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The world’s five biggest public oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—would keep special tax breaks worth $2.4 billion each year. And by cutting corporate tax rates, the Romney plan could lower the companies’ annual tax bill by another $2.3 billion, based on an analysis of the companies’ tax expense for 2011. The special tax breaks, supplemented by Gov. Romney’s lower corporate rates, could benefit the oil companies by more than $4 billion annually.
As we will show, these five companies are hardly in need of a tax cut: They earned a combined record profit of $137 billion in 2011 due to high oil and gasoline prices.
Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters’ calculation of securities filings. Chevron paid about 19 percent.
meaning the government doesn't steal 2.3 billion
Under the program, the Christie administration has granted more than $900 million in state tax credits over 10 years to 15 companies, including Panasonic, Goya, Prudential and Campbell’s Soup.
Another agreement has also stirred criticism. In February 2011, the state approved a $42 million tax break for Campbell’s Soup to renovate its longtime headquarters in Camden and add new jobs.
Campbell’s then announced in June that it would eliminate 130 jobs in Camden
it doesn't take a genius to figure out the "law" of supply and demand.
obamas' energy plan is going to hurt every man woman and child.