ExxonMobil's 1st Quarter Profit $10.6 Billion. They get tax breaks why?

[bluesbassman]

That's not a typo. Ten Billion, Six Hundred Million Dollars.

ExxonMobil profited nearly $11 billion according to their quarterly report issued Thursday while gas prices hit an average of $4 a gallon. Consumers and politicians, including President Barack Obama, are calling for action.

While prices at the pump continue to rise, Exxon reported a first quarter net income of $10.65 billion, a 69 percent increase from the same time last year. ConocoPhillips reported a 43 percent increase in first quarter profit, to $3 billion.

So any rationally thinking person might say to themselves that a company that made over $10 billion dollars in a quarter probably is pretty stable and really doesn't need any help from the American taxpayer. Yes they might think that, but they'd be wrong.

"If someone in the administration can show me that raising taxes on American energy production will lower gas prices and create jobs, then I will gladly take a look," said Senate Republican minority leader Mitch McConnell.

The oil and gas industry agree with Sen. McConnell and warned that eliminating their tax breaks for exploration and subsidies will likely result in job cuts.

So there it is. Any time a major US corporation's welfare entitlement is threatened, out pops the "lost jobs" boogeyman. Well you know what McConnell? Why don't you tell us how many jobs Exxon has created in the past quarter in THIS country (you know, the one that paid for that $10.6b profit)?

[pepperbear]

1. because they're going to use that 10.6 billion to create jobs for everyone!

Hey, how much you want for that bridge?

[Rex]

2. Because the US govt works for them and not the people?

We are the govts last worry.

[athenasatanjesus]

3. Because Oil comes from the sweat glands of oil tycoons,not from the earth.

So they don't owe us squat.

[Avant Guardian]

4. So that it will trickle down

That's the theory behind it. Stupid, aint it?

[rustydog]

5. Paul Ryan can explain it better than me...

[Kablooie]

6. It was explained on NPR.

If the oil companies didn't get the tax breaks they would have to cut the workforce dramatically and thousands would lose their jobs.
So giving the oil companies tax breaks helps solve the job crisis and is wonderful.

This was explained by a woman from an oil industry organization.

See?


(Apparently they refuse to use profits to pay workers. They insist on tax payers giving them money to pay salaries with.)