Are the Oil companies unfairly under attack? Without being socialist (in a democracy) Justify an over 40% tax?

Question

I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.

By the way, Exxon pays taxes at a rate of 41% on its taxable income!

[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]

In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

Answer 1

Yes.  This is a case of trying to kill the messenger.  The market, not the oil companies, sets prices.

Answer 2

If you watch Fox News, even Bill OReilly has been all over the oil companies.  It's not like there is an option to using oil, it is the ultimate monopoly.  The current price has little to do with supply and demand.  At a time when oil prices are the highest in history, these companies continue to bring in the highest profits ever each quarter.

They are holding us hostage.  Even OReilly says so.

Answer 3

The oil companies are not unfairly taxed.

In a progressive income tax system you only pay if you make the money.  

Are you surprised to learn that Warren Buffett pays more tax than I do?  He is a billionaire and I'm not.  I hope he pays more tax than I do.

If Exxon Mobil was not making record-breaking profits they would not be paying the tax you describe.

You point out that EM is a corporation and compare to individual tax payers.  Perhaps you should point out you are comparing apples to oranges?

Answer 4

Yes and to add fuel to the Obama mindless zionist voters who vote based on empty promises take a look at this