Big oil write offs.....

[SoonerInTN]

nm

[I Am Right]

Can someone name me a bad oil co?

[StoopTroup]

Maybe it's just the one to get before going after the others?

[RACHEL MADDOW is my clone]

Can someone name me a bad oil co?

ALL OF THEM!!

[OutlandTrophy]

Can someone name me a bad oil co?

There are a few. There are a few don't pay royalty owners what they are legally owed.

[okie52]

ALL OF THEM!!

Are you riding a bike to demonstrate your disgust with these capitalistic enterprises?

[Mjcpr]

They just write it off.

[RACHEL MADDOW is my clone]

Are you riding a bike to demonstrate your disgust with these capitalistic enterprises?

I don't know what "capitalistic" means. Anyway, I drive a smart car.

[okie52]

I don't know what "capitalistic" means. Anyway, I drive a smart car.

What Type fuel does it use?

[REDREX]

I don't know what "capitalistic" means. Anyway, I drive a smart car.---Make sure you have checked the organ donor box

[Breadburner]

Can someone name me a bad oil co?

GHK...You probably wont get that if you're not from Oklahoma....

[KABOOKIE]

---Make sure you have checked the organ donor box

Would a democrats organs be intact after a crash in a smart car? I don't think so.

Well, I suppose if they collided head on with another democrat riding a bicycle then their organs just might useful. That is assuming the cyclist pulls their dead body out of the car and puts them on ice immediately after the head on collision.

[diverdog]

According to Exxon's 2010 10k filings they paid no US taxes. I guess you guys are okay with that since they enjoy azz raping you at the gas pump.

[okie52]

I don't know what "capitalistic" means. Anyway, I drive a smart car.


According to Exxon's 2010 10k filings they paid no US taxes. I guess you guys are okay with that since they enjoy azz raping you at the gas pump.

You can do better than that diver. Did you notice oil was down to $33 a barrel in 2009?

Did you miss Exxons previous returns when they paid more in taxes than half of the American public?

Still got an axe to grind but no problem bailing out GMor Chrysler.

[Canyonero]

According to Exxon's 2010 10k filings they paid no US taxes. I guess you guys are okay with that since they enjoy azz raping you at the gas pump.

I am sure we have a government committee their CEO can head.

http://www.thedailyshow.com/watch/mon-march-28-2011/i-give-up---pay-anything---?xrs=share_copy

[diverdog]

You can do better than that diver. Did you notice oil was down to $33 a barrel in 2009?

Did you miss Exxons previous returns when they paid more in taxes than half of the American public?

Still got an axe to grind but no problem bailing out GMor Chrysler.

Um how much of it went to the IRS?

[okie52]

Um how much of it went to the IRS?

Umm. they paid 40 billion in taxes....but you know that.

http://mjperry.blogspot.com/2008/08/putting-exxons-income-taxes-in.html

[okie52]

one more for you diver when you squeal at the pump.

http://www.theblaze.com/stories/exxon-earns-huge-profits-but-also-pays-huge-taxes/

[GrapevineSooner]

I'm continually amazed by the number of people who allow raw emotion to override basic skills of reasoning.

Folks, oil is a commodity. No one oil company can set it's price.

Yes, these companies rake it in when the price goes up. But if you're truly an environmentalist, isn't that kind of what you want? To make smart cars and hybrids an attractive option?

Oh yeah, I forgot. Emotion overrides reason, sometimes.

[yermom]

So why do they need tax breaks?

[walkoffsooner]

So why do they need tax breaks?

Great question

[StoopTroup]

Umm. they paid 40 billion in taxes....but you know that.

http://mjperry.blogspot.com/2008/08/putting-exxons-income-taxes-in.html

There is nothing like a blog from a guy that is a part of AEI.

I will say this....the Critical Threats Chart for AEI is very interesting.....

http://www.criticalthreats.org/

So much stuff to pull things out of thin air from there. Why go for hard facts when you can isolate the facts of what one guy in a think tank thinks.....lol


I'm particularly pleased to have this opportunity because it gives me a chance to express my respect for AEI, an organization whose work I know not just by reputation--but also through first-hand experience. One recent AEI effort, of course, stands out in particular. In the fall of 2006, AEI scholars helped develop the concept for what came to be known as 'the surge.' Fred and Kim Kagan and their team, which included retired General Jack Keane, prepared a report that made the case for additional troops in Iraq. As all here know, it became one of those rare think tank products that had a truly strategic impact.

General David Petraeus, receiving the 2010 Irving Kristol Award, May 6, 2010


It's completely a think tank to get rid of Government. Wouldn't it be nice to be included to the party instead of be treated like sheep. At least you might fair better with the Gov't having some power than allowing the Sheep herders to wipe out which Ranches they want to keep. There is very little balance in a think tank that's designed to get rid of a system that controls our infrastructure and has done well up to 9-11-01 in keeping our Country from freaking the hell out about our role in the World.

[OutlandTrophy]

So why do they need tax breaks?

the same reason every other business in America gets them.

[XingTheRubicon]

they do kind of have us by the balls...


the big boys (if something happened that they really didn't favor) could shut down domestic/foreign/off-shore production and refineries/transports for, oh I don't know, about 3 days and send us into an immediate clusterf*ck

[rekamrettuB]

They just write it off.

You don't even know what a write off is.

[OUDoc]

the same reason every other business in America gets them.

Mine doesn't.

[OUMallen]

Mine doesn't.

Praytell, what's your business and just for the record, state again that you get no write offs.

[tator]

We just finished our evil Thursday morning meeting here at this oil company. They served evil bagels. But they were stale, so we would be really angry and evil when we went back to work.

[OutlandTrophy]

Mine doesn't.

If your practice bought a sweet biz jet you could use accelerated depreciation to write it off like the hippies and poor people are crying about big oil doing.

Then we join the mile high club!!

that is weird that you can't write off bad debt though. Why is that?

[Midtowner]

they do kind of have us by the balls...


the big boys (if something happened that they really didn't favor) could shut down domestic/foreign/off-shore production and refineries/transports for, oh I don't know, about 3 days and send us into an immediate clusterf*ck

If that happened, there's a good chance our Constitution-loving President would just seize the industry. He'd probably be blessed for doing it by our SCOTUS who seems to think the Bill of Rights is irrelevant when "national security" is at stake.

[sooner n houston]

I've never understood why people want businesses to collect taxes for the government. Why not make the government take the money straight from you and leave businesses alone. Can you imagine how much it cost business to keep track of and collect the taxes for the government? Everything you buy would be cheaper if the company producing it didn't have to pay taxes, which they then charge you for! So when we raise taxes on big business, we are raising taxes on ourselves! WOW!

[Bourbon St Sooner]

So why do they need tax breaks?

What tax breaks do oil companies get? They get to write off their drilling costs as expenses?

The biggest break oil companies get is that they are allowed to immediately expense a large chunk of drilling costs that in accounting practice is capitalized. They are going to amortize all of those costs over time anyways, but from a time value of money perspective it makes some marginal projects economical. Other industries get the same type of accelerated depreciation for exactly the same reason.

Quit believing all of the 8 second sound bite demagoguery and actually inform yourself on what's going on.

[diverdog]

Umm. they paid 40 billion in taxes....but you know that.

http://mjperry.blogspot.com/2008/08/putting-exxons-income-taxes-in.html

I thought we were talking 2009 & 2010.

[Midtowner]

I've never understood why people want businesses to collect taxes for the government. Why not make the government take the money straight from you and leave businesses alone. Can you imagine how much it cost business to keep track of and collect the taxes for the government? Everything you buy would be cheaper if the company producing it didn't have to pay taxes, which they then charge you for! So when we raise taxes on big business, we are raising taxes on ourselves! WOW!

Good Lord, the above reads about like the Chewbacca defense.

I run a small business. If my taxes suddenly went away, would I start charging folks less? Not on your life. Do I charge people for me keeping track of payroll tax? It's just the cost of doing business. It is not really factored into anything. It's just one of my many fixed costs. If my rent goes up or my CPA starts charging more, I can't really pass that directly to my customers because I still have to remain competitive in pricing. I don't imagine most other businesses are different in that respect.

From the government's standpoint, requiring businesses to collect taxes is probably a much more dependable way to ensure that the taxes actually get paid rather than relying on an increasingly illiterate and underskilled workforce to self-report and voluntarily pay.

Now, where do I think corps could use a little relief? We need to dramatically drop the tax paid by C-corps, but we have to do it in such a way that we don't hamstring ourselves from a revenue standpoint. If taxes on corporations are dropped, taxes on individuals are probably going to have to go up.

[OutlandTrophy]

Dear liberals, hippies and poor people: Devon is using very fancy cubicle walls throughout their entire building instead of building sheetrock walls. They are doing this as they can use accelerated depreciation on the "furniture" being as they are not part of the building.

Does that **** you off?

[diverdog]

What tax breaks do oil companies get? They get to write off their drilling costs as expenses?

The biggest break oil companies get is that they are allowed to immediately expense a large chunk of drilling costs that in accounting practice is capitalized. They are going to amortize all of those costs over time anyways, but from a time value of money perspective it makes some marginal projects economical. Other industries get the same type of accelerated depreciation for exactly the same reason.

Quit believing all of the 8 second sound bite demagoguery and actually inform yourself on what's going on.

I do not have a problem with capital purchases and depreciation expenses. At issue are slick accounting measures that allow oil companies to treat royalty payments to foreign governments as taxes. That alone cost billions.

[Sooner98]

You don't even know what a write off is.

Well they do, and they're the ones writing it off.

[sooner n houston]

Good Lord, the above reads about like the Chewbacca defense.

I run a small business. If my taxes suddenly went away, would I start charging folks less? Not on your life. Do I charge people for me keeping track of payroll tax? It's just the cost of doing business. It is not really factored into anything. It's just one of my many fixed costs. If my rent goes up or my CPA starts charging more, I can't really pass that directly to my customers because I still have to remain competitive in pricing. I don't imagine most other businesses are different in that respect.

From the government's standpoint, requiring businesses to collect taxes is probably a much more dependable way to ensure that the taxes actually get paid rather than relying on an increasingly illiterate and underskilled workforce to self-report and voluntarily pay.

Now, where do I think corps could use a little relief? We need to dramatically drop the tax paid by C-corps, but we have to do it in such a way that we don't hamstring ourselves from a revenue standpoint. If taxes on corporations are dropped, taxes on individuals are probably going to have to go up.

Wow, double speak much?

First off, I was talking about taxing the profits on business, not collecting income tax.

Second, you say if you saved money by your taxes going away you would just pocket that. Then you say if your cost go up you would not pass that on to your customers because business is too competitive. So which is it? Do you assume all your competition would just "pocket" their money too, or do you think, as I do, that they would pass that saving on to their customers? You know competition and all.

[sooner_born_1960]

sooner n houston won that round.

[OUDoc]

Praytell, what's your business and just for the record, state again that you get no write offs.

I'm in medicine and we get no write-offs for bad debt.

[Sooner98]

Dear liberals, hippies and poor people: Devon is using very fancy cubicle walls throughout their entire building instead of building sheetrock walls. They are doing this as they can use accelerated depreciation on the "furniture" being as they are not part of the building.

Does that **** you off?

I, for one, am outraged by this.

[sooner_born_1960]

Obviously we need to look into a drywall subsidy.

[Midtowner]

Wow, double speak much?

First off, I was talking about taxing the profits on business, not collecting income tax.

Hence my Chewbacca defense statement. What you're saying now does not match what you were saying then:


I've never understood why people want businesses to collect taxes for the government. Why not make the government take the money straight from you and leave businesses alone.

So if income tax is officially not a tax, I getcha. Otherwise, brush up on those writing skills, or at least your knowledge re: how taxes are collected.


Second, you say if you saved money by your taxes going away you would just pocket that.

That's exactly what I'd do. Have you ever heard of an attorney lowering his hourly rate?


Then you say if your cost go up you would not pass that on to your customers because business is too competitive. So which is it? Do you assume all your competition would just "pocket" their money too, or do you think, as I do, that they would pass that saving on to their customers? You know competition and all.

It's both.

Let's take a situation ripped from the headlines. Retailers just won a major victory on Capitol Hill with regard to processing fees charged on credit cards by banks. They were dramatically reduced. Do you mean to tell me that Wal-Mart is going to drop its prices because of this? I highly doubt it. They spent millions and millions on lobbying so that they can make a profit, not so that they can pass on savings to their customers.

[OutlandTrophy]

do law firms get to write off bad debt?

[sooner_born_1960]

Let's take a situation ripped from the headlines. Retailers just won a major victory on Capitol Hill with regard to processing fees charged on credit cards by banks. They were dramatically reduced. Do you mean to tell me that Wal-Mart is going to drop its prices because of this? I highly doubt it. They spent millions and millions on lobbying so that they can make a profit, not so that they can pass on savings to their customers.
Competition will virtually guarantees that retail prices will reflect this saving.

[Midtowner]

do law firms get to write off bad debt?

No. To be able to claim a bad debt, you would have had to have previously included it as income or loaned it out of cash on hand. Typically, when a law firm has money owed to them it is because they have performed professional services which they haven't been paid for. That's not a loan of cash, and you don't claim your A/R on your income taxes (my God that'd be horrible).

[Midtowner]

Competition will virtually guarantees that retail prices will reflect this saving.

So Wal-Mart and the other merchants spent millions on lobbying to limit debit card fees just so they could pass on savings to consumers?

That doesn't sound like a good business model.

[rekamrettuB]

No. To be able to claim a bad debt, you would have had to have previously included it as income or loaned it out of cash on hand. Typically, when a law firm has money owed to them it is because they have performed professional services which they haven't been paid for. That's not a loan of cash, and you don't claim your A/R on your income taxes (my God that'd be horrible).

Some companies do. Depends on your method of accounting; cash vs accrual.

[rekamrettuB]

Well they do, and they're the ones writing it off.

Sooner98 w/ the save!!!

[sooner n houston]

Let's take a situation ripped from the headlines. Retailers just won a major victory on Capitol Hill with regard to processing fees charged on credit cards by banks. They were dramatically reduced. Do you mean to tell me that Wal-Mart is going to drop its prices because of this? I highly doubt it. They spent millions and millions on lobbying so that they can make a profit, not so that they can pass on savings to their customers.

You obviously don't know much about WalMart! I worked at Walmart headquarters for two years, as a computer consultant, and belive me they care about the bottom line and they do care about "driving down the cost of goods and pass those savings on to our customers. " as they state on their home page.

[SoonerInTN]

nm

[Midtowner]

Some companies do. Depends on your method of accounting; cash vs accrual.

You'd be hard pressed to find a law firm which did accrual accounting.

[Midtowner]

I guess my original point is that the "tax the rich" mentality has already struck at doctors and, I guess, lawyers, too. Big oil is the current industry under attack, but their argument that they are being singled out is a hollow argument. Other industries have been singled out.

If we're going to do the stuff as a country that we've decided has to be done, the only folks who can afford additional taxes are the top earners.

Either we make the corporations and wealthy (including upper-middle class) pay something that looks like what we're spending or we stop spending so dang much.

Oil companies and other companies receiving huge tax subsidies are low-hanging fruit in this debate though, and in fairness, [and yeah, this is going to sound awfully naive] we shouldn't be in the business of providing large corporations massive ROI for the money they spend on lobbyists.

[Soonerfan88]

Can we eliminate farm subsidies also?

[Sooner98]

Sooner98 w/ the save!!!

:)

[The Maestro]

This thread is why I love being a pimp.

[soonercruiser]

Are you riding a bike to demonstrate your disgust with these capitalistic enterprises?

:D
Beat me to it Okie!

[soonercruiser]

I am sure we have a government committee their CEO can head.

http://www.thedailyshow.com/watch/mon-march-28-2011/i-give-up---pay-anything---?xrs=share_copy

Would have to be an oil CEO; as all the corrupt Wall Street execs are in
Obama's administration.
:rolleyes:

[soonercruiser]

the same reason every other business in America gets them.

And, the same reason that Obama has given all his cronie's companies and labor union exemptions to Obamacare mandates!

[okie52]

There is nothing like a blog from a guy that is a part of AEI.

I will say this....the Critical Threats Chart for AEI is very interesting.....

http://www.criticalthreats.org/

So much stuff to pull things out of thin air from there. Why go for hard facts when you can isolate the facts of what one guy in a think tank thinks.....lol



It's completely a think tank to get rid of Government. Wouldn't it be nice to be included to the party instead of be treated like sheep. At least you might fair better with the Gov't having some power than allowing the Sheep herders to wipe out which Ranches they want to keep. There is very little balance in a think tank that's designed to get rid of a system that controls our infrastructure and has done well up to 9-11-01 in keeping our Country from freaking the hell out about our role in the World.

Well I haven't notice you posting anything to the contrary about Exxon's taxes which was the point of the discussion.

Not that it probably matters to you but here is one from US News:

http://www.usnews.com/opinion/articles/2009/02/11/exxon-big-oil-profits-evil-only-until-you-weigh-their-tax-bills?PageNr=1

[rekamrettuB]

You'd be hard pressed to find a law firm which did accrual accounting.

No doubt...but I'm sure there are some out there. There's benefits to both. Larger firms might to take advantage of accrued expenses.