Exxon/Mobil Paid No Federal Income Tax in 2009

Discussion in 'Politics' started by Political Junky, Apr 6, 2010.

  1. Political Junky
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    Political Junky Gold Member

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    Think Progress ExxonMobil paid no federal income tax in 2009.

    exxon-mobilLast week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:

    Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
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    Last edited: Apr 6, 2010
  2. del
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    del BANNED

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    i'm stunned.











    seriously
     
  3. Oddball
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    Oddball BANNED Supporting Member

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    Good.

    I wish more companies would figure out how to do the same.
     
  4. VaYank5150
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    VaYank5150 Gold Member

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    Hmmmm....I gotta figure out that whole "wholly owned subsidiary" thing....
     
  5. JWBooth
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    JWBooth Gold Member

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    Good for them
     
  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Exxon paid $36.5B in income taxes in 2009. Isn't that enough? It's a global company - and has a fiduciary responsibility to its shareholders to apply the various tax codes in the most beneficial way possible. Do you pay more income tax than the legally required minimum?

    How much money did the government earn off of the taxes it adds to every gallon of gas?
     
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    Last edited: Apr 6, 2010
  7. del
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    del BANNED

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    more than exxon did
     
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  8. blastoff
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    blastoff Undocumented Reg. User

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    It helps if you use it in a sentence. Such as: MSNBC is a wholly owned subsidiary of the Dimocrat party.
     
  9. uscitizen
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    uscitizen Senior Member

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    Why does Exxon hate America?
     
  10. uscitizen
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    uscitizen Senior Member

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    Link?

    Because for some reason I do not believe that.
     
    Last edited: Apr 6, 2010

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