[rhjames]

last year, when everyone was jumping all over Exxon Mobil's record huge profits, the conservative's were deflecting the outrage by claiming that E/M paid outrageous amounts of taxes, to the tune of 3 dollars in taxes to every dollar of profit.

True, except......they forgot to include money paid to the shareholders (profit), which then flipped the ratio, 3 to 1 profit to tax. Money paid to shareholders is profit, although a deductible expense against tax liability.

How did this get started?

A finance/business professor from Michigan, who is openly conservative, posted an editorial on his own (college) website. The Fox noise talking head crowd picked up the story (6 months later---yes, it took them that long to pick up the story), and the crying was on about how Exxon was over taxed......

I pointed out his bias to him directly via e-mail, and he still did not get the full picture of Exxon Mobil's profit/loss/tax picture, even though our exchange lasted over three days.


I am continually amazed at how college professors have no clue about the big picture, can't even put their own subject matter into correct real world use, and only focus on their own biased opinions of how things work.