While you were robbed blind at the pump this year (and GOP blamed Biden), Exxon made $55,700,000,000 in profits.
Over $1 billion per week.
$152,600,000 per day.
$1,766.24 per *second.*
"Congress should heed #POTUS’s call and pass my bill to claw back Big Oil’s excess profits."
- Sheldon Whitehouse, Senator
@skykiss ☝🏻
Claw back all excess profits in all sectors, and of course oil and gas 🔥
Here in Canada too
Excess profits is a funny term.
It's one person deciding how much someone else should make, beyond their costs.
So like, I think you made too much last year. I'm going to call back some of your income because it was too much that you made.
Guess you should have spent more on groceries!
@volkris @alanrycroft @skykiss Unfortunately most regular citizens are not subsidized like the gas and oil industry. And, when you take into consideration the related climate damage (that the oil companies knew about in the ‘70’s but hid the data) the costs of us letting them garner profits while being subsidized and paying less taxes than an average citizen…. 1/2
@volkris @alanrycroft @skykiss Well, we clearly need to claw back profits that are creating costs and are built on subsidies.
https://www.investopedia.com/articles/investing/011216/understanding-how-oil-companies-pay-taxes.asp
Exxon Mobil only paid about 3% tax
2/2
Profits do not create costs. That's just not how legitimate accounting works.
Profits are income minus costs, profits are the situation after costs are already deducted, so it just doesn't make mathematical sense to talk about profits creating costs.
Exxon Mobil may have submitted money to the US Treasury but you know where that money came from? Customers.
Every person who went to an Exxon gas station was charged to pay that tax bill. No matter how poor you were, no matter how much you were struggling to balance your checking account at the end of the month, you ended up paying that taxation which is a huge problem.
Corporations aren't people. We should not talk as if they are for the sake of taxation.
Thank goodness Exxon was able to minimize its taxation as much as it did or else it would have had to take even more from a whole lot of people who couldn't afford it.
