First of all, those"excess" windfall profits are what pays the dividends to millions of working Americans through retirement accounts, pension plans and mutual funds. And Secondly, who gets to decide what "excess profits" are? The government, of course. Which we all love and trust. Anyhow, here's the facts about profits and taxes at Exxon last quarter:
According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter. That profit works out to $1,485.55 a second. Wow. That's a lot of money. But wait. . .
. . . Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second.
So Exxon Mobil's profit is a bit over 8% of sales, but the taxes they paid are over 23% of sales! So Exxon has already paid not quite three times more in taxes than they made in profit! And Obama wants to tax them more?! Holy moly.
And oh, by the way, corporations don't pay taxes. Yes, we have a corporate tax rate of 35% or so in the US, and yes, corporations do "pay" this money. But not really. In reality, corporations are just a collection agency for the government because they collect the 35% from me and you by adding that 35% to the cost of the item they're selling to us. It's embedded in the price so we don't even see it.
And Obama promises to take more and more. That means that you and me, not corporations, are gonna pay more and more. Or else our kids and grandkids will be paying it in the future through payments on our national debt.
Here's a simple graphic of how Obama's Plan will work:
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