Exxon make$ a lot

I saw that when I read the piece, Poin. But he doesn't cite a source. The annual report? Some story on CNN? I just find it fantastically hard to believe that a company earning nearly a hundred billion a year doesn't have single tax offset.

 

I'll readily grant the AGI aspect, but the other numbers aren't nonsensical. They're from the freaking story.

And this idiot argument comes up so frequently it's painful. For a person making $20,000 a year, they may get a break when it comes to taxes, but that's about the only place they're getting a break.

 

I got a solution, Dexter. They can start charging less at the pump, make fewer profits, pay less taxes. Everyone is happy.

 

I'm going to guess he knows what he's doing... I've read this site before - its not "out there".
http://www.blogger.com/profile/04320124434231197938


A review of the 10k on edgar can paint a picture - Im not that motivated to check.

 

To quote Casey Kasem, *some* of you guys are just ponderous. Jg, if you want to question the numbers, I can see it - you bring up a point.

But some of you others - it was just a listing of numbers that looked intriguing- nothing about "sympathy" or high price at the pump.

Some of you guys are so entrenched in your arguments and stances that you can't look at something and just go "wow" or "okay"... it's got to be about agendas and sides and sympathies.

Just ponderous, man.

 

Just fun with numbers, Dexter? You think that's the reason it was written? Because it was intriguing?

 

Oh, for fucks sake. Like I have a vested interest in making Exxon look in the best possible light.

Just ponderous.

 

Thanks, poin. No disrespect meant. I just thought it odd that Exxon would somehow be dumber about its taxes than I am. So, in the spirit of rediscovering my latent ineptitude with arithmetic, I just downloaded the 2006 Annual Report. I'll get back to you when I figure out what all the columns of numbers mean.

 

My point, dexter, is that you may think it was interesting but it was very clearly written with an agenda behind it. That is all.

 

Once you figure those numbers, compare Exxon's profits on its product to the U.S. government's profit (gas taxes) on Exxon's product.

 

the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

Exxon Mobil's latest $40.4 billion NET profit was for the final QUARTER of 2007. So multiply by 4 to see what they roughly made for all of 07. Taxable income is on GROSS income, so it made a whale of a lot more.

I don't cry for them. No one else should either.

 

From their 2006 10k Notes to the financial statements, filed with the SEC:

2006

Income, sales-based and all other taxes and duties totaled $100.7 billion in 2006, an increase of $2.1 billion or 2 percent from 2005. Income tax expense, both current and deferred, was $27.9 billion, $4.6 billion higher than 2005, reflecting higher pre-tax income in 2006. The effective tax rate was 43 percent in 2006, compared to 41 percent in 2005. During both periods, the Corporation continued to benefit from the favorable resolution of tax-related issues. Sales-based and all other taxes and duties of $72.8 billion in 2006 decreased $2.5 billion from 2005, reflecting the tax impact of net reporting of purchases and sales of inventory with the same counterparty, only partly offset by the effects of higher prices.

JG, to answer your question as to why they are paying such a high rate - $6 billion of those taxes appear to be paid to non-US entities, at a rate higher than US rates... Nice catch! Here is their income tax reconciliation, required on the notes to the financials:

note - the chart came out screwy...