Exxon & Shell Show Profits...And they Paid Taxes.

[LibocalypseNow]

Maybe Obomba can get his good buddies over GE to start paying some Taxes too. Exxon paid an estimated $10 Billion in Taxes. Maybe the Exxon or Shell CEO should be "Jobs Czar" rather than GE CEO Jeffrey Immelt? Just a thought anyway...

Exxon earns nearly $11B in 1Q, best since '08 - Yahoo! Finance

 

[LibocalypseNow]

Here's another interesting link. It shows what the Top 25 Corporations paid in Taxes...

In Pictures: What The 25 Top U.S. Companies Pay In Taxes - No. 1: Wal-Mart Stores - Forbes.com

 

[LibocalypseNow]

Large Corporations do pay Taxes. GE doesn't but most others do.

 

[FuelRod]

They all gave more to charity than the Obama's and Biden's combined too

 

[Dr.Drock]

At least they're contrubuting to the wars our bureacrats start for them.

 

[LibocalypseNow]

The Lefty "Evil Corporation" crowd has created a lot of silly myths about Corporations and Taxes. Most large Corporations do pay a serious amount of Taxes. Ironically it's their guy in the White House right now who is buddy-buddy with one of the few Large Corporations that doesn't pay Taxes. GE practically runs this current White House. Jeffrey Immelt their "Jobs Czar?" Yikes!

 

[LibocalypseNow]

Also,GE Outsourcs 50% of their Work-Force to Foreign Countries.

 

[PoliticalChic]

Maybe Obomba can get his good buddies over GE to start paying some Taxes too. Exxon paid an estimated $10 Billion in Taxes. Maybe the Exxon or Shell CEO should be "Jobs Czar" rather than GE CEO Jeffrey Immelt? Just a thought anyway...

Exxon earns nearly $11B in 1Q, best since '08 - Yahoo! Finance

Glad you keep the picture in focus!


And, of course, the antibusiness crowd loves stories about how much Big Oil is stealing from the American people! On the contrary, in 2006, the oil industry paid $81 billion in income tax, and while Exxon’s earnings increased 89% from 2003 to 2007, their income taxes increased 170%. Exxon: Profit Pirate or Tax Victim?


The non-thinking segment of the public has been conditioned to hate the oil industry. Very few realize the extent to which they are subsidized by this industry. “According to the [Exxon] company's income statement, the amount of taxes it paid in 2008 was 2.5 times as much as its net profit. The $45.2 billion profit figure makes a snappy headline, but the $116.2 billion in taxes that it paid is relegated to a footnote—if that. Exxon's tax bill breaks down like this: income taxes, $36.5 billion; sales-based taxes, $34.5 billion; "all other" taxes, $45.2 billion.” Exxon, Big Oil Profits Evil Only Until You Weigh Their Tax Bills - US News and World Report

 

[LibocalypseNow]

Maybe Obomba can get his good buddies over GE to start paying some Taxes too. Exxon paid an estimated $10 Billion in Taxes. Maybe the Exxon or Shell CEO should be "Jobs Czar" rather than GE CEO Jeffrey Immelt? Just a thought anyway...

Exxon earns nearly $11B in 1Q, best since '08 - Yahoo! Finance

Glad you keep the picture in focus!


And, of course, the antibusiness crowd loves stories about how much Big Oil is stealing from the American people! On the contrary, in 2006, the oil industry paid $81 billion in income tax, and while Exxon’s earnings increased 89% from 2003 to 2007, their income taxes increased 170%. Exxon: Profit Pirate or Tax Victim?


The non-thinking segment of the public has been conditioned to hate the oil industry. Very few realize the extent to which they are subsidized by this industry. “According to the [Exxon] company's income statement, the amount of taxes it paid in 2008 was 2.5 times as much as its net profit. The $45.2 billion profit figure makes a snappy headline, but the $116.2 billion in taxes that it paid is relegated to a footnote—if that. Exxon's tax bill breaks down like this: income taxes, $36.5 billion; sales-based taxes, $34.5 billion; "all other" taxes, $45.2 billion.” Exxon, Big Oil Profits Evil Only Until You Weigh Their Tax Bills - US News and World Report

It's just convenient ignorance from the "Evil Corporation" Left. You just don't hear much from these same people on GE not paying any Taxes. Jeffrey Immelt their "Jobs Czar?" What a scam.

 

[LibocalypseNow]

GE was making $10.3 Billion while receiving more Tax Breaks that led to them not paying any Taxes. Wow.

 

[LibocalypseNow]

Man even the "Evil Corporation" Left's biggest Boogeyman Walmart paid a serious amount of Taxes.

 

[LibocalypseNow]

#7 on the List Bank of America,didn't pay Taxes either.

 

[Toro]

We don't know how much XOM paid in taxes this quarter. XOM has not released it's financial statements yet. All they have released is their 8K. The numbers that you see aren't necessarily taxes paid. They are taxes expensed, a very different thing. Nor does it say how much was paid to American governments. Finally a good chunk of those taxes aren't taxed on profits. They include, I believe, various taxes levied at the pump that is passed onto consumers. Since energy consumption is fairly inelastic, the economic loss to the company is small.

That doesn't mean that XOM didn't pay taxes. However you have to understand what you are looking at.

 

[LibocalypseNow]

Btw,i don't mind Tax Breaks. Why shouldn't Corporations look for ways to lessen their Tax burden? Most everyday Americans do that too. But the #4 Corporation GE should have paid something. Seems reasonable to me.

 

[Toro]

OK I'm looking at XOM's 2010 10K. In 2010 they made $53 billion before tax and expensed $21.6 in income taxes. Of that $21.6 billion, $1.7 billion is attributable to the US and $19.9 billion to everywhere else. US pretax profits were $7.7 billion whereas total offshore pretax profits were $45.2 billion. So even though 15% of profits come from the US, the US accounts for 7.7% of all taxes expensed.

But that is taxes expensed. That is not taxes paid. There are differences in accounting for GAAP reported earnings and earnings for the tax code. The main one is the treatment of depreciation. The tax code allows companies to accelerate depreciation of their capital stock to lower their tax liabilities but use GAAP accounting to effectively fool investors.

The reconciliation of the differing tax treatments comes from a balance sheet item called "deferred taxes." If there is a deferred tax liability, as there us with XOM, that means the company has been paying a lower tax rate to the government than reported on their GAAP financial statements.

You can see the affect of this differing tax treatment by looking at changes in the deferred tax liability on the Balance Sheet. By subtracting the increase in the change in deferred liabilities from the income tax expense, we can calculate actual cash income taxes paid.

Deferred tax liability for XOM in 2010 was $28.7 billion, up from $17.7 billion in 2009, or a positive change of $11 billion. Subtract $11 billion from income taxes expensed at $21.6 billion and actual cash income taxes paid was $10.6 billion, or about 20% of pretax income.

However what we don't know was how much was actually paid to American governments. Tax strategies may actually lower the amount paid in the US to zero. I don't know if it did or not but don't assume that XOM paid US income taxes simply because it said so in a press release.



Sales-based taxes, ie gas tax you pay at the pump was $6.2 billion.

 

[waltky]

Like Uncle Ferd says, dey got us by the yin-yang and dey squeezin' `cause dey don't want to lose dem rich oil company tax breaks...

Exxon hits back at gas price anger
April 28, 2011 -- In an attempt to deflect rising anger among American drivers and political leaders, Exxon Mobil said Thursday that it makes relatively little money on gasoline, even as it reported a nearly $11 billion quarterly profit.

"We understand that it's simply too irresistible for many politicians in times of high oil prices and high earnings -- they feel they have to demonize our industry," said a statement from Exxon vice president Ken Cohen. The statement argued Exxon is not to blame for the recent surge in gas prices, now above $4 a gallon in many areas.

Exxon argued that most of its profit comes from overseas operations, and that earnings in its refining business, which converts crude into gas, make up only 6% of its earnings. The company said the recent surge in oil prices is due to strong global energy demand, and a stormy political climate in the Middle East and the weak U.S. dollar.

In addition, Exxon said federal and state taxes make up 40 to 60 cents of the price for a gallon of gas, compared with the 7 cents per gallon that the company earns. Exxon also lashed out at the task force recently created by the Obama administration to crack down on speculation in the oil and gas market.

In response to recent criticism of tax loopholes for the oil industry, Exxon said it has paid nearly $59 billion in U.S. taxes over the past five years, including $9.8 billion last year. The retort came after Exxon Mobil, the world's largest publicly traded oil company, said it earned $10.7 billion in the first three months of 2011, up from $6.3 billion in the same period last year.

MORE

See also:

Oil price spike: Speculators aren't to blame
April 28, 2011: International Energy Agency's chief economist says higher prices are here to stay, driven by demand that's exceeding supply.

High oil prices are here to stay and they're caused by surging demand and limited new supply, not Wall Street speculators. That's the message from Fatih Birol, chief economist at the International Energy Agency. "Speculators are only responding to what is going on in the markets," Birol said during an interview with CNNMoney in New York. "We don't see enough oil in the markets. The major driver is supply and demand."

Birol said growth in worldwide oil demand is outstripping growth in new supplies by 1 million barrels a day per year. Much of that new demand is coming from China. China is adding 800,000 vehicles to its roads each year, he said, and is responsible for fully half of the world's demand growth. He noted the growth in China's oil consumption is equal to all of the new output expected from Iraq over the next few years.

Plus, countries that export oil are not doing enough to invest in new production, and countries that use a lot of oil are not doing enough to cut back. This is not good news for American drivers, currently paying an average of nearly $4 a gallon at the pump. "We have to learn to live with these higher prices," said Birol, who declined to say exactly how high oil will go. "They are here for a long time."

The International Energy Agency represents oil consuming countries like the United States, European nations and Japan. It was formed following the Arab oil Embargo in the early 1970s and is responsible for shuffling strategic oil reserves between developed nations during a time of crisis. It also conducts extensive research on world oil markets.

MORE

 

[auditor0007]

Here's another interesting link. It shows what the Top 25 Corporations paid in Taxes...

In Pictures: What The 25 Top U.S. Companies Pay In Taxes - No. 1: Wal-Mart Stores - Forbes.com

Many of these companies may have paid large amounts of income tax, but the funny thing is that most of them paid little in US income taxes. The income taxes they paid were to other countries. The way your post reads leads us to believe that they paid substantial income tax in the US. Not true.

 

[LibocalypseNow]

Here's another interesting link. It shows what the Top 25 Corporations paid in Taxes...

In Pictures: What The 25 Top U.S. Companies Pay In Taxes - No. 1: Wal-Mart Stores - Forbes.com

Many of these companies may have paid large amounts of income tax, but the funny thing is that most of them paid little in US income taxes. The income taxes they paid were to other countries. The way your post reads leads us to believe that they paid substantial income tax in the US. Not true.

Well they paid more than GE no? GE owns this current President. GE CEO Jeffrey Immelt his "Jobs Czar?" Yikes!

 

[The T]

Gasoline Taxes Vs. Exxon Profit, Per Gallon

The map above from API shows gasoline taxes by state (combined local, state and federal), which range from a low of 26.4 cents per gallon in Alaska to a high of of 66.1 cents per gallon in California, averaging 48.1 cents per gallon across all states. How does that compare to oil company industry profits per gallon?

 

[The T]

Too bad I killed this thread this morning...