[citation][nom]Belardo[/nom]His net worth is $7billion dollars. But that doesn't mean he actually has $7b. it maybe $2~5b for all we know.So... if he has $4b, gave away half (I could use about $10k for my teeth hint hint) - he'd be suffering with only $2billion left.Hence, thats why giving the richest 1% the bush-tax cut (without paying for it) is so stupid as the rich never really complained before and already have tax cuts and work-arounds (ie: Exxon paid the USA $0 in taxes last year... say waaaaaaaaaaaaaaaaaaaahat?)[/citation]
I wish people would stop citing this as an example of corporate greed. Exxon incurred massive losses in 2008 and 2009 partly due to oil/stock prices plummeting all over the world. They realized an immediate tax benefit due to loss carryforwards from 2008, which are applicable for tax purposes in subsequent years to offset against profits.
On the other hand, they had accounting profits, which can be drastically different from taxable income because accounting standards require the accrual of income and expenses. A major example would be income that is currently accrued (recorded, for you non-accountants), but won't be received until a future year. As you can see, the IRS cannot 'tax' Exxon on cash that they haven't received yet.
I understand that it is cool and politically correct to hate corporations in general, but please use proper evidence as opposed to ignorant, out-of-context remarks to back up your accusations.