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

To: J_F_Shepard who wrote (644110)	1/30/2012 11:03:10 PM
From: TimF	1 Recommendation Read Replies (1) \| Respond to of 1581980

As of July 2009, the average state gasoline tax in the United States is 28.6¢/gal, plus 18.4¢/gal federal tax making the total 47¢/gal . For diesel, the average state tax is 27¢/gal plus an additional 24.4¢/gal federal tax making the total 51.4¢/gal en.wikipedia.org According to eia.gov 365,247.6 thousand gallons of gasoline are sold in the US each day Multiplying by 1000, and the by 365.25 (to get annual usage) you get 133,406,685,900 gallons per year. x $.47 gives you $62,701,142,373. That's just for gasoline. Then you have diesel (with slightly higher taxes), aviation gas and jet fuel (similar taxes except for the big airlines who are allowed lower taxes, but anyway it adds more in the total taxation), and any other taxes on any refined products. Its probably over $100bil total. Going back to an earlier post on this thread about the claimed tax breaks for oil companies Message 27911651 the claim is $61.275 billion. But looking at the claims its obvious most of them are not targeted tax breaks for the oil companies. The largest is "Last in, First Out account", which isn't really a tax break at all, you still have to recognize all profits eventually and you'd still get to recognie your expenses eventually. Moving them around in time can be worth the time value of money om that amount, but its would be a small fraction of the headline figure for the break. Also its generally available, not just for oil companies, so it isn't a targeted break. Removing that subtracts $29.661 billion. That leaves you with $31.614bil. Others are also generally available, or aren't for oil companies (the tax benefit for coal companies), or only delay the tax rather then eliminating it (if you delay $20bil in tax, it could save you a few billion in interest, but it doesn't save $20bil). $10bil would probably be an enormously generous figure for the total of all these breaks' benefit to the oil companies. Certainly no more than $20bil, maybe less than 5. -------------- Gasoline Taxes Per Gallon Are Almost 7 Times ExxonMobil's Profit: 48 cents vs. 7 cents for QI mjperry.blogspot.com Who makes more profit on oil, Exxon or the government? Please read details before answering. From Exxon Annual Report 2007: Total revenues and other income: $404,552 Billion Total taxes and duties: $102,400 Billion = 25% of Total revenues/income (i.e. Taxes are 2.5 times Exxon's profit) Net income: $40,610 Billion = 10% of Total revenues/income (i.e. A modest 10% profit margin) Source: Exxon Annual Report 2007 answers.yahoo.com