From The Progress Report --- July 28, 2011:
Big Oil Hits A Gusher
No ‘Shared Sacrifice’ for Big Oil
While the government’s coffers are nearly empty (not unlike the wallets of millions of Americans), Big Oil is still flush with cash — including some of the $4 BILLION in taxpayer-funded handouts they’ll get from Uncle Sam this year. This week, the government-subsidized oil giants once again reported tens of billions of dollars in profits.
As the nation teeters on the brink of default, the GOP wants us to “kiss Medicare goodbye” (along with Medicaid and Social Security), but they still refuse to touch a dime of the $77 BILLION in taxpayer handouts that we’ll give to the most profitable industry the world has ever known over the next 10 years.
Here are the numbers you need to know:
ConocoPhillips’ second quarter profit.
BP‘s second quarter profit, which investors called “disappointing.”
Shell’s second quarter profit.
ExxonMobil’s second quarter profit.
ExxonMobil’s effective federal tax rate.
The average American’s individual effective tax rate.
The increase in ExxonMobil’s second quarter profits.
The cost of taxpayer-funded subsidies for Big Oil from 2011-2021.
In one sentence: Even as ExxonMobil made more than $118 MILLION a day in profits last quarter, it is still paying a lower tax rate than the average American.