Putting Oil company contributions to Katrina in perspective
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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