Exxon Mobil Pays as much Tax as 50% of Individual Taxpayers

Son Jules, at school in California, sends this little item:

“Exxon Mobil pays as much in taxes ($27 billion) as the entire bottom 50% of individual taxpayers, which is 65,000,000 people. The tax rate for the bottom 50% is only 3% of adjusted gross income; the tax rate for Exxon was 41%.”

Conservatives will be quick to spot the corruption. The people who pay little in taxes discover that they can vote themselves someone else’s money. Social Security… Medicare… education… protection – they want it all – as long as they don’t have to pay for it themselves.

But while the poor are trying to steal from the rich, the rich are doing their share of larceny too. Publicly-funded universities educate the sons and daughters of the well-to-do, not the poor. Retirement programs benefit those who live longest – again, the well-to-do, not the poor. Farmers want price supports… factory owners want tariffs… lobbyists want tax breaks hidden in the pleats of worthy legislation… And people with financial assets want protection from losses. In step the feds with money and credit – holding off crashes, avoiding bankruptcies and disguising losses with inflation… thus, shifting the burden of mistakes from investors to consumers.

As a democracy matures, the web of connivance and corruption becomes so tangled that people don’t know whether they come out ahead or behind. Then, the weight of it causes the whole society to sag.

Bill Bonner
Markets and Money

Bill Bonner

Bill Bonner

Since founding Agora Inc. in 1979, Bill Bonner has found success and garnered camaraderie in numerous communities and industries. A man of many talents, his entrepreneurial savvy, unique writings, philanthropic undertakings, and preservationist activities have all been recognized and awarded by some of America’s most respected authorities. Along with Addison Wiggin, his friend and colleague, Bill has written two New York Times best-selling books, Financial Reckoning Day and Empire of Debt. Both works have been critically acclaimed internationally. With political journalist Lila Rajiva, he wrote his third New York Times best-selling book, Mobs, Messiahs and Markets, which offers concrete advice on how to avoid the public spectacle of modern finance. Since 1999, Bill has been a daily contributor and the driving force behind Markets and Money.
Bill Bonner

Latest posts by Bill Bonner (see all)

Leave a Reply

Be the First to Comment!

Notify of
avatar
wpDiscuz
Letters will be edited for clarity, punctuation, spelling and length. Abusive or off-topic comments will not be posted. We will not post all comments.
If you would prefer to email the editor, you can do so by sending an email to letters@marketsandmoney.com.au