Forbes: "ExxonMobil pays $3 in taxes for every $1 in profit." Meanwhile, here in Massachusetts, Senate candidate Elizabeth Warren is continuing her "Empty Platitudes" tour with a new ad claiming that Washington is "sending" billions to the oil companies. And by "sending billions" to the dreaded oil companies, Warren means that they're allowed to take the same tax deductions afforded to every business in America:
Technically speaking, the government allows tax deductions for oil companies, and most (but not all) of those are similar to the provisions that allow other businesses to write off the costs of doing business — only they’re specific to the oil-industry operations in this case.I beg to differ: when you have a President that says "you didn't build that" it's obvious that he's already counted your revenue as government property.
One can certainly debate whether deductions are subsidies, but the president suggested rather clearly that the government is literally giving taxpayer money to oil companies. That’s not true, because the uncollected funds never counted as government revenue in the first place.