How much Tax does Big Oil Actually Pay?
President
Obama is intent on cutting the tax breaks that are handed out to the
oil and gas majors. He has now made several attempts to pass a law in
congress that will remove all tax breaks in the oil sector, and bring in
an extra $25 billion in tax revenue over ten years, but each time
congress throws out the proposal. Last year ExxonMobil announced a net
income of $41 billion, Chevron a net income of $27 billion, and
ConocoPhillips $12.4 billion. They were Americas three largest profit
makers, and hugely helped by the high oil prices. Obama has…Read more...
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