Formerly About Advanced Micro Devices Message Board

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Politics : Formerly About Advanced Micro Devices

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To: Alighieri who wrote (622752)	8/4/2011 9:04:10 AM
From: TimF	1 Recommendation Read Replies (2) of 1579789

Domestic energy companies paid some 500 Billion in corporate income taxes (F&S) over the period 1977-2004, according to the Tax Foundation -- on pre-tax profits of about 1.1 Trillion. You can presumably do the arithmetic. No you do the math dummy....that would equate to 45% tax rate. I share your doubt that they paid that much in normal corporate income tax to the US federal government, but it might be accurate, if it includes when they where slammed with a "windfall profits tax" on top of ordinary corporate income taxes, and it includes taxes paid to foreign and state governments. In any case the total amount of taxes paid, including all of those and the taxes on refined oil products, and fees paid to governments, far exceeds the profits of the oil companies. If you include all of those the lions share of the profit goes to governments, the effective tax rate paid is well over 50%.

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