Sunday, March 08, 2009

Big Oil, Big Taxes

According to tax data just released by the IRS for 2006 (thanks to TaxProf), the entire bottom 50% of individual taxpayers (67.9 million tax returns) paid $30.6 billion in U.S. federal income taxes in 2006. According to tax data from the EIA, the 26 major energy producing companies (list here) paid $25.9 billion in U.S. federal taxes in 2006, in addition to about $55 billion in foreign income taxes.

In other words, Big Oil paid almost as much in federal income taxes in 2006 as the entire bottom half of individual U.S. taxpayers.

8 Comments:

At 3/08/2009 9:09 PM, Blogger David Damore said...

Are the taxes paid by oil firms from revenues or from gas taxes they collect for the government or a combination of both?

Clarification would be helpful. Thanks.

 
At 3/08/2009 9:15 PM, Blogger pakurilecz said...

from revenues of course

 
At 3/08/2009 9:43 PM, Anonymous Anonymous said...

I'm assuming that doesn't include SS taxes for employees. I wonder if that would add a significant amount to the total.

 
At 3/09/2009 5:14 AM, Anonymous Chris H said...

Of course, companies don't pay taxes: people pay taxes.

What's the split for oil companies? 10% the owners, 40% the customers and 50% the employees?

 
At 3/09/2009 7:15 AM, Blogger lineup32 said...

better get the lower econonmic wages up and fast or else tax rates for the wealthy and corporation will return to prior President Reagan levels.

 
At 3/09/2009 9:06 AM, Anonymous Anonymous said...

better get the lower econonmic wages up and fast or else tax rates for the wealthy and corporation will return to prior President Reagan levels.

Yeah, that jerk Reagan. He cut taxes and ushered in over 20 years of prosperity. Not to worry the Democrats are going to CHANGE all that.

 
At 3/09/2009 4:54 PM, Anonymous Anonymous said...

"Yeah, that jerk Reagan. He cut taxes and ushered in over 20 years of prosperity. Not to worry the Democrats are going to CHANGE all that."

Reagan was the freaking engineer of the mess we are in. Deficits don't matter, leverage doesn't matter...etc

 
At 3/10/2009 3:38 PM, Blogger 1 said...

"Reagan was the freaking engineer of the mess we are in. Deficits don't matter, leverage doesn't matter...etc"...

You know, you're absolutely right...

Damn it all! Why couldn't Reagan get rid of Social Security, Medicare, Medicaid, and all the rest of those socialist nanny state programs that are driving this country to wreck & ruin?

 

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