How Much Tax Does Big Oil Actually Pay?

President Obama is intent on cutting the tax breaks that are handed out to the oil and gas majors. He has now made several attempts to pass a law in congress that will remove all tax breaks in the oil sector, and bring in an extra $25 billion in tax revenue over ten years, but each time congress throws out the proposal. Last year ExxonMobil announced a net income of $41 billion, Chevron a net income of $27 billion, and ConocoPhillips $12.4 billion. They were Americas three largest profit makers, and hugely helped by the high oil prices. Obama has…

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