Wednesday, February 6, 2008

Who Pays Taxes?

Since the Democrats are going to make a big issue of "screwing the rich" on taxes, I thought you might find this interesting. According to this article, the bottom 50% of American income tax filers pays about $27.4 billion in taxes. Exxon in 2007 paid $30 billion in income taxes. One corporation (admittedly, the largest one on Earth), paid more income taxes the bottom half of filers?

Now, I can't find anything that says that Exxon paid $27.4 billion to the U.S. government. I get the impression from articles like this from U.S. News & World Report that much of this income tax may be to foreign governments. This Exxon balance statement again jus says "income tax" without identifying whether this is to the federal government, state governments, or Arabistan. You can read this in two ways:

1. When you buy gasoline, you are contributing to foreign aid!

2. When you buy gasoline, you help some corrupt politician somewhere else put money at best, into his Swiss bank account--and at worst, in al-Qaeda's pocket.

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