Oil companies pay more than their ‘fair share’ of taxes
June 20, 2012
President Barack Obama has been talking a lot about fairness, saying that he’s in a better position than Mitt Romney to ensure that “everybody in the country has a fair shot” and that “everybody’s paying their fair share.” Obama singled out the oil industry for particular criticism.
It’s true that oil companies don’t pay their fair share. They pay more than that. The top corporate income tax rate in the United States is 35 percent. Yet America’s three largest oil companies — ExxonMobil, Chevron and ConocoPhillips — pay taxes in excess of 40 percent.
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