Here’s something for the tax-paying ‘Mericans to keep in mind when sequestration hits in 32 days

[kpete]

http://underthemountainbunker.com/2013/01/28/a-nation-of-malingerers-from-welfare-queens-to-disabled-deadbeats/

[liberal N proud]

1. Send that to everyone you know who complains about welfare queens

[bigapple1963]

2. I'm confused

Does this mean Exxon does not pay any federal taxes? I think the guy on food stamps pays little or no federal taxes.

Or is this something like mortgage interest deductions where companies can shield some revenue?

[Ashy Larry]

3. This article may help

clarify Exxon's tax situation: http://www.motherjones.com/mojo/2011/06/ge-exxon-10-other-major-corporations-paid-negative-tax-rate

[Wednesdays]

4. I weep for poor, poor Exxon

Wahh... Will they never catch a break?

[jeff47]

7. Not only do they not pay federal taxes, they get large subsidies. (nt)

[bigapple1963]

8. wow

what kind of subsidies?

[jeff47]

9. Never heard of oil subsidies, huh? (nt)

[bigapple1963]

14. are these

"oil subsidies" direct cash subsidies or tax credits?

Cash subsidies: direct transfer of cash.

Tax credits: you still pay taxes, but just less.


I'm trying to figure out whether these subsidies are more like food stamps (as in the cartoon) or like mortgage interest deductions (tax shields).

[jeff47]

16. They're both.

There's an awful lot of them, many with positive intentions (such as home heating oil assistance).

Net result is cash going from the feds to the oil companies.

[Orrex]

17. Here's one for starters

http://www.nytimes.com/2010/07/04/business/04bptax.html?pagewanted=all&_r=0


[link:http://www.google.com|If only there were some sort of online mechanism to facilitate the hunt for information among a range of sources.

If only...]

[bigapple1963]

18. your article

basically says that these are tax breaks (which only work if you have taxes to pay), which are not what the poster above claimed (direct cash subsidies, zero federal taxes).

[Orrex]

19. Your definition of subsidy is at odds with reality

A break on taxes owed is a direct cash subsidy. A tax break for taxes paid by a select and small constituency is a direct cash subsidy.

You apparently want to define "subsidy" as a literal wheelbarrow of actual cash actually rolled up to the corporate headquarters and dumped on the CEO's desk. That's a foolishly narrow and culpably short-sighted definition.

[Smilo]

5. Hubby and I were talking about this last night

We came to the conclusion that the rightwing would like nothing better than to re-introduce debtors' prisons and the poorhouses.

To them the Victorian era was one to admire. The old Scrooge and Marley are to be glorified.

[blackspade]

6. They have them now.

They are called private for-profit prisons.

[Smilo]

10. True enough there

[NutmegYankee]

11. Companies are using the Court system to get people to pay debts.

If you can't pay the debt or miss an appearance, you are arrested and jailed.

Modern day Debtors Prison. http://www.dailyfinance.com/2012/08/30/debtors-prison-is-back-and-just-as-cruel-as-ever/

http://consumerist.com/2011/02/17/lawmaker-tries-to-stop-modern-day-debtors-prisons/

[okaawhatever]

12. I think we need to start calling oil subsidies oil stamps. Help neo cons get the picture. great pic

[hfojvt]

13. 32 days?

But I thought the fiscal cliff deal masterfully p3wned the Republicans on sequestration.

Aren't we gonna celebrate another huge victory in 32 days?

[Orrex]

15. k/r