:21 am
Quote smilingcat:

Thom would know of the share holder lawsuit which was the landmark case of this.

Dodge v. Ford 1919

http://en.wikipedia.org/wiki/Dodge_v._Ford_Motor_Company

It's also why corporate altruism is illegal.

chilidog
Joined:
Jul. 31, 2007 4:01 pm
Quote Calperson:
Quote Thom Hartmann Administrator:

Exxon continues to benefits from billions in taxpayer oil subsidies paid for by you and me each and every year. That’s corporate welfare at its finest.

Thom, it is time to start being honest with yourself and with your listeners, otherwise you will continue to hemorrhage many many stations and markets.

You KNOW, that oil subsides are a "progressive" policy. Do you not care that our most valuable resource is available to all working people, and especially working people of limited income. Oil subsidies help the most vulnerable in our society get to work and to continue work.

You're a smart man, and to willfully distort this issue just to try and smack an oil company upside the head is part of the reason why the radio listening free market no longer takes you seriously.

The subsidies don't change the price at the pump, that is set by supply and demand. The subsidies change how much profit the company makes.

Phaedrus76's picture
Phaedrus76
Joined:
Sep. 14, 2010 8:21 pm

any time someone starts out with "it is time to start being honest with yourself" Calperson - I say LOOK IN THE MIRROR BUDDY. Next I ask do you pay taxes? Do you work for the American Petroleum Institute?

I offer a response to your free market silliness. Free market money is freely provided by our conscription of WE tHE PEOPLE TAXPAYERS by our government for corporations.

Why don't corporations have to make their money like the rest of us? Why would Fed-Ex get an "award of 1.3 million" and then turn around & begin lay-offs? Why would Sprint Nextel need an award of 7.3 million dollars? Why would Directed Technologies, Inc.receive $3 million? Why would Lawrence Berkeley National Laboratory receive $1.9 million? Why would Battelle Memorial Institute receive $2 million?

The Department of Energy has awarded FedEx Freight $1.3 million under the American Recovery and Reinvestment Act to deploy fuel cell lift trucks at their Springfield, Missouri facility. FedEx Freight has installed 35 hydrogen fuel cell systems as battery replacements for a complete fleet of electric lift trucks at their existing service center. A permanent hydrogen fueling infrastructure has been built, including liquid hydrogen handling and gaseous compression, storage, and dispensing equipment for two indoor dispenser stations. Success at this service center may lead to further fleet conversion at some of FedEx's additional 470 service centers. Partners on this project included Air Products & Chemicals, Inc., headquartered in Allentown, Pennsylvania, and Plug Power, Inc., located in Latham, New York.

This below is from International Partnerships for the Hydrogen Economy Fact Sheet

“I am proposing $1.2 billion in research funding so that America can lead the world in developing clean, hydrogen powered automobiles” President George Bush, 2003 State of the Union Address, January 28, 2003

• The United States has committed $1.7 billion for the first five years of a long-term hydrogen infrastructure, fuel cells, and hybrid vehicle technologies development program."

I could go on & on & on - a million here a million there a billion here a billion there - where does it end ? ? ?

WHY DON'T CORPORATIONS HAVE TO EARN THEIR MONEY LIKE THE REST OF US "we the people TAXPAYERS" ? ? ?

media_muse
Joined:
Dec. 10, 2011 3:09 pm

So which side are you on here? Part of the (fallacy of) the free market is that the market price should not be distorted by taxes/tax cuts or externalties. Of course this is impossible, but anyway, are you for the free market or not?

Dr Mario Kart's picture
Dr Mario Kart
Joined:
Jul. 31, 2007 4:01 pm

I am on the side that says corporations need to earn their money like the rest of tax payers. It's called WORK.And then taxes paid on that work. Free market is in the eyes of the beholder and those that want it free sure don't mind that they get money free from the taxpayers.

You write: "the free market is that the market price should not be distorted by taxes/tax cuts or externalties". Which is a theory and now a well tested theory and all it has given us is a FREE LUNCH FREE FOR ALL lN CORPORATE WELFARE.

And BTW - your point is? Whatever the flippin' name you want to give this free for all - its rather clear ITS NOT WORKING - NOT HERE NOT ANYWHERE IN OUR WHOLE WIDE WORLD.

media_muse
Joined:
Dec. 10, 2011 3:09 pm

Killing us quickly - no more soft killing. Corporate welfare is about killing. You know the guys who call their buds to say "I made a killing today!" Why does 3M Company & Eaton Corporation need $5 million? Why can't they get their own money together and make an investment in their OWN corporation?

EERE » Fuel Cell Technologies Program » News March 27, 2012

The Energy Department today announced the investment of more than $5 million in two projects—led by 3M Company in St. Paul, Minnesota, and Eaton Corporation in Southfield, Michigan—that will lower the cost of advanced fuel cell systems by developing and engineering cost-effective, durable, and highly efficient fuel cell components. In support of President Obama's all-of-the-above energy strategy to reduce America's reliance on foreign oil, the 3-year projects were awarded under DOE Funding Opportunity Announcement DE-FOA-0000360 and will focus on meeting specific cost targets and boosting the performance of fuel cell systems for vehicles and stationary applications, such as stand-by power systems. These investments are a part of the Department's commitment to U.S. leadership in innovative fuel cell technologies that give American families and businesses more options that reduce petroleum use.

media_muse
Joined:
Dec. 10, 2011 3:09 pm

I'm not opposed to eliminating all taxes on corporations. Treat them like churches. And prohibit all lobbying and political speech. Tax their shareholders. Maybe then we can enforce some antitrust laws.

chilidog
Joined:
Jul. 31, 2007 4:01 pm

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