Big Oil Fantasies, or Snake Oil Realities?

President Obama, our community agitator in chief, urged Congress on Tuesday to take “immediate action” to end tax subsidies for oil and gas companies, and to roll back more than $4 billion “in unwarranted tax breaks” which exist only in Mr. O's twisted universe, that private universe where facts are, shall we politely say, malleable.

Chevron (CVX) made out a check for $1.3 billion in income taxes this quarter. Add in the $4.0 billion paid out in assorted other taxes (VAT, excise, "other taxes") and you get a eye-popping $5.3 billion given out to various government entities. That's an incredible 74% of its income before all tax expenses.

So, for the quarter, $1.8 billion to the shareholders, and $5.3 billion for government. Doesn't seem fair, does it? That's not any different from previous periods. For the full 2008 year, CVX paid out $19 billion in income taxes and $21 billion in "other taxes" leaving a net profit of $24 billion, a clobbering 63% in taxes.

Oddly, last year (2010) General Electric (GE) paid out a mind-numbing ZERO in federal income taxes.  Zero,  based on only 16 billion dollars revenue, after "writing off" capital costs and foreign taxes paid, among other "tax breaks."  Guess it pays to have friends in the White House.

I guess a 63 percent tax bite is "not a fair share" in BarryO's universe.  Whadda Putz!

Re: Flight 1561 and Alligators

"Maybe they'll need a moat," Obama said, mocking calls for real border security. "Maybe they want alligators in the moat."

So how, despite a massive transportation and homeland security apparatus, did Rageh al-Murisi get into this country and get on a plane? He had no keys, no luggage, $47 cash, two curious posted checks totaling $13,000, and a trove of expired and current state IDs from New York and California — where relatives said he had not notified them that he was coming. He is young, male, brought no family with him, had no job or other discernible income, and hails from the terror-coddling nation of Yemen. Yes, the same Yemen that is Osama bin Laden’s ancestral home, harbors al-Qaida operatives who are burning the “torch of jihad,” and is deemed a“special interest country” whose citizens warrant increased scrutiny by DHS when they cross the border illegally.**


Meanwhile, the TSA continues its effectiveness by searching a baby for bombs.  Makes perfect sense, no?

**hat tip: Miclellemalkin.com                                                                                                                    

Bib Laden Photo Released!!

Finally, succumbing to the clamors of millions of Americans,  the Obama administration released the final and conclusive photograph of Usama (nee Osama) bin Laden:

hat tip:  Holly G.