Exxon make$ a lot

[Ace]

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.

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.

 

[MCbamr]

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.

 

[Second Thoughts]

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.

 

[poindexter]

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...

 

[poindexter]

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.

Who is?

 

[alleyallen]

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.

Who is?

I think he's saying that you are because you posted it to begin with.

 

[poindexter]

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.

Who is?

I think he's saying that you are because you posted it to begin with.

Like I said - just f'ing ponderous.

 

[alleyallen]

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.

Who is?

I think he's saying that you are because you posted it to begin with.

Like I said - just f'ing ponderous.

He wasn't the only one who thought that.

 

[Ace]

Dexter, I can't tell if you're being passive or aggressive.

 

[Simon_Cowbell]

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.

Doesn't hold a candle to the Grand Canyon-inconceivable profits they strongarm out of us.

 

[alleyallen]

That's a good point Simon...one I wish more people would make.

So Exxon pays out more in taxes than most countries have in their GDP? Great, except that, like any other corporation, Exxon tends to pass on their expenses to the consumer.