Exxon made 45 billion in profit and paid $0 in federal income taxes

[FlyLikeAnEagle]

In 2009 Exxon posted 45.2 billion dollars in profit and Forbes ranked it as the largest earning US company. Yet they paid $0 in federal income taxes because they filter their money through some 20 different offshore companies.

There is another story linked that shows a study found 2 of 3 US companies from 1998 to 2005 didn't pay any federal income tax at all.

Somehow I don't think we will be seeing the same level of outrage from the various Fox New pundits about Exxon paying nothing as we did last week when we found out nearly half of workers pay nothing.

http://www.forbes.com/2010/04/01/ge-...e-taxes_2.html

http://thinkprogress.org/2010/04/06/exxon-tax/

http://www.nytimes.com/2008/08/13/bu...3tax.html?_r=1

 

[ink the world]

This comes as no surprise and is part of the problem we face now, but i can guarantee that someone will defend it.

 

[Dragline]

I don't know why this is posted here. The righties only get pissed if lower and middle class folks pay no federal taxes.

 

[Man o' the green]

Money flows the path of least resistance, and relatively oppressive US tax laws are to blame. I'm absolutely certain that lower taxes will raise total tax revenue. This is just one example. The only thing that is outrageous is our tax laws.

And it's not half of workers who pay nothing, it's half of the households.

Edit : abe23 is correct : half of the households pay nothing in federal taxes ( not all taxes )

 

[CrackerJax]

Exxon runs on an 8 or 9% net profit margin....so 45 billion taken in means 500 billion must be used to gather it in... with no guarantees.

Yah...sounds obscene. Now list the other companies which do the exact same thing. 1,000's of them. Gonna make a thread for each one? Or is class warfare ur only intent?

 

[FlyLikeAnEagle]

Exxon runs on an 8 or 9% net profit margin....so 45 billion taken in means 500 billion must be used to gather it in... with no guarantees.

Yah...sounds obscene. Now list the other companies which do the exact same thing. 1,000's of them. Gonna make a thread for each one? Or is class warfare ur only intent?

What the hell are you talking about? First off, it wasnt $45 billion taken in, that was their PROFIT, their revenue was closer to $450 billion. Secondly, nothing in life is guaranteed, what makes Exxon so special in your head?

If this was a person (which under legal definition a corporation is) that didnt pay any taxes on 45 billion he would be in jail.

 

[abe23]

Money flows the path of least resistance, and relatively oppressive US tax laws are to blame. I'm absolutely certain that lower taxes will raise total tax revenue. This is just one example. The only thing that is outrageous is our tax laws.

And it's not half of workers who pay nothing, it's half of the households.

It's true that our corporate tax rate is slightly higher than most other oecd countries and I agree that we need simpler corporate and personal income taxes.

And it's not that half of households don't pay ANY taxes, it's that they don't pay federal income tax. In many cases they still pay state and local income and property taxes not to mention sales and excise taxes. And it's a new trend that is the result of the fiscal time bomb known as the bush tax cuts....

 

[FlyLikeAnEagle]

It's true that our corporate tax rate is slightly higher than most other oecd countries and I agree that we need simpler corporate and personal income taxes.

And it's not that half of households don't pay ANY taxes, it's that they don't pay federal income tax. In many cases they still pay state and local income and property taxes not to mention sales and excise taxes. And it's a new trend that is the result of the fiscal time bomb known as the bush tax cuts....

Actually our 'official' tax rate for corporations is slightly higher at 39.5%, but the real tax rate after all the loopholes makes us THE LOWEST at around 5%.

 

[CrackerJax]

What the hell are you talking about? First off, it wasnt $45 billion taken in, that was their PROFIT, their revenue was closer to $450 billion. Secondly, nothing in life is guaranteed, what makes Exxon so special in your head?

If this was a person (which under legal definition a corporation is) that didnt pay any taxes on 45 billion he would be in jail.

Thanks for repeating my post. Obviously you don't understand what net profit means.

8% it works out to. they RISK 500 Billion to gather in 45 Billion NET. These are your figures not mine.

Pay attention to the percentages rather than the totals.....you'll get there some day... maybe.

Whew! man...

 

[londonfog]

OMG I knew some idiot would defend Exxon.. Any risk that Exxon takes we pay for at the gas pump or when you turn on the heat in your home...Cracker you are now officially the RIU . You are a prime example of greed and what is wrong with this country..If I spent 75,000 to start up a company and then made 100,000 believe you me I would have to pay on that 25,000. People like you who so called tuck money in offshore accounts without re-investing in this country are the reason why this country is hurting..Company's like Exxon who don't pay taxes on the profits they made in this country only hurts this country..Now I know that you stuck on stupid and feel the need to reply... just remember that you now wear the hat congratulations once again

 

[CrackerJax]

Obviously london hasn't a clue either to what businesses do. I'm shocked! (psst, no I'm not)

They POWER the country. Not the government.

I defend anything which helps our country.

So tell me Mr. In Charge of other ppl's money....what PERCENTAGE of profit is acceptable...and for which corp's? How is this decided in ur razor sharp mind?

I'm fascinated by ur LOGIC..... (Oops..no again).

You act as if EXXON is the property of the USA.

 

[FlyLikeAnEagle]

Thanks for repeating my post. Obviously you don't understand what net profit means.

8% it works out to. they RISK 500 Billion to gather in 45 Billion NET. These are your figures not mine.

Pay attention to the percentages rather than the totals.....you'll get there some day... maybe.

Whew! man...

Goddamn you're stupid. If Exxon makes 450 billion how in the hell did they risk 450 billion? My company had $250,000 in sales last year, I doubt I risked a 5% of that. Now go back to your bitching about people that pay no taxes.

 

[FlyLikeAnEagle]

Obviously london hasn't a clue either to what businesses do. I'm shocked! (psst, no I'm not)

They POWER the country. Not the government.

I defend anything which helps our country.

So tell me Mr. In Charge of other ppl's money....what PERCENTAGE of profit is acceptable...and for which corp's? How is this decided in ur razor sharp mind?

I'm fascinated by ur LOGIC..... (Oops..no again).

You act as if EXXON is the property of the USA.

Do you even understand the topic?

 

[londonfog]

Corporate Headquarters 5959 Las Colinas Boulevard Irving, Texas 75039-2298 which means they operate in the states...so again why are they not paying taxes in the country where they have headquarters and making money from the people....because with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that shelter the cash flow...something like what you doing Cracker

 

[FlyLikeAnEagle]

OMG I knew some idiot would defend Exxon.. Any risk that Exxon takes we pay for at the gas pump or when you turn on the heat in your home...Cracker you are now officially the RIU . You are a prime example of greed and what is wrong with this country..If I spent 75,000 to start up a company and then made 100,000 believe you me I would have to pay on that 25,000. People like you who so called tuck money in offshore accounts without re-investing in this country are the reason why this country is hurting..Company's like Exxon who don't pay taxes on the profits they made in this country only hurts this country..Now I know that you stuck on stupid and feel the need to reply... just remember that you now wear the hat congratulations once again

Do you really think the $18 Cracker makes a day posting crap for the GOP allows him enough money to hide offshore?

 

[CrackerJax]

Oh I see...you do think we own them.

So again...what percentages are okay with you? Which corps?

please you have obviously thought about this a great deal.... you wouldn't post something without first being informed.

So please...give me some examples of what is acceptable.

This thread is already into full failure...post 16.

 

[FlyLikeAnEagle]

Oh I see...you do think we own them.

So again...what percentages are okay with you? Which corps?

please you have obviously thought about this a great deal.... you wouldn't post something without first being informed.

So please...give me some examples of what is acceptable.

This thread is already into full failure...post 16.

WTF are you even talking about with this 'we owe them' garbage? They didnt pay one penny on 45 billion dollars profit in federal taxes, they even received millions back from the govt due to Bush's oil incentives and this ok in your world? Look man, you're beyond clueless and its why I usually dont waste my time with you.

 

[CrackerJax]

It's all legal....again...you get confused by big numbers... don't be. They made 8% profit.

I think you need to write a book or something...you can list all the corp's in the USA and tell us all how much they should make!!!

8%.... obscene.... pure evil.

 

[londonfog]

dude are you really that slow...its not about owning !!!!! here let me type slowly for ya...I f... y o u ... o p e r a t e .. i n ... U S A ... ..and....m a d e ...45... b i l l i o n... p a y ...y o u r ...d a m n ... T a x e s

 

[FlyLikeAnEagle]

It's all legal....again...you get confused by big numbers... don't be. They made 8% profit.

I think you need to write a book or something...you can list all the corp's in the USA and tell us all how much they should make!!!

8%.... obscene.... pure evil.

Just when I think you couldnt say anything more retarded............