Tea Party gives big tax breaks to big oil companies
- Created Apr 07, 2011
While the middle class and poor are being economically squeezed by the Tea Party class of 2011, big oil companies are on their way to the bank with more government welfare, in the form of tax breaks.
In Tea Party Republican Rep. Paul Ryan's budget plan called The Path to Prosperity, oil companies are slotted to get another 10% reduction in the corporate tax rate.
So why aren't oil company executives rejoicing in the streets?
"The U.S. federal corporate income tax rate of oil giant Exxon Mobil in 2009 was effectively zero. And its profits were far from low. In 2008, it was the world's most profitable company," according to Think Progress.
In 2009, Exxon Mobile made $19 billion in profits, thanks to tax loopholes, and government rebates and subsudies.