"Evil Big Oil": Exxon pays more in taxes than bottom 50% of income tax payers

[Recliner Pilot 61]

So, ONE "Evil Big Oil" company pays more taxes iin one year then the bottom 50% of all income taxpayers in the country. I bet they also employ a few people as well.

 

 

Exxon's 2007 Tax Bill: $30 Billion

 

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).

 

http://seekingalpha.com/article/63131-exxo...r_editors_picks

[Patriotsfatboy1 1,432]

I don't think anyone calls them evil for the amount of taxes that they pay. I think that people have a problem in that they make these profits by manipulating the price of gas and oil.

 

Even if they pay 41% in taxes, that means that they are making 59% profit off of a manipulated market. HTH.

[Recliner Pilot 61]

Even if they pay 41% in taxes, that means that they are making 59% profit off of a manipulated market. HTH.

 

 

Huh? Are you claiming taxes are their only expense??????????????

[jerryskids 5,295]

I don't think anyone calls them evil for the amount of taxes that they pay. I think that people have a problem in that they make these profits by manipulating the price of gas and oil.

 

Even if they pay 41% in taxes, that means that they are making 59% profit off of a manipulated market. HTH.

Agreed. Gawd forbid that they work within the system. They should donate all of their profits to creating a Bridge to Nowhere for baby seals. Then shut down their company, because they no longer make a profit. Then all of the rich people, many of whom work for them, can make up the difference in tax revenue from money they no longer have.

[Vikings4ever 496]

Huh? Are you claiming taxes are their only expense??????????????

 

http://money.cnn.com/2008/02/01/news/compa...sion=2008020114

 

Revenue of 116 billion, profits of 11.7 billion = profit of 10%

[Patriotsfatboy1 1,432]

Huh? Are you claiming taxes are their only expense??????????????

 

They have tons of other expenses. Those are taken out BEFORE taxes and are not in that 41% number that you described. After you take out all of the expenses, they have $75B of pure profit, of which they pay the 41% on that. So, people have a problem with them making 59% profit on manipulated numbers.

 

If they make 59% with gas prices not fluctuating purely on speculation or numbers that make no sense, then people see them as a nice little blue chip. If they make 59% when gas goes shooting way up because they are claiming that they have a shortage of refinery capacity, or someone farted wrong that day, then people view them as the big bad guy.

[heavy-set 39]

So, ONE "Evil Big Oil" company pays more taxes iin one year then the bottom 50% of all income taxpayers in the country. I bet they also employ a few people as well.

and Bush gives to all his cronies

[Patriotsfatboy1 1,432]

Agreed. Gawd forbid that they work within the system. They should donate all of their profits to creating a Bridge to Nowhere for baby seals. Then shut down their company, because they no longer make a profit. Then all of the rich people, many of whom work for them, can make up the difference in tax revenue from money they no longer have.

 

Absolutely they work within the system. They have lobbyists who help them get tax breaks from an administration that is very friendly to them and they rake in tons of dough. That is the American way.

 

Do you people have sticks up your asses today or do you have reading comprehension problems? Where did I say that I have a problem with ExxonMobil. The question was why do people view XMO as being a big, bad company when they pay XX in taxes? I gave you the answer.

[Recliner Pilot 61]

They have tons of other expenses. Those are taken out BEFORE taxes and are not in that 41% number that you described. After you take out all of the expenses, they have $75B of pure profit, of which they pay the 41% on that. So, people have a problem with them making 59% profit on manipulated numbers.

 

If they make 59% with gas prices not fluctuating purely on speculation or numbers that make no sense, then people see them as a nice little blue chip. If they make 59% when gas goes shooting way up because they are claiming that they have a shortage of refinery capacity, or someone farted wrong that day, then people view them as the big bad guy.

 

 

Vikies already proved your 59% profit as bullsh1t. No need to further address that crap.

 

So, do you have anything to prove your "manipulated numbers" bullsh!t?

[Recliner Pilot 61]

The question was why do people view XMO as being a big, bad company when they pay XX in taxes? I gave you the answer.

 

 

Link to someone, anyone, asking that question?

[Patriotsfatboy1 1,432]

Vikies already proved your 59% profit as bullsh1t. No need to further address that crap.

 

So, do you have anything to prove your "manipulated numbers" bullsh!t?

 

What?

 

The article stated that they pay 41% in taxes. I stated that they pay 41% of their taxable income in taxes the remaining 59% is profit.

 

I love the classic RP statement to provide a link on manipulation of gas prices by large oil companies. How about this? Google "gas price manipulation Exxon" and tell me what you come up with. The notion that they do it is not new and there has been enough talk about it that the CEO of Exxon has had to deny it NBC Today, for example.

[Recliner Pilot 61]

What?

 

The article stated that they pay 41% in taxes. I stated that they pay 41% of their taxable income in taxes the remaining 59% is profit.

 

I love the classic RP statement to provide a link on manipulation of gas prices by large oil companies. How about this? Google "gas price manipulation Exxon" and tell me what you come up with. The notion that they do it is not new and there has been enough talk about it that the CEO of Exxon has had to deny it NBC Today, for example.

 

Um, in your first post you said they make 59% profit. FInd me any accountant that agrees with that.

 

Why should I google something to try to prove your lies? You made the claim. If you don't want to get caught in yet another lie in this thread you may want to bring at least one fact.

[Patriotsfatboy1 1,432]

Um, in your first post you said they make 59% profit. FInd me any accountant that agrees with that.

 

Why should I google something to try to prove your lies? You made the claim. If you don't want to get caught in yet another lie in this thread you may want to bring at least one fact.

 

Fine. You don't understand the 100% - x calculation (since you can't take my comments out of context). No problem.

 

Next time when you post one of your cut and paste jobs, I won't respond at all. I will merely ask you what your focking point is and respond to that. Since you have not had a single thought of your own, it should be interesting.

[Vikings4ever 496]

Fine. You don't understand the 100% - x calculation (since you can't take my comments out of context). No problem.

 

Next time when you post one of your cut and paste jobs, I won't respond at all. I will merely ask you what your focking point is and respond to that. Since you have not had a single thought of your own, it should be interesting.

Paying 41% of your income doesn't mean 59% profit.

 

59% profit means ALL expenditures, including taxes, take up 41% of income.

[Recliner Pilot 61]

Next time when you post one of your cut and paste jobs, I won't respond at all. I will merely ask you what your focking point is and respond to that. Since you have not had a single thought of your own, it should be interesting.

 

Howsabout I 'splain the point of this thread to ya, since you seem to be too dense to comprehend it on your own.

 

 

Oil companies have been vilified by Demwits, the media, and focktards like you for making a profit. This thread was posted to point out they pay more in taxes in one year than 50% of everyone who pays income taxes in this country combined.

 

And all while employing tens of thousands in the process.

 

So, since you have jumped in and made BS claims, failed to provide ONE supporting fact, and made a fool of yourself you can take your BS voodoo accounting and fock off.

[Angry White Male 0]

More proof that the economy is SMOKIN' :music_guitarred:

[Rattlesnake 0]

A buddy of mine used to be the lead contract negotiator in this part of the country for Exxon........and from everything he's told me, I don't feel too badly for them. They're doing just fine.

[Ravens 03 0]

 

Revenue of 116 billion, profits of 11.7 billion = profit of 10%

 

Why are we putting FACTS in this discussion?

[Patriotsfatboy1 1,432]

Paying 41% of your income doesn't mean 59% profit.

 

59% profit means ALL expenditures, including taxes, take up 41% of income.

 

First off, I did not say that they paid 41% of their income for anything. The article stated that they paid at the 41% tax bracket. That means that they paid 41% of their taxable income (which is after expenses) in taxes. The 59% number was in reference to the OTHER 59% of their taxable income that some people have a problem with. See, if they were making those profits at $2/gal, people would probably be just fine. Since they are doing it at $3, some people are not too happy.

 

Yes, they pay a TON in taxes. Yes, they employ a lot of people. Great. Yippie. There are many out there who feel that they manipulate the price of gas to the detriment of everyone. So much so, that the CEO has had to go on national television on at least one occasion to refute the claims.

 

I like big business. I like MSFT. I like IBM. I like Walmart. Yes, I even like oil companies like XMO. That does not mean that those companies don't do things that may be ethically wrong or not in the best interests of the American people as a whole, which is why they get the tag of "Evil, Big Oil". That is part of free market-society. OK?

[Recliner Pilot 61]

There are many out there who feel that they manipulate the price of gas to the detriment of everyone.

 

Still waiting for you to back that up........................

[jerryskids 5,295]

First off, I did not say that they paid 41% of their income for anything. The article stated that they paid at the 41% tax bracket. That means that they paid 41% of their taxable income (which is after expenses) in taxes. The 59% number was in reference to the OTHER 59% of their taxable income that some people have a problem with. See, if they were making those profits at $2/gal, people would probably be just fine. Since they are doing it at $3, some people are not too happy.

 

Yes, they pay a TON in taxes. Yes, they employ a lot of people. Great. Yippie. There are many out there who feel that they manipulate the price of gas to the detriment of everyone. So much so, that the CEO has had to go on national television on at least one occasion to refute the claims.

 

I like big business. I like MSFT. I like IBM. I like Walmart. Yes, I even like oil companies like XMO. That does not mean that those companies don't do things that may be ethically wrong or not in the best interests of the American people as a whole, which is why they get the tag of "Evil, Big Oil". That is part of free market-society. OK?

So it seems that the people's problem is that the price of gas is between $2 and $3. What should it be? What is the exact number that would appease both Exxon and the people? Perhaps Hugo Chavez could help us set it?

[AirRam 3]

So it seems that the people's problem is that the price of gas is between $2 and $3. What should it be? What is the exact number that would appease both Exxon and the people? Perhaps Hugo Chavez could help us set it?

 

 

I'd be cool with $.50/gallon. Thanks for asking.

[parrot 789]

Revenue of 116 billion, profits of 11.7 billion = profit of 10%

 

Oil and fuel have long been high-volume low margin markets. Over the last four years - when gas prices have really spiked - Exxon's profit margin has averaged around 10%, in the four years before that it averaged around 7%. That's a substantial increase. I'm not advocating a windfall tax or anything silly like that, they are just doing what corporations do, but let's not kid ourselves here, they are making hay with these high prices.

[Bert 1,100]

My God would you people stop biotching about the price of gasoline in the U.S. The U.S has some of the cheapest gasoline in the industrial world.

[kpbuckeye 2]

As an Exxon shareholder......you people are welcome

[Cruzer 1,993]

My God would you people stop biotching about the price of gasoline in the U.S. The U.S has some of the cheapest gasoline in the industrial world.

acreed. some of my friends crack me up. hear them saying all the time it's just costing too damn much to fill up their new SUV's and boats.

[wiffleball 4,660]

I don't know anything about the veracity of the numbers, so I won't speak to that. Having worked for an Energy Company or two, I can guarantee you that an effective tax rate like that would have gotten folks fired not too long ago, but these are different times. Speaking of which:

 

One thing that's important to note - taking the OP at face value - is that Exxon is now paying that much (and that %) in taxes. Very likely wasn't always so. In fact, there may have been years where they paid diddly. Now, they've blown through all their loss carryforwards and everything else they have to mitigate taxes. Exxon's enjoying ridiculous earnings right now. They, like everybody else - are actually working very hard to minimize their earnings. - Totally bass-ackward from most thinking, but they know the political/social environment right now too. I know guys who work for these companies. They're doing everything but stuff mattresses with cash to hide/minimize earnings.

 

- Which tells you that what they're charging at the pump ain't entirely because it's costing them more to purchase (or produce) on the open market. If the increase in pump price were directly attributable to open market / production price? Their earnings wouldn't be setting preposterous records. Their COGS would go up equally along with their Revenue. That's obviously not happening.

[KSB2424 3,086]

My God would you people stop biotching about the price of gasoline in the U.S. The U.S has some of the cheapest gasoline in the industrial world.

Well then you tell the motherfocking gov't to stop wasting all my hard earned tax money I give to them and invest in some safe and efficient public transportation then. Otherwise I HAVE to buy gas to get to work to make a living. If I HAVE to buy something and there is possible price gouging at some level, that will get me pissed off. TIA

[DAVID RUFFIN 1]

Fine. You don't understand the 100% - x calculation (since you can't take my comments out of context). No problem.

 

Next time when you post one of your cut and paste jobs, I won't respond at all. I will merely ask you what your focking point is and respond to that. Since you have not had a single thought of your own, it should be interesting.

 

He walks lock step with the far right wing of the Republican party, He doesn't have any thoughts of his own. He's a cut & paste ditto head. You just read my single thought and no I don't have a link.

[Bert 1,100]

Well then you tell the motherfocking gov't to stop wasting all my hard earned tax money I give to them and invest in some safe and efficient public transportation then. Otherwise I HAVE to buy gas to get to work to make a living. If I HAVE to buy something and there is possible price gouging at some level, that will get me pissed off. TIA

 

Why don't you move your ass to Venezuela where gas is only 16 Cents a gallon.

[Patriotsfatboy1 1,432]

He walks lock step with the far right wing of the Republican party, He doesn't have any thoughts of his own. He's a cut & paste ditto head. You just read my single thought and no I don't have a link.

 

[Korben Dallas 0]

I know its just another RP cut and past job, so I should probably ignore it altogether. But I don’t want anyone looking at this and thinking, “oh, the gouging of Exxon must be OK”. This article is a giant load of poop.

 

RP, since you claim to be the authority on the altruism of oil companies, answer a couple of questions for me?

Is that tax income for the US? Or is that they’re total tax burden globally?

 

I’m also curious how the 41% number came about? Would ###### Cheney and all the energy cronies be mad? Since the US corporate tax rate for the petroleum industry is around 15% and that’s before the tax “relief” that Exxon gets? How has Exxon decided to nearly triple their tax burden without the shareholders going nuts? and how come they actually haven't paid 1/3 of that number?

 

And you always say (so does Exxon)that all the money goes back into exploration and R&D. What percent of that 67 billion goes into R&D?

[kpbuckeye 2]

He walks lock step with the far right wing of the Republican party, He doesn't have any thoughts of his own. He's a cut & paste ditto head. You just read my single thought and no I don't have a link.

 

says a spinless puzzay alias.

[kpbuckeye 2]

I know its just another RP cut and past job, so I should probably ignore it altogether. But I don’t want anyone looking at this and thinking, “oh, the gouging of Exxon must be OK”. This article is a giant load of poop.

 

RP, since you claim to be the authority on the altruism of oil companies, answer a couple of questions for me?

Is that tax income for the US? Or is that they’re total tax burden globally?

 

I’m also curious how the 41% number came about? Would ###### Cheney and all the energy cronies be mad? Since the US corporate tax rate for the petroleum industry is around 15% and that’s before the tax “relief” that Exxon gets? How has Exxon decided to nearly triple their tax burden without the shareholders going nuts? and how come they actually haven't paid 1/3 of that number?

 

And you always say (so does Exxon)that all the money goes back into exploration and R&D. What percent of that 67 billion goes into R&D?

 

 

Bush......blah..........GOP.......blah........Rush.........blah.........Cheney..

........blah............

[Korben Dallas 0]

Bush......blah..........GOP.......blah........Rush.........blah.........Cheney..

........blah............

Run away little beatch. You know you don't have any answers and you know that you'll lose any discussion with me.

 

and your obsession with discounting all factual discussion with your inability to reason gets pretty darn old.

[footballpowers 0]

Run away little beatch. You know you don't have any answers and you know that you'll lose any discussion with me.

 

and your obsession with discounting all factual discussion with your inability to reason gets pretty darn old.

 

 

Na, he'll just call you names like a 3rd grader.......

 

Just sayin

[kpbuckeye 2]

Na, he'll just call you names like a 3rd grader.......

 

Just sayin

 

 

pot meet kettle.

 

When you guys are able to hold a discussion without crying about the big bad right, then we can talk.

For instance, this thread KD, Cheney had nothing to do with it, as usual you chose to cry about him.

Get over it already.

[footballpowers 0]

You're a dummy head and my dad can beat up your dad

[Frank M 181]

pot meet kettle.

 

When you guys are able to hold a discussion without crying about the big bad right, then we can talk.

For instance, this thread KD, Cheney had nothing to do with it, as usual you chose to cry about him.

Get over it already.

 

Why don't you say this when any of your heroes here cry about Clinton or Hillary or anything Democratic?

 

You're so enlightened, that should bug you too.

[DAVID RUFFIN 1]

says a spinless puzzay alias.

 

Oh yeah, I forgot name calling when all else fails. Is there some kind of secret right wing school... Ditto University or something? I'm mostly a lurker but I'm not an alias.