O/T What are the real truths? What is happening right under our nose?

Picturing the movie "Dazed and Confused"...

Reply to
B A R R Y
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I seriously doubt Exxon is paying $30B income tax on $40B net.

Renata

Reply to
Renata

I didn't say net. They paid $30 billion on $72 billion gross. Their net income was $40 billion.

Reply to
Doug Winterburn

Oh, my. In '54, '55, I worked in a service station/garage. We were in Westchester County, NY, a high end place if one every existed, so we got 28.9 cents per gallon for regular, 32.9 for extra (Esso), and, when Esso Golden Extra (AKA avgas) came out, it was 38.9. The only people buying the Golden were Mercedes drivers and guys like me running stock U.S. iron with 10.5-1 compression ratios. Oddly enough, last year, after a lapse of 38 years, the guy whose father I worked for (Gene and I went to HS together until he bailed out to become a machinist and motorcycle racer) got in touch, and we got together. He's out in Santa Barbara now, another high end joint, but he's not any different (grayer and a few pounds heavier) than he was at 15, when we got locked up in Briarcliff Manor.

Reply to
Charlie Self

In the mid '50s I was making the munificent sum of $48 a week - $54 if I worked night shift. I don't think the gas prices were much different from the '70s then, but the octane sure was better than today :-).

Often times I'd make midnight rounds of the gas stations with a couple of buddies and drain the hoses into our motorcycle gas tanks. Sometimes getting enough gas to run 100 miles. For free!

Reply to
Larry Blanchard

28.9/32.9 is exactly the sort of differential I recall, and 38.9 for avgas (whether it's marketd as auto fuel or not) would be about right, too.

Of course in those days it would have been one of four grades of avgas, and for that price, it was almost assuredly 80/87 (red). I'm sure it wouldn't have been 115/145 (green or purple? I've forgotten).

I remember making a drive from Jacksonville down to Hollywood in 1969 or '70 and stopping in Vero Beach for gas. There had been some kind of spike (probably interstate premium) and they wanted something like 38¢ a gallon when I'd been paying more like 31¢. I pitched a fit pointing out I could get 80/87 at the nearby airport (and had just a week or so before) for 41¢. They were unmoved.

Reply to
LRod

Reply to
Tom Bunetta

messagenews: snipped-for-privacy@a23g2000hsc.googlegroups.com...

Reply to
Fred the Red Shirt

You got that right. My 72 Chevrolet Vega, what a POS, required a minimum of 92 octaine fuel. Regular was normally 95, IIRC the 92 was only available in unleaded. Premium was way up there.

Reply to
Leon

Around that time I was driving a 1965 GTO would only run on Sunco 260 at .31 or it would ping and knock something terrible now it is more than ten times that amount for the 85 octane crap they allow to be sold in New Mexico. First worked in an Exxon station Regular was .27 with Green Stamps and often glasses of other crazy stuff thrown in.

Reply to
asmurff

Howdy,

Factoring in inflation, the current price is roughly the same...

All the best,

Reply to
Kenneth

But this seems to indicate that their accountants are so bad that they paid 3/4 of their profit over to income taxes? Even 30B on 72B gross is way high. Corporate taxes these are nowhere near 42% these days.

Something smells funny here. I see the numbers, I just want to know the "rest of the story".

Renata

Reply to
Renata

Corporate Income Tax Rates--2008, 2007, 2006, 2005, 2004, 2003, 2002,

2000

Taxable income over Not over Tax rate

$ 0 $ 50,000 15% 50,000 75,000 25% 75,000 100,000 34% 100,000 335,000 39% 335,000 10,000,000 34% 10,000,000 15,000,000 35% 15,000,000 18,333,333 38% 18,333,333 .......... 35%

Plus applicable state, plus any capital gains which are not favored on the corporate level.

Reply to
Frank Boettcher

=A0 =A0 =A015%

=A0 =A0 =A025%

=A0 =A0 =A034%

You would want to get over 336,000, eh?

Reply to
Robatoy

Looks strange, but the system is set up to create "effective" tax rates. For instance, when you hit $335K the system maintains an effective tax rate, essentially a flat tax of 34% on all income to that point and up to $10MIL. From there, gradually goes up until you reach the top amount where the intent is for the effective tax, that is the tax on 100% of the income to be 35%

Frank

Frank

Reply to
Frank Boettcher

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Reply to
Doug Winterburn

Renata wrote in news: snipped-for-privacy@4ax.com:

You might want to check your numbers. $30 billion is 75% (OK 3/4) of $72 billion? Try again. We live in a ' Capitalist Society'. Making a profit is what all of us that wish to remain in business try to do. I think we should stop subsidies to oil companies. They no longer drill nor do they build refineries. Perhaps a windfall profits tax would be proper. Any profit over

5% roi should be subject to an 80% tax. There goes most of my income for the year (past years).
Reply to
Hank

I think we should

So you blame oil companies for not drilling or building refineries?

Reply to
Leon

From ANWR to the North Dakota oil fields, there is sufficient oil to let us tell the OPECers to go pound sand. But ... we might inconvenience some caribou (even though the plan is to use only 2000 acres out of several million), or we might endanger some previously unknown "endangered" microbe or left-handed kangaroo rat. We have gas prices going up now because of the required cafe blends for each specific city that requires refinery shutdown and reconfiguration every year. Only when people get angry enough at the shenanigans going on to thwart production and distribution is this problem going to get solved. Instead, right now we have self-righteous earth-worshipping luddites preventing progress and trying to force people to buy indulgences to atone for peoples' environmental sins. Neither of which is going to solve the needs and will only exacerbate the problem. It will, however have the effect of providing lots of money and power to the people espousing these policies (who, will of course not alter their lifestyle -- that is for the "little people") and lower the quality of life and remove freedoms from the rest of us. Until and unless people wake up to this sham, I'm afraid we're in for a lot more of the same.

Reply to
Mark & Juanita

OTOH, if we burn everybody else's oil up first, we would control the world supply...

Reply to
Fred the Red Shirt

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