Major oil producers are getting heat from the President and Democrats today over the profits they made in the midst of rising gas prices. Bloomberg reported that ExxonMobil reported a 69 percent increase in profits for the first quarter.
The price per gallon of gasoline has reached its highest point since the summer of 2008, which is a 26 percent rise. In response to the soaring gas prices Obama has asked Saudi Arabia, the world’s largest crude producer, to increase crude oil production to reign in the market price of gasoline.
The President is also suggesting that the subsidies to oil companies should be ended, to help balance the budget, which would generate $46.2 billion in revenue over a ten year period. The company believes cutting the subsidies is just a way to increase the taxes ExxonMobil pays. It’s probable that most American companies and individuals believe their taxes are too high, and may not pay on time making a tax lawyer crucial to them.
The corporate tax rate has been an area of contention for the average tax payer who is feeling the crunch of rising gas and commodity prices. An individual or a small business may find it difficult to pay their yearly tax bill in the midst of high prices on necessities. For these people the assistance of a tax attorney may become a necessity in reducing their penalties on a tax bill they find impossible to pay. The tax laws are complex which a tax lawyer can make more understandable.
