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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Tenchusatsu who wrote (434841)	11/13/2008 4:11:45 PM
From: Alighieri	Read Replies (2) \| Respond to of 1574483

a) The point is not to make anyone "feel sorry" for ExxonMobil, but to counter the ridiculous notion that Big Oil enjoys huge tax advantages relative to individual taxpayers. They do...they pay income taxes on net earnings and they can deduct just about anything and everything...so the net earnings have been scrubbed by the best tax attorneys money can buy. b) It's not my business to pry into your financial situation, but I still find it hard to believe that your tax rate is far higher than 41%. It's not. I have posted the math before. Say you are married and have net earnings (all simple earnings) of $80K a year and live in RTP, North Carolina (I am familiar with NC so it's easy to use it as an example) and you own a modest house assessed in value at 300K. You will pay the following: SS+Medicare - 7.65% (I am not counting your employer's contribution by the way) State Income Tax - 7.5%+ Federal income tax - ~25% + 8K Real Estate Taxes - 3% approx of 80K income (based on $300K house) Gas, food, and any other consumable taxed at 7%... You get to 50%+ real quick...if you make more than 80K? ...even quicker...don't feel sorry for Exxon...as a NC tax payer, you won't have the tax loopholes they have. Al