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Re: Put Obama on the spot with his lies-Part 2
by raptor5618

"Taxes are paid based on net revenue. That would exclude operating expenses and investment from gross revenue.....unless their accountants are complete morons, I'd guess that the numbers are intentionally misleading."

Unless I do not understand what you mean, investment is not an activity that reduces net income. It is strictly a balance sheet transaction.

The full financial sheet can be reviewed so there is nothing misleading about it. It is audited so it has to comply with GAAP. You may argue that the source data is bogus and well hidden or they conduct business in ways to insure their numbers reflect some kind of story as you imply. I cannot prove that is not true any more than you can prove it is true.

Some of the other taxes might be royalties that they pay for oil they draw from the leased well sites. I am also sure that there are all the other sorts of taxes that any company pays such as property tax etc.

While you may draw a distinction that we pay the fuel tax and I can see how that would somehow seem disingenuous that those taxes would be included in the total taxes paid number, the truth is we pay all those taxes.

The taxes are all built into the cost structure that ends up as the price at the pumps. So depending on which way the wind is blowing there are many on this site that would say that the taxes keep Exxon from having a higher profit margin because they would just raise the price if all taxes were forgiven or you can say that the taxes keep gas prices higher than they are.

In the end for every dollar you spend for gas includes roughly $.30 for taxes and $.10 for Exxon if you buy from them, pretty much nothing if you buy from Phillips.

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