Oil industry

[shooter65]

http://finance.yahoo.com/news/How-the-oi...set=&ccode=


http://apnews.excite.com/article/20110512/D9N64QQO1.html

 

[The Mechanic]

Re: Oil industry

How about they limit there profit percentage as soon as the government limits its profit percentage to the same amount?

 

[BOLTRIPPER]

Re: Oil industry

....yeah, and have you noticed the price of coffee......IT'S higher than giraffe pussy.....

 

[shooter65]

Re: Oil industry

Never had a cup of coffee in my life.


<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BOLTRIPPER</div><div class="ubbcode-body">....yeah, and have you noticed the price of coffee......IT'S higher than giraffe pussy..... </div></div>

 

[oldgrayone]

Re: Oil industry

The problem I have with the price of gas is that everyone runs around and complains that they only make a few cents per gallon. Can anyone explain where the money goes from well head to gas pump?

 

[Nidstyles]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: The Mechanic</div><div class="ubbcode-body">How about they limit there profit percentage as soon as the government limits its profit percentage to the same amount? </div></div>

Since when does the Government make any profit? We wouldn't be in this mess if they could make a profit and learn how to save money rather than going shopping for new gadgets that are absolutely useless.

 

[rrflyer]

Re: Oil industry

to the tens of thousands of people involved in getting it there?

 

[The Mechanic]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Nidstyles</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: The Mechanic</div><div class="ubbcode-body">How about they limit there profit percentage as soon as the government limits its profit percentage to the same amount? </div></div>

Since when does the Government make any profit? We wouldn't be in this mess if they could make a profit and learn how to save money rather than going shopping for new gadgets that are absolutely useless. </div></div>
Touche' I stand corrected

 

[Mo_Zam_Beek]

Re: Oil industry

What is so sad is the nearly incomprehensible financial ignorance on the part of the American public coupled with the lack of integrity and shear arrogance on the part of the politicians to manipulate the public into thinking they are doing something for them.

Corporations do not pay taxes.

The gas market is an inelastic market - there isn't a tremendous variance in consumption given various levels of economic activity. People need to drive to get to work. This most true of those that live in rural areas without mass transit and those at the middle to bottom of the wage pyramid.

The government knows these two things. The politicians are looking to vilify the industry while at the same time effectively raising taxes on those they claim to be helping.

This is pandering to the ignorant on the part of the politicians.

It is also a distortion of the truth. Oil / gas prices have little do with the Oil Industry. However it has everything to do with the FED, the debt ceiling, and devaluing the money supply.

It won't end until constituents become educated and get vocal. Vote these shitbags out of office.



Good luck

 

[The Mechanic]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">

Corporations do not pay taxes.

</div></div>

Pet peeve numero uno. So many sheeple think that corporations pay taxes. Consumers are the only ones who ever pay the taxes.

 

[treebasher]

Re: Oil industry

So who do you thing is going to pay if the politicians put an additional $4.4 billion tax on oil companies?

I am sick of this political pandering demonizing the oil industry.

Here is a good read for those of you that will take the time to educate educate yourselves:

http://www.api.org/aboutoilgas/gasoline/upload/Whats_Up_With_Gasoline_Prices.pdf

 

[SledDog]

Re: Oil industry

There wouldn't be a singular demonization of any profitable industry if they all paid their fair share of taxes. As mentioned, many corporation pay no taxes. How does GE pay nothing? Loopholes. Close those, everyone pays, who cares how much a company makes then?

To be fair, I expect a company to try to avoid paying taxes.

 

[Mo_Zam_Beek]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sled Dog</div><div class="ubbcode-body">There wouldn't be a singular demonization of any profitable industry if they all paid their fair share of taxes. As mentioned, many corporation pay no taxes. How does GE pay nothing? Loopholes. Close those, everyone pays, who cares how much a company makes then?

To be fair, I expect a company to try to avoid paying taxes. </div></div>

Repeat after me: CORPORATIONS DO NOT PAY TAXES

It is called 'overhead variance'. Taxes are a part of it and the calculation determines price.

Again - All fees / taxes / costs in any way shape or form are borne by the consumer.

This is a regressive tax - it hurts the people who can least afford it the most.

Anyone with even a rudimentary understanding of managerial accounting and taxation understands. You can bet that the politicians know this or have been so advised by their staffers. This is literally demonizing the industry for political advantage while at the same time victimizing all of us thanks to the overwhelming level of financial ignorance in this country.

As for GE - consumers fail to understand that what GE really received was not a tax break - but instead a tax subsidy.


And yes - you could apply the same logic toward this discussion about oil.

Truth - ALL corporations should pay ZERO tax. Since under the current system the tax upon the consumer is a hidden individual tax - it should be exposed so everyone fully understands their own total taxation and begins to call into question just WTF we get for that money.

Good luck

 

[RichardTractorGuy]

Re: Oil industry

Sorry, but I for one am sick of this "fair share" attitude about taxes. If an engineer starts an engineering firm, works hard, and makes 5 million/year and if he has a savy tax lawyer and is taxed at 15%, that is still 750,000/year! I doubt that he would have utilized government sponsored programs more than the average person. This idea that a person is cheating the government is absurd. It seems to me that the people that are paying less than 50K/yr need to pay their "fair share"

 

[SledDog]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Richard II</div><div class="ubbcode-body">Sorry, but I for one am sick of this "fair share" attitude about taxes. If an engineer starts an engineering firm, works hard, and makes 5 million/year and if he has a savy tax lawyer and is taxed at 15%, that is still 750,000/year! I doubt that he would have utilized government sponsored programs more than the average person. This idea that a person is cheating the government is absurd. It seems to me that the people that are paying less than 50K/yr need to pay their "fair share" </div></div>

Sure, but that guy still made $5 million. How do you explain a company that makes $300 million paying nothing? Or billions of dollars in gov't subsidies going to companies that regularly net 10's of billions every year? Is that any less fair?

Our tax structure is based on the idea that the wealthy can afford to pay more than their share to help those that need help, a noble ideal. No one should get off scott free, rich or poor. There's a ton of waste in our gov't that needs to be remedied as well.

 

[LegioX]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Richard II</div><div class="ubbcode-body">Sorry, but I for one am sick of this "fair share" attitude about taxes. If an engineer starts an engineering firm, works hard, and makes 5 million/year and if he has a savy tax lawyer and is taxed at 15%, that is still 750,000/year! I doubt that he would have utilized government sponsored programs more than the average person. This idea that a person is cheating the government is absurd. It seems to me that the people that are paying less than 50K/yr need to pay their "fair share" </div></div>

And if he is taxed at 30% he lays off 1/2 his employees so he can afford to pay the other 1/2. Why can't the stupid fucks realize that? It takes profit to grow your business and hire new employees.

I have literally handed 3 people jobs in the oil industry and they either quit in short order or didn't take the job. These jobs start at 60K-120K.
"It's too cold!" or "There's too much training!" or "I can't handle working 12 hr days!"
Most of the folks who whine about the price of oil and gas don't know shit.
Instead of bitching, take our local community college Process Technology course and you are nearly guaranteed a high paying job. The oil companies hire straight out of that pool. They also give millions of $$ to the University of Alaska to train talent they hope to hire in the future.
The company I work for gave 50 million $$ to add on to a local hospital, built an enclosed ice rink "for the children", gives 10's of thousands annually to the Boys and Girls Club, pays it's employees to set up huge tents for social events, and people still bitch about them.
Silly spoiled people. WTF?

Talk to your government about the cost of oil. Shell dropped 4 BILLION $$ of PROFIT in Alaska on leases, permitting and such in order to put more oil in the pipeline which in turn would help lower prices. The FEDS shut'em down.
Now if you earned 4 Billion $$ and invested it in paperwork and leases on say your ultimate personal playboy mansion and the feds stopped you before you broke ground, how would you feel? Probably throw up your hands and quit.
If the companies in AK did that, literally tens of thousands of people would lose their jobs.

It amazes me that any oil company would want to play ball up here, the political and real costs are unimaginable.

In our neck of the woods, if you can pass a piss test, you can get a job in the oilfield. Few choose to pass it. IMO, if you don't work (in my AO)and make decent wages and pay your own way, it's because you're a lazy dope smokin' fuck who lives off the sweat of hard workin' folk.

RANT OFF!!

 

[The Mechanic]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: LegioX</div><div class="ubbcode-body">And if he is taxed at 30% he lays off 1/2 his employees so he can afford to pay the other 1/2. Why can't the stupid fucks realize that? It takes profit to grow your business and hire new employees.


RANT OFF!!

</div></div>

I believe it all comes down to the fact that politicians for the most part have never had REAL jobs, and never owned REAL jobs, have never had to "make payroll". I had a business with my ex and ex-in-laws while still working at the Chevy dealership and there were times when none of us made as much as the janitor. We had sales of $200K to $400K a month in the Kalifornia school lunch program and retail to Costco. 15 to 18 hour a day 6 to 7 days a friggin' week. Really no wonder the marriage fell apart. I take that back there were a shitload of reasons the marriage fell apart.

 

[ut755ln]

Re: Oil industry

Corporations do pay taxes don't fool yourself.

 

[Mo_Zam_Beek]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body">Corporations do pay taxes don't fool yourself. </div></div>

Babble...drivel...babble...

Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial


Good luck

 

[ut755ln]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body">Corporations do pay taxes don't fool yourself. </div></div>

Babble...drivel...babble...

Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial


Good luck

</div></div>Look in the sources and uses, if you see a line like Tax .......645 they are paying cash taxes. The argument that corporations don't pay is really a political argument and not appropriate for the forum.

 

[haji hunter]

Re: Oil industry

 

[Mo_Zam_Beek]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body">Corporations do pay taxes don't fool yourself. </div></div>

Babble...drivel...babble...

Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial


Good luck

</div></div>Look in the sources and uses, if you see a line like Tax .......645 they are paying cash taxes. The argument that corporations don't pay is really a political argument and not appropriate for the forum. </div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body">Hi everyone! My name is Jack and I will be 13 in a week. </div></div>


I see you are 13 yrs old. That explains a lot.

I wish you all the best.


Good luck

 

[LegioX]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: ut755ln</div><div class="ubbcode-body">Corporations do pay taxes don't fool yourself. </div></div>

Babble...drivel...babble...

Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial


Good luck

</div></div>

I think we just differ on the terminology. Taxes/Royalties or whatever. Oil companies pay out huge amounts of money in order to do business. The following is pasted from the State of Alaska DNR.

<span style="color: #FF0000">"The royalty rate varies, according to the terms of the lease agreement, from 5% to 60% but is most often 12.5%. Some leases receive royalty rate reductions for new discoveries or economic considerations. Royalty is paid based on the agreed value of the oil or gas removed from the lease, the volume removed and the lease's royalty rate."</span>

This is just what Alaska collects, the Feds get their share also. Now if you had a business that was subject to the whims of government and you had to pay taxes/royalities on a moving scale of 5%-60% from your GROSS income, how would you feel? The state of AK can even retroactively change the rate. They did it a few years ago 'cause they needed more cash. I know if the government came to me today and said your 35% in taxes you paid last year aren't enough, we need 50%, I'd be highly pissed.

The answer could be to have a good chunk of change handy to pay the vig. Call it a tax, royalty or a fine, one way or another the govt and people fairly or unfairly, get their pound of flesh from business.

 

[Mo_Zam_Beek]

Re: Oil industry

It is indeed accurate to say that at some point there is corporate check cut for all forms of taxation.


However that isn't the same as the accounting behind it. The better way to explain it is to say - with respect to any form of taxation the corporation is merely a pass though from the consumer to the taxing entity. The ultimate price the consumer pays for the subject good is predicated in part on the cost of all of these taxes and fees.

This is why we say corporations do not pay tax.

This is also why I say corporations should pay zero tax whatsoever b/c then all individuals would fully understand the true level of taxation that exists in this country and ask themselves what got for their $2.33 Trillion in TY 2010 alone.


Good luck

 

[SledDog]

Re: Oil industry

Let's say all corporations are offered tax exemption. What would make anyone think prices would change for the better for the public? A business isn't interested in the common good, their first priority is to the shareholders and profit. The money they don't send to the gov't would simply be added to the profit margin.

 

[BobinNC]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sled Dog</div><div class="ubbcode-body">Let's say all corporations are offered tax exemption. What would make anyone think prices would change for the better for the public? A business isn't interested in the common good, their first priority is to the shareholders and profit. The money they don't send to the gov't would simply be added to the profit margin. </div></div>

So what do the companies do with the extra profit if they are not taxed?? They give to their shareholders, (who are people) who then reinvest it, or the corporation spends it on new property, plant or equipment, both of which generates jobs.

 

[SledDog]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: BobinNC</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sled Dog</div><div class="ubbcode-body">Let's say all corporations are offered tax exemption. What would make anyone think prices would change for the better for the public? A business isn't interested in the common good, their first priority is to the shareholders and profit. The money they don't send to the gov't would simply be added to the profit margin. </div></div>

So what do the companies do with the extra profit if they are not taxed?? They give to their shareholders, (who are people) who then reinvest it, or the corporation spends it on new property, plant or equipment, both of which generates jobs.
</div></div>
In an ideal trickle down climate, yes. In fact one could argue that any money spent by anyone contributes in such a way. The CEO accepts a huge bonus and remodels his office. All that money goes to product and workers to do so.

Regardless, the argument that price levels would be lower doesn't hold water. This reinvestment is a different argument altogether. What if they opt to reinvest in a new factory in Mexico? That does nothing for people here.

 

[BobinNC]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Sled Dog</div><div class="ubbcode-body">
In an ideal trickle down climate, yes. In fact one could argue that any money spent by anyone contributes in such a way. The CEO accepts a huge bonus and remodels his office. All that money goes to product and workers to do so.

Regardless, the argument that price levels would be lower doesn't hold water. This reinvestment is a different argument altogether. What if they opt to reinvest in a new factory in Mexico? That does nothing for people here. </div></div>

Sled Dog,

I could argue that it is hard to have a debate with someone so wholly ignorant of economics and market forces as you, but sadly there are many folks like you in this country.

Words like: trickle down climate; CEO bonuses; and reinvestment in foreign countries; are words taken directly from the anti-capitalist play-book. You have learned your lessons well, Marx and Engels would be proud.

I have made it a point not to comment on posts about Brain Surgery, because I know nothing about the subject. Perhaps there is a lesson to be learned by you when it comes to posts about economics and market forces.......

 

[SledDog]

Re: Oil industry

Would please refute the points instead of calling me names? I'm not above changing my point of view if the argument is compelling. I'm a little surprised that folks would assume businesses would automatically do the right thing by it's consumers when they haven't shown much indication of it before.

So feel free to educate me. Seriously, no bs-ing on my part.

 

[jr81452]

Re: Oil industry

The problem with this debate, is a fundamental lack of understanding about the inherent differences in running businesses of varying scales.

Someone mentioned making payroll. While that may be of concern to those running a business with a few million in net profit or less; it is rarely if ever a concern for WalMart.

Raise your hand if you run a business.

Now raise your hand if you run, have controlling interest in, or personally know someone who runs a corporation that generates 20 million + a year in NET profit.

I own a small business. One of my close friends owns a business with annual net profit of over 40 million. He and I were having a similar discussion a few months ago, he explained it to me like this (highly simplified for brevity):

"A large corporation with substantial net profit is not likely to raise the price for it's product because of slightly increased taxes, unless the company feels that the market will readily absorb the price increase. This is determined more by competition, market share, and consumer demographics than by the overall bottom line. If they feel that raising prices will reduce profit more than eating the new costs will, they will attempt other remedies.

In some cases the company will attempt to streamline production to absorb the cost. This may result in jobs lost if the company is bloated with excess personnel. But in most cases modern companies are so efficient that the only reason to reduce the workforce is if product demand decreases. If the company is already as efficient as it should be, or the cost of retooling would offset any potential savings (if the company does opt to retool then jobs are created elsewhere), in many cases they will just eat the costs of the tax increase. Another option would be to accelerate the purchase of depreciation exempt assets."

Most people don't understand that a corporation is not taxed the same way people are. Your tax is removed from the top, corporations are taxed at the bottom. For example, if you rent your home then you pay that expense after you pay your income tax, and you don't get to deduct it on your 1040. If your company rents its premises, then that is a deductible expense on the 1120. If you buy food for your family, you have already paid tax on the money you used to make that purchase. A corporation that serves lunch to its workforce, deducts that purchase from it taxes. If I buy a car to get to work, I eat that cost as far as the IRS is concerned. If my company buys me a car, the cost is deductible over the life of the vehicle. I pay taxes on my gross profit and then the government lets me deduct some tidbits or standard deductions, to try and reduce what I pay. My company is taxed on net profit only. My company pays a fuck of a lot less tax than I do on the same profit.

As for increased taxes costing jobs (reduced workforce or lost expansion opportunities); that may be true for small to medium sized companies, but large profitable modern companies hire and fire more on need than on a few percentage points of profit. Very few companies (large or small) will hire an extra employee simply because they have extra cash laying around. They must have a need for that employee before they will hire him. Likewise they will not fire an employee they need simply because the cost of doing business just went up. They will however move offshore anytime they can make a profit by doing so. The best way to save American jobs is to make it cost prohibitive for companies to outsource to foreign countries.

 

[Switchblade]

Re: Oil industry

You don't pay high gas prices because the barrel is high in it's origin. You pay high gas prices because that barrel of oil is traded at least 26 times before it hits the refinery. Simple Solution? Stop the trading of oil as a commodity and the price will drop exponentially by at least 26x...at least by a moderate hypothysis of ' Ho = > current price of barrel by 26x '(if I got that right for the stat)

 

[jr81452]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Switchblade</div><div class="ubbcode-body">You don't pay high gas prices because the barrel is high in it's origin. You pay high gas prices because that barrel of oil is traded at least 26 times before it hits the refinery. Simple Solution? Stop the trading of oil as a commodity and the price will drop exponentially by at least 26x...at least by a moderate hypothysis of ' Ho = > current price of barrel by 26x '(if I got that right for the stat) </div></div>

The commodities market helps small producers find cash and unload product. It should stay in place for the time being. But if they raised the margin requirements slowly over the next few years from 50% to 90%, that would drive out a lot of the speculators and stabilize the price of oil. I say slowly raise it because sudden increases in margin requirements have a history of crashing markets.

 

[shooter65]

Re: Oil industry

http://www.bloomberg.com/news/2011-05-16...html?cmpid=yhoo

 

[Greg Langelius *]

Re: Oil industry

Unless a corporate entity is experiencing a negative cash flow, they aren't paying for anything. Their customers are.

Taxes, materials, labor, etc., are all expenses. If they aren't offset by revenues, they're in the tank.

 

[treebasher]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Greg Langelius *</div><div class="ubbcode-body">Unless a corporate entity is experiencing a negative cash flow, they aren't paying for anything. Their customers are.

Taxes, materials, labor, etc., are all expenses. If they aren't offset by revenues, they're in the tank.</div></div>

Reminds me of what the president of our company said to us one time, "Boys let's get back to the basics of business, sell it for more than it cost us..."

 

[Tunanut]

Re: Oil industry

Property tax, inventory tax, franchise tax, payroll tax, royality tax, UST permit fee, hazmat permit fee, and air quality permit fee are just some of the taxes and fees paid to our governement by oil companies. To say oil companies pay no tax is just plain foolish.

 

[ubet]

Re: Oil industry

Switch, I damn sure agree we need to hang speculators.

Another thing that would help, is if the fing govt would not put so many stipulations on drilling, if they made it so companies big and small could drill when and where they wanted/needed to, that is what is going to drop oil in the long run. Remember when G.W.Bush, told the oil companies to drill in '08? I paid $5.25/gallon for diesel in August, in January '09, $1.89/gallon, without one drill going into the ground, just the thought that we would drill.

On the tax thing, I dont care if you make $15billion, or$0.15, pay a flat tax across the board, no cuts, no deductions, no depreciation, nothing. Rich or poor pay a x% across the board.

 

[Mo_Zam_Beek]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tunanut</div><div class="ubbcode-body">Property tax, inventory tax, franchise tax, payroll tax, royality tax, UST permit fee, hazmat permit fee, and air quality permit fee are just some of the taxes and fees paid to our governement by oil companies. To say oil companies pay no tax is just plain foolish. </div></div>



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">What is so sad is the nearly incomprehensible financial ignorance on the part of the American public
</div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">
Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial
</div></div>

 

[4ester]

Re: Oil industry

Gas companies pay taxes. They pay a % for every MCF of gas that comes off the wellhead. I guess our schools, government buildings, recreation centers, bike paths, etc were from personal income taxes? I think not.

 

[Tunanut]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Tunanut</div><div class="ubbcode-body">Property tax, inventory tax, franchise tax, payroll tax, royality tax, UST permit fee, hazmat permit fee, and air quality permit fee are just some of the taxes and fees paid to our governement by oil companies. To say oil companies pay no tax is just plain foolish. </div></div>



<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">What is so sad is the nearly incomprehensible financial ignorance on the part of the American public
</div></div>

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">
Dude - hit the link for a free education. Scroll on down and dig on how Income Tax is an EXPENSE. Understand this is just one expense category - all Tax is an expense.

Again and for those in the back row - CORPORATIONS DO NOT PAY TAXES!

Income Statement - Managerial Accounting Tutorial
</div></div> </div></div>

What kind of company do you run Mo?

Somehow I've been able to run several companies for almost 20 years without your accounting tutorial, one of them being an oil company, and having nearly seventy families depending on my companies for income give me a different prespective. I get to write the checks for these and many other taxes and was wondering if you think it's any less painful because it's an expense. I'd much prefer to expense those funds on a "research trip" to Costa Rica or Alaska. You obviously do not own your own business or have employees that rely on you for income. But I'm sure you're some kind of business management guru. Why don't you come on down and school me up on how to run my business. Charlotte's beautiful this time of year, race week is coming and I've got my own 900 yrd range we can play on.

 

[Mo_Zam_Beek]

Re: Oil industry

Dude - please, next you will tell me that GAAP is a rifle manufacturer.

You don't understand basic cost accounting principals. Got it.

Anything else you want to add to the discussion?


Good luck

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">It is indeed accurate to say that at some point there is corporate check cut for all forms of taxation.


However that isn't the same as the accounting behind it. The better way to explain it is to say - with respect to any form of taxation the corporation is merely a pass though from the consumer to the taxing entity. The ultimate price the consumer pays for the subject good is predicated in part on the cost of all of these taxes and fees.

This is why we say corporations do not pay tax.

This is also why I say corporations should pay zero tax whatsoever b/c then all individuals would fully understand the true level of taxation that exists in this country and ask themselves what got for their $2.33 Trillion in TY 2010 alone.


Good luck </div></div>

 

[Greg Langelius *]

Re: Oil industry

I ran a computer services consulting corporation for eleven years. The only time I got paid was after everything else got paid. The only income my corporation ever saw was what my customers paid on invoice. My name was signed on every check that corporation issued, taxes and all; so I guess I might know something about how the cash flowed.

Greg

 

[RichardTractorGuy]

Re: Oil industry

Tunanut is that range invite open to the rest of us?
I'll trade you for free orthopaedics eval.

 

[ArcticLight]

Re: Oil industry

Thinking of buying some energy stock. LOL

 

[Tunanut]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Richard II</div><div class="ubbcode-body">Tunanut is that range invite open to the rest of us?
I'll trade you for free orthopaedics eval. </div></div>

Yep, it is open to many hiders here in NC. PM me a little bio and I may schedule a F2F. I'm blessed to have the land and it would be selfish to not share it with like minded individuals. Finding a place to stretch out a rifle isn't that easy in NC so I help when I can. I mostly am inclined to allow dad's teaching their kids to use it, but am fairly openminded.


As far as oil speculators go, the margin requirements of the CME and NYMEX have gone up and oil price is coming down. I still think that it
s still to cheap to keep the speculators out. $8400 to buy a 100k BBL contract is not high enough. Should be 50 to 60K to push the non-players out. But what do I know, I failed accounting.

 

[shooter65]

Re: Oil industry

http://finance.yahoo.com/news/Oil-rises-...set=&ccode=

 

[boltstop]

Re: Oil industry

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: The Mechanic</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Mo_Zam_Beek</div><div class="ubbcode-body">

Corporations do not pay taxes.

</div></div>

Pet peeve numero uno. So many sheeple think that corporations pay taxes. Consumers are the only ones who ever pay the taxes. </div></div>

No, no, you're wrong. Corporations, out of the goodness of their hearts, NEVER pass on the cost of taxation to their customers. They just absorb them, somehow, in their gigantic profit margins, LOL.