It takes an incredibly warped sense of corporate entitlement for a company to believe it
deserves taxpayer subsidies when it reports a quarterly profit of nearly $11 billion.
But that’s what we saw on Thursday when Exxon Mobil Corp. released its first quarter report. The giant oil company said it earned $10.7 billion, its largest quarterly profit since the 2008 third quarter when gasoline prices were even higher than they are now.
Along with the financial report, Ken Cohen, Exxon’s vice president for public affairs, published a lengthy statement on the company’s Perspectives blog defending Exxon’s soaring profits and blasting politicians for daring to protect taxpayers’ interests.
If you find recent political yammering about tax cuts/tax increases confusing, it’s not surprising.
Polilticians of all persuasions — Democrats, Republicans, Tea Party, whatever — have a vested interest in clouding the debate. But the media also shares a big dose of blame for the confusion.
With Labor Day behind us the stretch run begins for the midterm elections and a lot is at stake for business.
Today, President Obama is expected to propose a $200 billion tax break that would allow businesses to write off 100 percent of new capital investments through 2011.
You know it’s going to be a tough campaign when a Democrat is proposing tax breaks for business.
Passage looked pretty dicey earlier this week, but a bill that would increase lending to small businesses cleared the filibuster hurdle late Thursday.
Two Republicans joined the Democrats in a 60-37 vote.
Tennessee Senators Lamar Alexander and Bob Corker voted against the bill. I doubt if they will support the bill when it comes up for a final vote, but they should.
Although the bill is imperfect, it would provide $30 billion in desperately needed capital to small businesses.