Discussion in 'Economy' started by KissMy, Apr 21, 2010.
U.S. Federal Tax bills that America's 5 biggest companies paid in 2009:
Read the details of your own link.
Exxon paid the most taxes last year of any U.S. company, by far -- but not a cent went to the IRS for income taxes. That's because the oil giant does business in some of the mostly highly taxed countries in the world. Want to extract petroleum in Nigeria? Be prepared to fork over up to 85% of your profit in tax payments.
Exxon doled out more than $15 billion in income tax payments to foreign countries last year. U.S. tax codes allow companies to take massive deductions in light of those international charges, which knocked Exxon's federal income-tax bill down into negative territory.
That said, Uncle Sam gets his money in other ways. Including sales taxes and duties, Exxon recorded $7.7 billion in U.S. tax costs last year, and paid even more overseas.
Its grand total in global taxes for the year? A whopping $78.6 billion. The company's effective income tax rate was a hefty 47%, its highest in three years.
Those companies do pay significant amounts of other taxes, notably SS and Medicare...and Property Taxes.
We do not have an undertaxing problem. We have a spending problem.
The way to correct this is to remember this simple mnemonic device: "I before E, except after C."
Gee, I pay many taxes in other ways. Maybe I can apply for zero income taxes?
Love how the kneejerk dingbats automatically defend the companies that are srewing the American Citizen.
A reminder, since the left has forgotten.
From 1952 to 1994 the House of Representatives was controlled by the Democrats. During the same time the Senate was mostly controlled by the Democrats.
So who do you THINK made the laws for said Companies regarding taxes?
You are all in favor of laws you like but wax on and on about laws you do not agree with. THEN have the idiocy to complain when the right complains about laws they do not like.
Those Companies FOLLOWED the LAW. Laws made by Democrats.
Yeah paying taxes to Nigeria is so patriotic.
And $7.7B in US taxes according to the link apparently.
Sounds OK to me.
Seems they all paid plenty. I wouldn't mind living off of their interest.
Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.
Separate names with a comma.