Tuesday, September 06, 2005

Putting Oil company contributions to Katrina in perspective

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I saw today that Chevron has contributed $3 million and plans to add $2 million more and Exxon has contributed $7 million to Katrina relief. To put this in perspective I have projected what this would equal if we Americans contributed at the same level of giving as compared to our incomes as these Oil Companies have. Here's what it works out to:

Taxable Income $35,000
After Fed Tax: $29,506
Amount of income per quarter: $7376
Assume 10% left after household expenses paid: $738
Contribution to Katrina comparable to Chevron (0.1% of net profits): $0.74

For those making $60,000 per year your contribution would be $1.21. That's right One Dollar and twenty one cents. Oh, and none of these figures consider state taxes you pay which would reduce your contribution!

For those making $100,000 per year your contribution would be $1.94

You see Chevron made $48.3 Billion in Revenue in the second Quarter and had a net profit of $3.7 Billion which is a little under 10% after paying for their expenses. Exxon is similar except they made $7.6 Billion for the second Quarter, which was about 10% profit of total revenue. Seems to me Chevron should be giving somewhere around $30 to $40 Million to carry their fair share and Exxon should contribute $70-80 Million to carry their fair share. But as usual, even with the huge tax breaks they are receiving this year from the Transportation Bill which was approved by President Bush a week ago, the American people will be shouldering the load.

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