4 out of 5 of America's biggest companies paid $0 of Federal tax in 2009

[KissMy]

U.S. Federal Tax bills that America's 5 biggest companies paid in 2009:

- Wal-Mart Stores: paid in $5.3 billion in federal taxes

- Exxon Mobil: paid $0 in federal taxes & received $156 million in federal benefits

- Chevron: paid $0 in federal taxes & received $19 million in federal benefits

- General Electric: paid $0 in federal taxes & received $1.1 billion in federal benefits

- Bank of America: paid $0 in federal taxes & received $2.8 billion in federal benefits

 

[CMike]

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.

 

[boedicca]

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.

 

[xsited1]

The way to correct this is to remember this simple mnemonic device: "I before E, except after C."

 

[Old Rocks]

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.

 

[RetiredGySgt]

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.

 

[uscitizen]

Yeah paying taxes to Nigeria is so patriotic.

Dipshits.

 

[RadiomanATL]

Yeah paying taxes to Nigeria is so patriotic.

Dipshits.

And $7.7B in US taxes according to the link apparently.

Sounds OK to me.

 

[SFC Ollie]

Seems they all paid plenty. I wouldn't mind living off of their interest.

 

[uscitizen]

Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.

 

[RadiomanATL]

Gee, I pay many taxes in other ways. Maybe I can apply for zero income taxes?

Let me know when you are a multinational corporation employing thousands upon thousands of US citizens all of whom pay taxes to Uncle Sam through the wages you pay them. And then when you do that, let me know when you start pumping billions of dollars into the government's coffers in sales taxes and tariffs of other kinds. After that, let me know when you are mining/drilling for natural resources in other countries, and bringing their resources back to ours which in turn boosts our GDP.

Then we can talk about you not paying income taxes.

Moron.

 

[RadiomanATL]

Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.

$7,700,000,000 - in taxes paid via sales and tariffs
- $40,000,000 - in tax credits.
_____________

$7,660,000,000 in taxes paid.

 

[uscitizen]

Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.

$7,700,000,000 in taxes paid via sales and tariffs
- $40,000,000 in tax credits.
_____________

$7,660,000,000 in taxes paid.

Umm who pays sales taxes? the buyer?
Who da dummy?

from the article:
U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

 

[RadiomanATL]

Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.

$7,700,000,000 in taxes paid via sales and tariffs
- $40,000,000 in tax credits.
_____________

$7,660,000,000 in taxes paid.

Umm who pays sales taxes? the buyer?

Seems self explanatory to me:

Exxon recorded $7.7 billion in U.S. tax costs last year

Exxon paid it.

 

[RadiomanATL]

Exxon Mobil got 40 mill or so more in tax credit in the USA than they paid in USA taxes.

$7,700,000,000 in taxes paid via sales and tariffs
- $40,000,000 in tax credits.
_____________

$7,660,000,000 in taxes paid.

Umm who pays sales taxes? the buyer?
Who da dummy?

from the article:
U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Also from the article:

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.

Exxon paid $7.7 billion in sales taxes and duties.

 

[manu1959]

idiots.....they paid all the profits out to shareholders and employees and then they paid taxes on it.....

no company in its right mind pays corporate taxes......

 

[KissMy]

According to Securities & Exchange Commission filings, Exxon Mobil paid $5.12 billion to the U.S. Federal Government in 2007 on Bush's watch.

On Obama & the democrats watch the U.S. Federal Government paid $156 million to Exxon Mobil.

Gee I wonder who is really backing Big Oil. Where is the press on this? Anyone?

 

[uscitizen]

$7,700,000,000 in taxes paid via sales and tariffs
- $40,000,000 in tax credits.
_____________

$7,660,000,000 in taxes paid.

Umm who pays sales taxes? the buyer?
Who da dummy?

from the article:
U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Also from the article:

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.

Exxon paid $7.7 billion in sales taxes and duties.

Umm that did not say that exxon paid the sales tax, just that uncle sam got it.
That could be from sales tax on exxon products sold in the us that WE paid the tax on...

The article is not clear enough to make any true determination.

 

[RadiomanATL]

Umm who pays sales taxes? the buyer?
Who da dummy?

from the article:
U.S. federal: -$156 million
U.S. state and local: $110 million
International: $15.2 billion

Also from the article:

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.

Exxon paid $7.7 billion in sales taxes and duties.

Umm that did not say that exxon paid the sales tax, just that uncle sam got it.
That could be from sales tax on exxon products sold in the us that WE paid the tax on...

The article is not clear enough to make any true determination.

If Exxon didn't pay it, then they couldn't "record" it. Basic accounting principle.

 

[uscitizen]

Also from the article:

Exxon paid $7.7 billion in sales taxes and duties.

Umm that did not say that exxon paid the sales tax, just that uncle sam got it.
That could be from sales tax on exxon products sold in the us that WE paid the tax on...

The article is not clear enough to make any true determination.

If Exxon didn't pay it, then they couldn't "record" it. Basic accounting principle.

How did they record it? Payroll taxes? Sales taxes paid on stuff they bought?

the fact is they paid 0 in federal income taxes