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.
Tax bills for 5 corporate giants - Wal-Mart Stores: $7.1 billion (1) - CNNMoney.com
The myth is Exxon paid no taxes last year (which is really true, the consumer really paid the tax thru Exxon)
The Liberal bites on "no income tax" not realizing just on fuel there is a 18 cents per gallon tax
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.
Tax bills for 5 corporate giants - Wal-Mart Stores: $7.1 billion (1) - CNNMoney.com
The myth is Exxon paid no taxes last year (which is really true, the consumer really paid the tax thru Exxon)
The Liberal bites on "no income tax" not realizing just on fuel there is a 18 cents per gallon tax
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