Tuesday, April 06, 2010

Exxon Mobil Paid No Income Tax in 2009

It's good to have good accountants.

Exxon Mobil Paid No Income Tax in 2009

Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
Mother Jones’ Adam Weinstein notes that, despite benefiting from corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research. Pat Garofalo at the Wonk Room notes that big corporations’ tax shelter practices similar to Exxon’s shift a $100 billion annual tax burden onto U.S. taxpayers. In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”

4 comments:

DanBack said...

Oh boy, and so it begins. Dave, Randy and Ginny on the cover of the paper. This should be a fun ride!

James Dionne said...

What did they pay in property taxes? What did they pay in capital gains taxes? What did the employees pay in income taxes? How much tax revenue did the product they produce generate? I would guess billions. There are many, many reasons why a corporation might not pay income taxes, one of which is that the government might have given them tax breaks to locate somewhere or hire more workers. Did Exxon break any tax laws? Then you have a story. If they did not then this story is just an ignorant witch hunt for those jealous of the successful.

John Jost said...

What a great scandal Ginny Maziarka is exposing today: "Menomonee Falls Library CENSORING Children's Artwork".

Apparently, the public library was hosting a parochial schools art fair which, I assume, could not possibly have taken place in a parochial school.

Of course, some kids were told to include a Bible verse in their art. The well-educated Christian kids slightly rewrote James 1:12:
"Blessed is the man who preservers under trial" - tea party quality.

The comments submitted to Randy Melchert's blog elicit another sad chuckle:
"the Menominee Falls Library", "the debate that these actions are going stir-up", "religious freedom is being comprimised", "will all religions be band", and "may the Word of God be visible to the world as a fundamental tenant". Tenet, you moron.

It is not only impossible to marry religion and science, it is impossible to marry religion and intelligence. Keep it out of the public libraries.

Kevin Scheunemann said...

John,

Keep religion out of libraries?

Who's going to sift out the warming religion books?

I thought it was OK to have any books/displays in the library?

Or were you "kidding" about all that free speech stuff?