Tea Party gives big tax breaks to big oil companies

Washington : DC : USA | Apr 07, 2011 at 4:23 PM PDT

By itobin53

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Record Breaking profits again for Exxon Mobil

While the middle class and poor are being economically squeezed by the Tea Party class of 2011, big oil companies are on their way to the bank with more government welfare, in the form of tax breaks.

In Tea Party Republican Rep. Paul Ryan's budget plan called The Path to Prosperity, oil companies are slotted to get another 10% reduction in the corporate tax rate.

So why aren't oil company executives rejoicing in the streets?

"The U.S. federal corporate income tax rate of oil giant Exxon Mobil in 2009 was effectively zero. And its profits were far from low. In 2008, it was the world's most profitable company," according to Think Progress.

In 2009, Exxon Mobile made $19 billion in profits, thanks to tax loopholes, and government rebates and subsudies.

Ten percent of nothing is still nothing.

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Tax breaks and government subsudies help big oil companies post record profits and pay no taxes

itobin53 is based in Tampa, Florida, United States of America, and is an Anchor for Allvoices.

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