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Exxon make$ a lot

Discussion in 'Sports and News' started by poindexter, Feb 6, 2008.

  1. poindexter

    poindexter Well-Known Member

    But they pay alot in taxes. In fact, Exxon pays more in taxes ($30,000,000,000) in a year than the bottom half of American taxpayers, combined.

    That's pretty amazing.


    Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for "Exxon profits" and you'll get about 8,000 hits. Now try "Exxon taxes" and you'll get a little more than 300 hits. That's a ratio of about 33 to 1.

    I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.

    By the way, Exxon pays taxes at a rate of 41% on its taxable income!

    [Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]

    Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.

    According to IRS data for 2004, the most recent year available:

    Total number of tax returns: 130 million

    Number of Tax Returns for the Bottom 50%: 65 million

    Adjusted Gross Income for the Bottom 50%: $922 billion

    Total Income Tax Paid by the Bottom 50%: $27.4 billion

    Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).
  2. markvid

    markvid Guest

    How DARE you destroy the myth.
  3. Chi City 81

    Chi City 81 Guest

    Is this supposed to make me feel sympathy for oil companies, or are you just pointing out some fun numbers?
  4. Ace

    Ace Well-Known Member

    Poor Exxon! How do they manage to make ends meet?

    Add in the bribes and illegal campaign contributions and suddenly that starts to hit you in the 401K.
  5. alleyallen

    alleyallen Guest

    Sorry, but 41 percent tax on 67.4 billion in before-tax income is still way more than many, many American taxpayers -- combined -- would make in a lifetime, let alone a year.

    To get taxed more, you gotta make more, first. No sympathies for Exxon.
  6. poindexter

    poindexter Well-Known Member

    Sympathy? No comprendo what you are talking about.

    Exxon pays more in taxes than half the country combined. That is pretty F'ing amazing. I had no idea that they paid so much.. and that half the taxpayers pay so little (50% of the country pays tax at a 3% rate).

    Both astounding numbers.
  7. markvid

    markvid Guest

    I have no sympathies, but they are a business, and they are not getting the free ride many pretend they are.
  8. Ace

    Ace Well-Known Member

    Those are misleading numbers. It's not like Exxon pays 50 percent of all the taxes in the country other wise you add in Chevron Texaco and the oil companies would pay more than 100 percent of the taxes.

    So Exxon pays more than the 50 percent of the working poor. Hell, they're still making so much they don't know what to do with it, while the guy making $20,000 a year to feed a family of four gets a break on his taxes but is paying $3 at the pump.
  9. poindexter

    poindexter Well-Known Member

    What on earth are you talking about with sympathies?

    Your numbers are completely nonsensical. The AGI for the bottom half of the country was $922 billion. Its in the link.
  10. jgmacg

    jgmacg Guest

    Is this his estimate of what they're liable for in taxes, or is it what they actually paid. The piece is a little unclear. Does he actually think they're paying the entirety of the 41% from the corporate tax table? Do they not have an accountant? Do they deduct nothing? What's the depreciation on a refinery? A supertanker? What's the write-down incentive on their participation in the reconstruction of the oil fields in Iraq?

    I trust no piece that uses some number of Google hits as its lede.
  11. poindexter

    poindexter Well-Known Member

    God, you guys make no sense. It's not like Exxon pays 50 percent of all the taxes in the country ---- because NOBODY SAID THEY DID!

    Reading comprehension on this thread - very, very poor.
  12. poindexter

    poindexter Well-Known Member

    First sentence, second paragraph. Paid.
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