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

[manu1959]

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

all their employees and shareholders paid taxes on the profits paid out to them by the corporation....only a poorly run corporations pay corporate taxes of any degree....

 

[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.

Exxon Paid 7.7 bill in TAX costs and duties, not sales taxes and duties.
Read what it actually says.

I would never let you review a contract for me.

 

[RadiomanATL]

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

But wound up paying more than $2B more to the feds in taxes other than income than Walmart, the US's largest company.

I'd say they paid their taxes one way or the other.

 

[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.

Exxon Paid 7.7 bill in TAX costs and duties, not sales taxes and duties.
Read what it actually says.

...to the United States.

They paid $7.7B in taxes. Duties are nothing more than another name for a tax.

Your argument is just not flying. Who cares if their taxes fall in the column marked sales, income or duties. Fact is they paid $7.7B to the US government.

 

[uscitizen]

I pay property taxes, gasoline taxes, sales taxes, State income tax, etc and I still pay federal income tax.

 

[uscitizen]

What % of their gross was that 7.7 bill?

 

[RadiomanATL]

I pay property taxes, gasoline taxes, sales taxes, State income tax, etc and I still pay federal income tax.

Congrats.

 

[RadiomanATL]

What % of their gross was that 7.7 bill?

Mozilla Firefox Start Page

 

[uscitizen]

What % of their gross was that 7.7 bill?

Mozilla Firefox Start Page

so go fish huh?
You don't have any idea, but are sure they paid enough taxes?

 

[RadiomanATL]

What % of their gross was that 7.7 bill?

Mozilla Firefox Start Page

so go fish huh?
You don't have any idea, but are sure they paid enough taxes?

No. I'm just going to bed and don't feel like researching it right now.

But on the flip side, you also don't know and are sure they didn't pay enough taxes? Cuts both ways my friend.

 

[uscitizen]

Mozilla Firefox Start Page

so go fish huh?
You don't have any idea, but are sure they paid enough taxes?

No. I'm just going to bed and don't feel like researching it right now.

But on the flip side, you also don't know and are sure they didn't pay enough taxes? Cuts both ways my friend.

Yes it does. I am just not as trusting of corporate goodwill towards the USA as you apparently are.

 

[momonkey]

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.

Dingbats?

OK CEO brain surgeon, what would you do to stay competitive with other corporations?


These corporations avoid our high corporate tax rates (second highest after only Japan) by performing profitable operations in low tax nations using their workers and performing money losers here. They also use transfer pricing to keep the profits out of the US where corporate tax rates are 35%. We screw ourselves out of tax revenue and jobs by pricing ourselves out of the market.

Peter Rost, MD: How Multinationals Avoid Paying Taxes

 

[uscitizen]

Show me any corporations that pay 35% FEDERAL INCOME TAX.

And many many us corporations do not have any overseas operations to offset taxes.

 

[Care4all]

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.

think again, you are wrong on your assumptions on the loop holes and who made them.

 

[uscitizen]

I personally have had 2 small corporations and did not pay anywhere near 35% federal income tax.

 

[Care4all]

we have one of the lowest effective corporate tax rate in the world...it runs around 6%-10%....only 2 other countries have a lower effective corporate tax rate.

the tax rate may start high, but after deductions, credits, writeoffs, and corporate welfare....we have one of the lowest corp tax rates in the world.

 

[Care4all]

they did not just pay zero, they got BILLIONS in our tax money as credits to them....paying zero is one thing but ME PAYING THEM to be profitable with my money....bull crap.

 

[CMike]

According to the OP article, Exxon pays a tremendous amount in taxes.

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

I have an idea how about the left wingers in power allow offshore drilling, that would allow America to be energy self sufficient, and also Exxon would pay a lot more taxes to the US?

 

[CMike]

we have one of the lowest effective corporate tax rate in the world...it runs around 6%-10%....only 2 other countries have a lower effective corporate tax rate.

the tax rate may start high, but after deductions, credits, writeoffs, and corporate welfare....we have one of the lowest corp tax rates in the world.

America has one of the highest corporate tax rates in the world.

This is one reason why some businesses would rather take their business to other parts of the world.

The Tax Foundation - U.S. States Lead the World in High Corporate Taxes

Currently, the average combined federal and state corporate tax rate in the U.S. is 39.3 percent, second among OECD countries to Japan's combined rate of 39.5 percent.1 Lowering the federal rate to 30.5 percent would only lower the U.S.'s ranking to fifth highest among industrialized countries.

More recently, other members of Congress—including Sen. John McCain and Congressman Eric Cantor—have released proposals to cut the corporate rate even deeper to 25 percent. While this lower rate would improve the U.S.'s international ranking and competitiveness, that improvement would be mitigated by the high corporate tax rates imposed by many states.

Many states impose state corporate income taxes at rates above the national average of 6.6 percent. Iowa, for example, imposes the highest corporate tax rate of 12 percent, followed by Pennsylvania's 9.99 percent rate and Minnesota's 9.8 percent rate. When added to the federal rate, these states tax their businesses at rates far in excess of all other OECD countries.

When compared to other OECD countries:

24 U.S. states have a combined corporate tax rate higher than top-ranked Japan.
32 states have a combined corporate tax rate higher than third-ranked Germany.
46 states have a combined corporate tax rate higher than fourth-ranked Canada.
All 50 states have a combined corporate tax rate higher than fifth-ranked France.

 

[CMike]

they did not just pay zero, they got BILLIONS in our tax money as credits to them....paying zero is one thing but ME PAYING THEM to be profitable with my money....bull crap.

Letting people and companies keep more of their own money is not giving them money