Sunday, October 12, 2014

SHAME ON THE BIG BAD OIL COMPANIES … REALLY!? CHECK YOUR LOCAL GOVERNMENT!!!!!!

A gasoline tax map that explains a lot … http://dailycaller.com/2013/05/29/nyt-oil-companies-paid-the-most-in-taxes/

In last week’s post about ExxonMobil’s 2013 earnings, I noted that we earned about 5.5 cents for every gallon of gasoline and other petroleum products we refined, shipped, and sold in the United States. Yet, the Federal Government continue to vilify the oil companies.
Consider this: The federal and state and local governments collected 40 to 60 cents per gallon in taxes at the pump.  What impact would there  on budgets and Income Tax rates, if the price of a gallon of gas was reduced to 2001 rates?
The American Petroleum Institute just updated their map showing the combined local, state and federal tax rate in each state as of Jan. 1, when new taxes took effect. 
  
FEDERAL GOVERNMENT VS OIL COMPANIES
The federal gasoline tax is the same from coast-to-coast @ 18.4 cents a gallon – which means any variations have been implemented by state and local governments.  What was the price of a gallon of gas in 2001 when George W. Bush entered office?

THE EVIL OIL COMPANIES AN EXAMPLE: 

$62.6 billion – That’s ExxonMobil’s direct contribution to the U.S. economy in 2013 in terms of taxes, capital and operating expenditures, and returns to shareholders. ExxonMobil’s direct contribution to the U.S. economy was seven times higher than our U.S. earnings, which were $9.1 billion for 2013. Our indirect contributions are vast, supporting American competitiveness, manufacturing, and improved standards of living.
$42.5 billion – That’s how much ExxonMobil invested in 2013 to find and produce new supplies of oil and natural gas around the globe. About a quarter of that was invested in the United States, which helps explains why an organization like the Progressive Policy Institute would applaud ExxonMobil as a top corporate “Investment Hero” for capital spending that spurs job and economic growth.
$9.8 billion – This is ExxonMobil’s U.S. tax expense for 2013, a figure exceeding our U.S. earnings of $9.1 billion. That’s approximately $817 million for federal, state, and local governments each month. I’ll break it down further. That’s a U.S. tax expense of nearly $27 million every single day of 2013, and it’s why a recent analysis identified ExxonMobil as the top corporate taxpayer in the United States.
35 percent – ExxonMobil’s effective U.S. tax rate in 2013.
5.5 cents – That’s how much ExxonMobil earned in 2013 for every gallon of gasoline and other products we refined, shipped, and sold in the United States. Compare that to 40 to 60 cents per gallon collected by the federal, state, and local governments in gasoline taxes.
FEDERAL GOVERNMENT TAX IS $0.184 CENTS,  70% MORE ON EVERY GALLON OF GAS SOLD IN THE UNITED STATES THAN THE OIL COMPANY AT 5.5₵ PER GALLON!!!
The highest gasoline tax in the country is in California, where it now exceeds 70 cents a gallon. Combined with California-specific fuel-blending regulations that drive up refining costs, these taxes help make Golden State gasoline prices the most expensive in the country.
Several other states, such as New York, Connecticut, and Hawaii, are close to California in terms of the fuel-tax burden their residents bear, though none has yet joined in crossing the 70-cent-per-gallon threshold.
I encourage you to study the interactive map for state-and-local-level specifics.