This morning, ExxonMobil (NYSE: XOM) reported its
third quarter earnings for 2014 -- an eye-popping $8.07 billion. Yet,
ExxonMobil paid an effective tax rate of only 10.2 percent on its U.S. income in 2013, and likely received a significant share of the $10.5 billion in federal tax breaks and other subsidies enjoyed by the oil and gas industries.
Friends of the Earth Climate and energy campaigner Lukas Ross issued the following statement in response:
Despite the recent drop in crude oil prices, ExxonMobil and other
energy giants remain ridiculously profitable. Instead of throwing
corporate welfare at polluters, it is time for Congress to take action
and make the companies driving the climate crisis pay their fair share.
At a time when healthcare and renewable energy programs must struggle
for funding, sending tax breaks to ultra-profitable companies like
ExxonMobil is simply unconscionable.
from here
Whilst in agreement about the inequity in the system and the huge problem of externalities ignored by corporations SOYMB continues to point out that only a change of system will bring about the necessary change to how commodities are dealt with as a common good, without the need for profits setting the agenda.
JS
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