Friday, February 2, 2018

Oil giants Exxon Mobil, Chevron win $8 billion windfall from GOP tax cuts

Via Billy

http://cdn.washingtonexaminer.biz/cache/1060x600-c26f953455fe77b1bf04e9a2deabafee.jpg

The energy companies join an array of S&P 500 stalwarts reporting billions in one-time benefits from the bill, which lowered the top corporate rate to 21 percent from 35 percent and created a territorial tax system that will halt the application of U.S. levies to profits earned and taxed overseas, then brought back to the country.

6 comments:

  1. exxon and chevron get 8 billion.....
    aaannnnndddddd
    google, apple, amazon, and Microsoft got HOW MUCH?????
    econ 101..... corporations DO NOT pay taxes. those costs are passed onto the CONSUMERS...you and me.
    lowering corporate taxes usually results in lower product prices.
    and where do corporations "hide" all those huge profits???
    oh, that's right, they pay them out in DIVIDENDS, so if you want some of that obscene money, buy some of their shares.

    ReplyDelete
  2. There are more benefits.

    1. Lower taxes equal greater profits equal (potentially) higher dividends.
    2. Lower taxes can result in pay increases or bonuses to employees. I don't know whether either company has announced this.
    3. Lower taxes means more investment by the company. Exxon has announced it will invest $35B in the US over the next five years due in part to the tax cuts.
    4. All of the tax money will be rolled over to others i.e., it will be spent and then taxed by the government.
    5. The bad news is the increase in debt. Obama increased the debt by $10B in eight years. The tax cuts will add another $1B annually, which does not reflect taxes on the rollover money or the new taxes that will result from growth.

    Overall the tax cuts have been very well received and, surprisingly, businesses have been acting responsibly by passing some of the money on to their employees. The economy needed a kick in the butt. It got one.

    ReplyDelete
    Replies
    1. surprisingly, businesses have been acting responsibly by passing some of the money on to their employees.

      Agreed.

      Delete
  3. What does it say about someone who sees government NOT taking what a corporation or a person EARNS as a "windfall?"

    Such notions are an affront to the God given right of private property and would have made the founders, as well as all who love liberty, sick to their soul.

    Y'all have a nice day.

    ReplyDelete
    Replies
    1. NOT taking what a corporation or a person EARNS

      Good point.

      Delete