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Politics : Formerly About Advanced Micro Devices
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To: J_F_Shepard who wrote (612515)5/22/2011 10:57:58 PM
From: i-node1 Recommendation  Read Replies (2) of 1583878
 
>> Why would you give subsidies to companies making billions in profits and have them avoiding taxes or allowing them to claim headquarters in off shore tax havens....?

I cannot find any evidence the oil companies receive substantial "subsidies". I do believe they are the beneficiaries of certain tax incentives, just like practically every other business in America.

As to "Offshore tax havens", it is important to remember that the five big oil companies are huge global organizations, and their domestic income is taxed just like that of any other corporation. They are free to place their headquarters anywhere in the world and there isn't a damned thing the US can do about it.

It isn't just the oil companies. If Congress doesn't like it, they can change it. HOWEVER, there are serious economic consequences to doing so, and Congress realizes that fact.

Tax havens are NOT a product of bad tax law. They are a product of highly competitive global operating environments, where some countries choose to be more accommodating to foreign corporations. Countries like the U.S., that penalize corporations with high tax rates, are getting what we asked for.

You complain about them making too much money, but you have five big oil companies splitting the entire world's oil company revenue. They SHOULD be making a lot of money. If they didn't make a lot of money they couldn't roll the dice on billion dollar drilling rigs and $30 Billion payoffs to the White House.
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