Exxon Mobil breaks another earnings record

[sealybobo]

Oil giant posts biggest U.S. quarterly profit ever; breaks own record
Exxon Mobil breaks another profit record - Earnings

HOUSTON - Exxon Mobil Corp., the world’s largest publicly traded oil company, reported income Thursday that shattered its own record for the biggest profit from operations by a U.S. corporation, earning $14.83 billion in the third quarter.

 

[Andrew2382]

YEah, I wonder how much the government made getting 15% without having to do any work

 

[Care4all]

YEah, I wonder how much the government made getting 15% without having to do any work

Does the gvt take your money without doing a thing via taxes too?

 

[sealybobo]

YEah, I wonder how much the government made getting 15% without having to do any work

The oil companies are drilling on our land. That's your government. That's our oil. That's your Federal land dummy!!!

You want Exxon to dodge all the taxes so you pick up the tab for everything. How nice of you.

Your master is calling you. Get back out in the fields. You don't know how good you got it boy.

 

[Andrew2382]

How much of the worlds oil does Exxon Control?

Approx 1-2%.


They drill it, refine it, produce it, distribute it, they do everything and pay record taxes as well.

Exxon Posts Record $32.36 Billion Tax Payment

According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.


Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"


MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above

click on link for graph

 

[dilloduck]

How much of the worlds oil does Exxon Control?

Approx 1-2%.


They drill it, refine it, produce it, distribute it, they do everything and pay record taxes as well.

Exxon Posts Record $32.36 Billion Tax Payment

According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.


Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"


MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above

click on link for graph

Making a profit is just wrong. Breaking even is all anyone really needs. Anything above that is just plain selfish.

 

[sealybobo]

Making a profit is just wrong. Breaking even is all anyone really needs. Anything above that is just plain selfish.

Socializing the losses and privatizing the profits is wrong.

 

[dilloduck]

Socializing the losses and privatizing the profits is wrong.

Trust me---I didn't vote for a bailout---Congress did.

 

[sealybobo]

How much of the worlds oil does Exxon Control?

Approx 1-2%.


They drill it, refine it, produce it, distribute it, they do everything and pay record taxes as well.

Exxon Posts Record $32.36 Billion Tax Payment

According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.


Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"


MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above

click on link for graph

You only think they paid those taxes.

Bulk of U.S. corporations pay no taxes: GAO
Operating losses, transfer pricing help businesses escape IRS; 'shocking indictment'

Bulk of U.S. corporations pay no taxes: GAO - Financial Week

Clearly they don't pay enough. Unless you approve of the debt doubling? Do you? Please explain how you consider yourself fiscally responsible?

 

[9 Volt]

Does the gvt take your money without doing a thing via taxes too?

You're damn right they do!..and they send it right up the cahin to Companies like Exxon/Mobile, Gilead Sciences, Blackwater, Halliburton etc. It's the Republican's version of "Spread the Wealth"....only it goes up, not down!

 

[sealybobo]

Trust me---I didn't vote for a bailout---Congress did.

Bush asked for it, not Congress.

And no one approved the Bear Stearns bailout. The Federal Reserve just bailed them out.

The only reason they asked for the most recent bailout was to make it a political issue. They were going to steal the $700 billion one way or the other.

And Obama only gave them a fraction of it. And made it better for tax payers than what Bush wanted. Bush wanted us to just hand over $700 bill no questions asked.

Don't forget what they tried to slip in to the original Bush bailout plan.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter

 

[Andrew2382]

lol I only think they paid those taxes? YOu can check their balance sheets and IRS reports, the link you put had no mention to Mobil Exxon being one of th ecompanies not paying taxes

Reaching much?

 

[dilloduck]

Bush asked for it, not Congress.

And no one approved the Bear Stearns bailout. The Federal Reserve just bailed them out.

The only reason they asked for the most recent bailout was to make it a political issue. They were going to steal the $700 billion one way or the other.

And Obama only gave them a fraction of it. And made it better for tax payers than what Bush wanted. Bush wanted us to just hand over $700 bill no questions asked.

Don't forget what they tried to slip in to the original Bush bailout plan.

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

Dirty Secret Of The Bailout: Thirty-Two Words That None Dare Utter

Oh please don't start the " We were tricked " crap again.

 

[sealybobo]

lol I only think they paid those taxes? YOu can check their balance sheets and IRS reports, the link you put had no mention to Mobil Exxon being one of th ecompanies not paying taxes

Reaching much?

You keep denying what is going on for ANOTHER 8 years idiot.

U.S. Energy Bill Showers Tax Breaks on Oil Drillers, Utilities

By Jim Efstathiou Jr.

July 29 (Bloomberg) -- The energy bill Congress is set to pass today will spread $14.5 billion in tax breaks among hundreds of U.S. companies.

Exxon Mobil Corp., ConocoPhillips and other oil and gas producers get incentives to drill wells in the deepest waters of the Gulf of Mexico.

INSTEAD THEY BOUGHT BACK THEIR OWN STOCKS ON THE CHEAP

``There are a lot of pigs at the trough and the pigs got fat,'' said Philip Verleger, a senior fellow at the Institute for International Economics in Washington. ``It's the way politics works in the United States.''

Environmental and consumer groups say the package is a giveaway. The past three quarters were the most profitable ever for the company.

Oil companies such as Exxon Mobil spent $367 million over the past two years lobbying Congress on energy legislation, according to data from PoliticalMoneyLine and the Center for Responsive Politics. The legislation contains tax breaks of $1.6 billion for oil and gas producers.

Bloomberg.com: U.S.

 

[sealybobo]

Oh please don't start the " We were tricked " crap again.

We were robbed. Right now you are in denial.

 

[dilloduck]

We were robbed. Right now you are in denial.

Well get your congress to work if they can somehow manage to keep from being tricked again.

 

[Andrew2382]

regardless of the tax breaks they ahve received you fucking imbicile, they still paid out massive money in taxes.

The link I provided is what they have actually paid in real dollars.

 

[Care4all]

How much of the worlds oil does Exxon Control?

Approx 1-2%.


They drill it, refine it, produce it, distribute it, they do everything and pay record taxes as well.

Exxon Posts Record $32.36 Billion Tax Payment

According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.


Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"


MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above

click on link for graph

our income tax percentage is calculated against our GROSS revenues/income...do the same for exxon as you do to me when you calculate my taxes to compare apples to apples on tax rates....divide what they pay in income taxes/corporate taxes in to their gross revenues....

sorry! you're being played as their pawn....sales taxes don't count, other taxes don't count....what did they pay in taxes to the irs, is the only way to judge this....

i don't get to add in what i pay in state income tax, state sales taxes, sin taxes on liquor, property taxes, local taxes. social security taxes, medicare taxes, lottery purchases, excise taxes, gasoline taxes both fed and state, licence fees, and ALL THE REST of my taxes in to my income taxes to calculate MY tax rate....NEITHER should they....

yes i agree ALL are taxes....but YOU(as in the republican you in general) don't include all of my taxes when you talk about the wealthy paying 80% of our taxes... because YOU only include what income taxes are paid and not the rest of our taxes paid to our gvts? you can't keep CHANGING the criteria of what taxes you will include as taxes....

we, my husband and i, pay in income taxes every single year, MORE THAN WE are able SAVE(net) once our expences are met....why should it be any different for exxon?

 

[Andrew2382]

Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for "Exxon profits" and you'll get about 8,000 hits. Now try "Exxon taxes" and you'll get a little more than 300 hits. That's a ratio of about 33 to 1.

I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.

By the way, Exxon pays taxes at a rate of 41% on its taxable income!

[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]



Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.

According to IRS data for 2004, the most recent year available:

Total number of tax returns: 130 million

Number of Tax Returns for the Bottom 50%: 65 million

Adjusted Gross Income for the Bottom 50%: $922 billion

Total Income Tax Paid by the Bottom 50%: $27.4 billion


Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

Exxon's 2007 Tax Bill: $30 Billion - Seeking Alpha

They pay 41% in taxes

 

[Care4all]

Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for "Exxon profits" and you'll get about 8,000 hits. Now try "Exxon taxes" and you'll get a little more than 300 hits. That's a ratio of about 33 to 1.

I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.

By the way, Exxon pays taxes at a rate of 41% on its taxable income!

[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon's EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]



Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.

According to IRS data for 2004, the most recent year available:

Total number of tax returns: 130 million

Number of Tax Returns for the Bottom 50%: 65 million

Adjusted Gross Income for the Bottom 50%: $922 billion

Total Income Tax Paid by the Bottom 50%: $27.4 billion


Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

Exxon's 2007 Tax Bill: $30 Billion - Seeking Alpha

They pay 41% in taxes

AGAIN....my taxes paid are calculated as a percentage on my gross revenues not my net....do the same for exxon, before you start shedding your tears for them.... this is the ruse they are playing and you and others buy in to it...you need to stop getting your opinion from the exxon mobile propaganda sites...

if i calculated my tax rate on what i have in net after all my expenses are paid to keep my household moving forward as they do to keep their corp going forward, then i am paying an income tax rate of 150% compared to their 41%....

i am not negating that they contribute alot in taxes as the largest corporation in america....just that they don't pay that much in tax as a percentage of their gross revenues compared to what i pay or you pay or any individual pays of their gross proportionately....apples to apples.


comparing apples to oranges just doesn't cut it, for me...