Exxon Mobil 2011 Profit: $41.1 Billion; Tax Rate About 17.6% (For 1/31/12)

Exxon Mobil's 2011 $41.1 billion profit was the largest of the five biggest oil companies. It recorded an estimated corporate tax rate of 17.6% from 2008-2010, lower than the 20.4% that the average American paid during the same time. It uses Carribean bank accounts as tax shelters and paid no federal income taxes on 2009 profits of $45.2 billion. From 2005 to 2010, job losses from the company's total workforce amounted to 11,200. Instead, it used its profits to enrich its executives, directors, and biggest investros with over $20 billion of stock buybacks in 2011. http://thinkprogress.org/green/2012/01/31/415242/exxonmobil-made-411-billion-in-2011-but-pays-estimated-176-percent-tax-rate/

Mitt Romney Could Have Waited Decades to Pay His Taxes (1/22/12)

Mitt Romney pays an federal income tax rate of about 15% and says he is "not going to apologize for being successful." Someone who earns a wage of $60,000 also pays about this rate. Dividends and capital gains, which comprise most of his income, have tax rates of 15%. As someone who manages an investment partnership such as Bain Capital, Romney can make income now and report it as carried interest. This allows him to defer tax payments for decades. He promises to release many years of his tax returns. He put $100 million aside for his sons. What he is paying taxes on will remain a mystery if he does not release tax returns from 1984-1999, when he ran Bain Capital. This will surely spur the debate for serious tax reform. http://www.huffingtonpost.com/2012/01/22/column-what-romney-tax-re_n_1218453.html?ref=business

Romney: My Tax Rate is Lower Than Most Americans (for 1/17/12)

Mitt Romney says he pays about 15% taxes on his income. The investments he previously made comprise much of his yearly income over the past decade. He also gets income from his book and giving speeches. Noted investor Warren Buffett has railed against the 15% rate for being lower than average Americans and wants Congress to stop favoring the wealthy. For the year ending February 2011, Romney received over $300,000 for giving speeches. This is not much for him, which speaks to his immense wealth. Tax rates for dividends and capitol gains are only 15%. Democrats do not like seeing people who teach, keep our streets safe, or do hard, physical labor pay higher income tax rates than multi-millionaires like Romney. Even Newt Gingrich wants Romney to make his tax returns public. This should spur tax reform to make the Top 1% pay higher minimum taxes. http://www.cbsnews.com/8301-503544_162-57360230-503544/romney-admits-he-pays-lower-tax-rate-than-most-americans/

Romney Tax Plan Least Generous to Top 1% Among GOP Candidates (for 1/8/12)

Mitt Romney wants to give millionaires and billionaires even more tax cuts they don't need. But, among GOP Presiential candidates the least generous to the Top 1% of the wealthiest Americans. He would still tax a millionaire's income at an effective rate over 25% on everything above $1 million. Newt Gingrich's plan would see even steeper tax cuts for the wealthy, as nobody would face a rate over 18%. Millionaires would face an effective tax rate of 11-12%. Under Rick Perry, Nobody would face a rate of ovr 20% and millionaires would face a rate of 15%. Under Herman Cain and his infamous "9-9-9 Plan", millionaires would pay the lowest tax rate of everyone. This is the worst plan of all as everyone from $35,000 to $200,000 would face the highest tax rates. Millionaires currently face a top rate of 35%. They are not suffering. They cannot get more tax cuts with the possibility of Medicare or Medicaid cuts in the near-future. That would be inhumane. http://news.firedoglake.com/2012/01/06/relative-to-gop-field-romney-tax-plan-gives-less-to-the-rich/

Romney Tax Plan Benfits The Rich; Hurts Everyone Else (for 1/6/12)

Mitt Romney's tax plan would help those in the Top 1% the most. Millionaires will get an average tax cut of nearly $150,000. Those making up to $100,000 get small tax cuts ranging from $27 to $490. Those in the middle class would effectively get a tax hike, as everyone at $40,000 or under would have to pay $14 to 191 in extra taxes. It would also increase the Federal budget deficit, causing the National Debt to go up. http://www.dailykos.com/story/2012/01/06/1052212/-Mitt-Romney-tax-plan-would-hurt-low-and-middle-income-Americans,-give-huge-tax-cut-to-wealthy?via=blog_1 http://www.taxpolicycenter.org/numbers/displayatab.cfm?Docid=3256

The 99% are More Giving Than The Top 1% (for 12/28/11)

While the wealthiest 1% of Americans donate more overall income than all other Americans, they are actually less charitable than other Americans. Wealthy people often establish their own philanthropic foundations for giving. Their donations often go to cultural causes, their alma maters, and other causes not primarily interested in helping those in great need. The rest of Americans donate through their churches. The wealthiest Americans' giving is most often influenced by tax breaks. Their donations are fully tax deductible, but the law requires a foundation to only give away 5% of its total funds annually. But, charitable donations have ranged from 1.7 to 1.95% of earnings per year, even as the top individual tax rate has dropped from 70% in 1980 to 35% in 2003. The result of this is huge public sector losses of around $250 billion, maybe more, to Federal and State Governments. Sometimes, as in the case of Charles Koch, their giving serves their own purposes. Since 2008, Koch has donated money to Florida State Univeristy to hire economics professors according to his preferences. Therefore, he can pick professors who will teach students his views on free market capitalism and why government is bad. http://www.alternet.org/story/153560/the_giving_season%3A_why_the_99_are_actually_more_philanthropic_than_the_1/