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

[CMike]

Also, in Michigan, I had the honor of paying three separate taxes for my business.

Federal tax

State tax

State Small Business Tax.

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

The U.S. is among eight countries with extra corporate tax rates imposed by state or local levels of government. While the burden of these state-level taxes is somewhat lessened because they can be deducted from federal taxes, they do add a second layer of tax and also add considerable complexity for multi-state and multi-national businesses.

Some 44 states impose a traditional corporate income tax, with rates ranging from a low of 4.63 percent in Colorado to 12 percent in Iowa. Three states—Michigan, Texas, and Washington—impose a variant of a gross receipts tax in which businesses pay tax on their gross sales rather than their net profits.2 Ohio is currently transitioning from a traditional CIT to a gross receipts-style tax but now it has both. And, as mentioned above, three states do not have a state-level corporate tax.

 

[Care4all]

I don't give a hoot what taxes exxon pays to the country they are getting their oil from, THAT IS NOT MY PROBLEM....they make a profit off of this oil from foreigners even WITH that tax rate....

NONE of that money comes to us or pays for the roads they use or the regulation costs of the stock market they use or the education their employees received that they employ or a kazillion other things that other corporations such as Walmart, or coca cola, etc HAS TO PAY....

The tax structure in this country is so messed up, it is pathetic.....

Why should these companies TAKE OUR TAX MONIES though?

....we actually PAID THEM Billions in CREDITS with our own income tax monies...even when they don't pay a DIME in income tax?

I'm sorry, but THAT IS CORPORATE WELFARE, and just plain wrong.

 

[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.

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

read the article Mike...

it said we GAVE THEM CREDITS above and beyond the ZERO income tax obligation.

- 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

That is corporate welfare....what is in bold.

 

[CMike]

Exxon paid $7.7 billion to the US in taxes.

As I said if you want Exxon to pay more in taxes to the US, then allow it to produce more oil in the US. Pretty simple.

If you want to make it nearly impossible for Exxon to produce oil in the US, don't complain if it takes this business to other countries, that aren't a hostile to what it does.

It currently employees within the US abotu 35,000 people. I think that is a pretty good contribution to America.

 

[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

read the article Mike...

it said we GAVE THEM CREDITS above and beyond the ZERO income tax obligation.

- 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

That is corporate welfare....what is in bold.

And Exxon still paid $7.7 billion to the US.

Letting them keep more of their own money is not welfare

 

[Care4all]

Exxon paid $7.7 billion to the US in taxes.

As I said if you want Exxon to pay more in taxes to the US, then allow it to produce more oil in the US. Pretty simple.

If you want to make it nearly impossible for Exxon to produce oil in the US, don't complain if it takes this business to other countries, that aren't a hostile to what it does.

It currently employees within the US abotu 35,000 people. I think that is a pretty good contribution to America.

who did they pay 7.7 billion to in taxes? they PAID ZERO in federal income taxes...this is what the op is about? they got the credit from the federal gvts budget revenues, from our income tax money....i get taxed SS taxes, Medicare taxes, state income taxes, state sales taxes, state liquor and state gas taxes and federal gas taxes, federal income taxes, capital gains taxes and local/state property taxes, hotel and restaurant taxes, tolls for the State roads, fees for every license needed, fees to get a passport just to be able to go in to Canada freely now....

Trust me, BUSINESSES ARE NOT the only ones being taxed to death in this country!

 

[SpidermanTuba]

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.

TRANSLATION - U.S. LAW ALLOWS U.S. COMPANIES TO DECIDE THAT AMERICAN TAXPAYERS WILL INDIRECTLY PAY TAXES TO FOREIGNERS SIMPLY BY DOING BUSINESS AND PAYING TAXES IN THOSE COUNTRIES.

We have stupid laws.

 

[CMike]

Exxon paid $7.7 billion to the US in taxes.

As I said if you want Exxon to pay more in taxes to the US, then allow it to produce more oil in the US. Pretty simple.

If you want to make it nearly impossible for Exxon to produce oil in the US, don't complain if it takes this business to other countries, that aren't a hostile to what it does.

It currently employees within the US abotu 35,000 people. I think that is a pretty good contribution to America.

who did they pay 7.7 billion to in taxes? they PAID ZERO in federal income taxes...this is what the op is about? they got the credit from the federal gvts budget revenues, from our income tax money....i get taxed SS taxes, Medicare taxes, state income taxes, state sales taxes, state liquor and state gas taxes and federal gas taxes, federal income taxes, capital gains taxes and local/state property taxes, hotel and restaurant taxes, tolls for the State roads, fees for every license needed, fees to get a passport just to be able to go in to Canada freely now....

Trust me, BUSINESSES ARE NOT the only ones being taxed to death in this country!

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.

What is the difference? They still paid the $7.7 billion in US taxes. What difference does it make what pocket it goes into?

Do you also provide livelihoods for over $35,000 Americans?

These companies didn't become so successful just being idiots. The more you try to punish them, the more they will take more of their business overseas.

 

[Care4all]

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

read the article Mike...

it said we GAVE THEM CREDITS above and beyond the ZERO income tax obligation.

- 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

That is corporate welfare....what is in bold.

And Exxon still paid $7.7 billion to the US.

Letting them keep more of their own money is not welfare

IF it is NOT welfare just because Exxon paid OTHER TYPES of taxes, other than Income tax, and they are STILL paying taxes according to you Mike,

THEN, the ops and threads started about 50% of Americans not paying any income tax Bitching, is total bull crap...because those Americans have paid PLENTY OF OTHER taxes just as Exxon has...they pay state taxes and social security taxes of which the federal govt has been utilizing every DIME of the ss surplus to pay for what INCOME TAXES SHOULD have PAID, they pay medicare taxes, they pay gas taxes, they pay property taxes, cigarette taxes, liquor taxes, sales taxes ETC ETC ETC....just like exxon paying OTHER taxes.... no?

 

[hvnlydvn]

FWIW, Jeffers claims that Exxon overpaid their 2008 taxes. As for the taxes not paid in the U.S., when they are drilling and extracting oil outside of the U.S., whose tax rates should apply? When the taxes paid on foreign profits are higher than in the U.S., it can be credited against the taxes paid in the U.S. Been that way for a while now....getting these foreign tax credits, which is intended to reduce a double tax burden. These companies did nothing nefarious. They are paying their taxes and following the tax code. Don't like it? Take it up with the lawmakers.

 

[SpidermanTuba]

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.

Just so long as we're all clear that its the left who wants to make everything about partisan politics and the right that wants bipartisanship and a solution.

 

[boedicca]

TRANSLATION - U.S. LAW ALLOWS U.S. COMPANIES TO DECIDE THAT AMERICAN TAXPAYERS WILL INDIRECTLY PAY TAXES TO FOREIGNERS SIMPLY BY DOING BUSINESS AND PAYING TAXES IN THOSE COUNTRIES.

We have stupid laws.

Exxon did not do all of its business in the U.S. - it has foreign operations in other tax jurisdictions. The U.S. has operations of foreign based companies that pay taxes on their U.S. earnings. Countries often establish tax treaties so to eliminate double taxation of earnings. If you are suggesting violating or voiding these treaties in order to double tax U.S. companies, expect other countries to retaliate. The net result would be destruction of the viability of foreign operations, loss of tax income, and loss of jobs.

That's just not going to happen. The real answer is simplification of our own bizarro-world tax code so that we have low, fair tax codes for everyone.

 

[SpidermanTuba]

Exxon did not do all of its business in the U.S. - it has foreign operations in other tax jurisdictions. The U.S. has operations of foreign based companies that pay taxes on their U.S. earnings. Countries often establish tax treaties so to eliminate double taxation of earnings. If you are suggesting violating or voiding these treaties in order to double tax U.S. companies, expect other countries to retaliate. The net result would be destruction of the viability of foreign operations, loss of tax income, and loss of jobs.

That's just not going to happen. The real answer is simplification of our own bizarro-world tax code so that we have low, fair tax codes for everyone.

Which treaties?

 

[boedicca]

Exxon did not do all of its business in the U.S. - it has foreign operations in other tax jurisdictions. The U.S. has operations of foreign based companies that pay taxes on their U.S. earnings. Countries often establish tax treaties so to eliminate double taxation of earnings. If you are suggesting violating or voiding these treaties in order to double tax U.S. companies, expect other countries to retaliate. The net result would be destruction of the viability of foreign operations, loss of tax income, and loss of jobs.

That's just not going to happen. The real answer is simplification of our own bizarro-world tax code so that we have low, fair tax codes for everyone.

Which treaties?

Here are some from the IRS site:

United States Income Tax Treaties - A to Z

And more at Treasury:

http://www.ustreas.gov/offices/tax-policy/treaties.shtml

 

[SpidermanTuba]

Exxon did not do all of its business in the U.S. - it has foreign operations in other tax jurisdictions. The U.S. has operations of foreign based companies that pay taxes on their U.S. earnings. Countries often establish tax treaties so to eliminate double taxation of earnings. If you are suggesting violating or voiding these treaties in order to double tax U.S. companies, expect other countries to retaliate. The net result would be destruction of the viability of foreign operations, loss of tax income, and loss of jobs.

That's just not going to happen. The real answer is simplification of our own bizarro-world tax code so that we have low, fair tax codes for everyone.

Which treaties?

Here are some from the IRS site:

United States Income Tax Treaties - A to Z

And more at Treasury:

U.S. Treasury - Office of Tax Policy

I don't want a list of all the treaties. Just the one that says Exxon doesn't have to pay income taxes in the U.S.

 

[GHook93]

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.

Great idea! Let's allow 4 out of the 5 biggest US companies to make no profits, that way they can go out of business, not provide us valuable services that we need and kill the jobs of 10s of thousands of workers!

Great idea!

 

[CMike]

Which treaties?

Here are some from the IRS site:

United States Income Tax Treaties - A to Z

And more at Treasury:

U.S. Treasury - Office of Tax Policy
I don't want a list of all the treaties. Just the one that says Exxon doesn't have to pay income taxes in the U.S.

I think her point is that if Exxon is producing oil in Nigeria, they legally have to pay taxes to Nigeria.

It would be unfair to make them pay twice -- Nigeria & the US.

If the US wants Exxon to do more business in the US, so it can get more taxes, it should make it reasonable possible for them to produce oil in the US. Otherwise, there is nothing to complain about.

 

[boedicca]

I don't want a list of all the treaties. Just the one that says Exxon doesn't have to pay income taxes in the U.S.

They don't have to pay income taxes on earnings in foreign jurisdictions. As a multinational, they have operations outside of the U.S. If is inconceivable that they would not adhere to the legal and tax provisions available under such treaties (large companies have big tax departments to deal with this issue, among others).

I am not going to read through their tax returns (if I could even find them) to search for the specific treaty citations. If you are that interested, knock yourself out.

 

[GHook93]

Yeah paying taxes to Nigeria is so patriotic.

Dipshits.

They provide us oil and gas for our cars and manufacturing products you digbat! Without oil, America ceases to exist! What are you going to complain about next? That the government gives tax breaks to farmers that produce our food?

 

[GHook93]

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

Do you realize how important of a product Exxon produces? Are you in favor of them closing their doors tomorrow?