Exxon make$ a lot

[poindexter]

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.

http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion?source=side_bar_editors_picks


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).

 

[markvid]

How DARE you destroy the myth.

 

[Chi City 81]

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

 

[Ace]

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.

 

[alleyallen]

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.

 

[poindexter]

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

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.

 

[markvid]

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

 

[Ace]

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

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.

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.

 

[poindexter]

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.

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.

 

[jgmacg]

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.

 

[poindexter]

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.

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.

 

[poindexter]

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.

First sentence, second paragraph. Paid.

 

[jgmacg]

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.

 

[alleyallen]

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.

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.

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.

 

[Ace]

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.

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.

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

 

[poindexter]

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.

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.

 

[poindexter]

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.

 

[Ace]

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

 

[poindexter]

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

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

Just ponderous.

 

[jgmacg]

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.