Posted on 02/07/2008 12:22:55 PM PST by Turret Gunner A20
Snip
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).
(Excerpt) Read more at seekingalpha.com ...
I’m just trying to imagine that thirty billion dollar check they have to write out.
This is gonna piss off the liberals. The idea of the poor having to pay as much in taxes as that disgusting, polluting abomination!
According to Hillary and her ilk, they still are not paying enough.
Yeah right, I wish my tax rate was 3% of AGI. A statistician this guy is not.
The ugly truth is while corporations like Exxon file four quarterly tax returns per year they do not pay taxes, taxes are passed on to their customers.
The Dems will fix this by putting Exxon out of business.
The American socialists are worse than the Euro socialists, sometimes. Even most of the EU has lower corporate tax than we do. Granted, they tax everything and anything in existence but even they understand to draw corporate activity and investment, you have to make it PROFITABLE for them to do business in the country.
Ireland took off economically after it significantly lowered its corporate tax.
All the US has to do to experience some benefit is to do the same.
IMO, there really shouldn’t be a corporate tax, since all of that money is going to be taxed at some point in income, gas, sales or capital gains tax.
Just another way in which our wonderful government distorts the market.
“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!”
The truth is that the 65 million people are indirectly paying that $27 billion. Exxon just passes the cost of the taxes onto the consumer in the form of higher prices.
They don’t write a check. They used their debit card.
They want their frequent flyer miles just like the rest of us...
They have to be pretty careful to not lose their PIN number.
Is this their corporate income taxes alone? Or does this include excise, franchise, and other taxes they pay?
Hillary wants them to pay more in taxes though. She wants to take the profits they have after taxes and “invest” in this and that. What she may not know if that the profits of a company are paid indirectly by everyone who buys a product from that company. If you raise taxes on business, the business is compelled to charge their customers more. The new taxes get passed along as a cost of doing business.
The laws of economics are like the laws of physics. They cannot be ignored. The laws of economics don’t disappear just because liberal / radical / socialist politicians want them to.
Great Find! Thanks for Sharing!
Correct .. but let's not miss the point. These $$$, along with the $$$ in taxes the consumer pays at the pump, all wind up in the government's account.
"Big Government" makes a crap load more money off of oil than the "evil" oil companies do.
Imagine the dollars flowing from your billfold to Exxon.
Its a lot easier for them to write a $30 billion dollar check than for you to pay $3 a gallon for gasoline.
I hope they don’t realize what they are paying in taxes. They may decide to relocate the business to another country.
That’s $30,000,000,000 in lost tax revenue.
If I were them and hearing grumblings about a special law to make them fork over more, I would consider it.
Are you in the bottom 50% of taxpayers?
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