Posted on 07/31/2008 11:23:58 PM PDT by bugseye
Exxon Posts Record $32.36 Billion Tax Payment
Although the way CNN reported it is "Exxon posts record $11.68 billion profit."
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.
(Excerpt) Read more at istockanalyst.com ...
In other words, the government is making far, far more money off of Exxon’s work than Exxon is by doing little else outside of being a royal pain in the ass.
And that is how perversely our economy is structured.
Yes, proper headline should be......
“GOVT PARASITES TAX 3 TIMES EXXON-MOBIL PROFITS!”
Although the way CNN reported it is "Exxon posts record $11.68 billion profit."
Exxon Mobil made big profits, because they purchased oil at $75 dollars per barrel and had to sell gasoline based on the replacement price of $140.00 per barrel. I knew this was going to happen. It looks terrible on paper, but if you understand the fact that Exxon Mobil had to sell it’s gasoline at a price that would allow then to purchase more oil at $140.00 per barrel, this isn’t out of line at all.
CNN loves to demagogue big oil. CNN should be taken off the air for trying to incite the public.
will anyone call these taxes obscene?
Disgusting government profits!!!!
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.'"Chuck Gibson stated on his show last night that "admittedly 1/2 of the companies profits are distributed to shareholders but unless you're [wallowing in shares of any and all of these oil companies you're not going to defray in the least the cost of the rising cost of gasoline].
I don't remember exactly the quote, but I do remember getting a rise out of it in that profit distribution is prior to income tax calculation on retained earnings.
I'm astonished that high integrity un-biased journalists would report such misinformation as fact with such a straight face. What am I thinking? You still watching the muchroom shaped cloud rising over Dan Rather's career?
Nah, didn't think so.
it little old Exxon made that much much think what OPEC and Russia made.
How far behind the moon are you?
Cool. But the Feds spent that in the time it took me to read the article.
The next thing we’ll hear is that Congressional Democrats will be proposing an “excess taxes tax” on oil companies.
Or issue a call for "windfall profit tax" on them? If the Repubs had any sense they would.
Put it in perspective:
Aren’t these numbers actually just representative of the $$$ that ExxonMobil collected from their revenue for “tax purposes?” They haven’t actually PAID the government ANYTHING yet.
Do they actually PAY the government this much? Is there any way to find out - especially after figuring in the Tax rebates, how much ExxonMobil actually remits to the government?
Considering their profits of $404.5 billion for FY2007 and their COMPLETE tax bill of $105.6 billion, their COMPLETE rate, including Sales tax is around 25%. Include ALL the taxes you pay - sales tax, gas taxes AND income taxes. Is your COMPLETE rate less than 25%?
I think not (Just my INCOME tax rate was 39% - and I don’t make a whole lotta dosh...) - and even if they actually REMIT all of it to the government (which they DON’T) - how am I supposed to feel sorry about a company STILL raking in $300 billion per year in PROFIT?
No sale.
The commies in congress will never admit that. Their goal is to demonize oil companies so that the ignorant public will accept the government takeover of the oil companies.
Our local morning news reader did the “Exxon Mobil reported an $11.68 billon profit” report this morning while showing gas price signs. I fired off an e-mail asking if they would report that the TAXES paid were 3 times as much. I wonder if if they’ll bother to reply? (not holding my breath).
“Exxon’s profits are excessive. Shell’s profits leave us shellshocked. And BP now stands for Bloated Profits,” Markey said in a statement.
“It’s the most selfish group of companies that I’ve ever seen and the most hypocritical,” Sen. Charles Schumer (D-N.Y.) added at a press conference with Sen. Robert Menendez (D-N.J.) and Reps. Rahm Emanuel (D-Ill.) and Markey.
IF YOU WANT TO SEE A REALLY SELFISH GROUP OF HYPOCRITES CHUCK JUST LOOK IN THE MIRROR...
This should read "Exxon Posts Record $32.36 Billion Tax Collection."
Corporations don't pay taxes, they collect taxes. All taxes are ultimately paid by the end consumer. Exxon just did the gubmint a favor by collecting $36 billion from their customers on behalf of the gubmint. It's Exxon's customers and shareholders that made the payment, not Exxon. Exxon was just the middle man.....
Taxes = 3X profit, but the demorat byline can only see profit (before reinvestment in the business at $7B).
Oh - and almost nobody is mentioning much about Exxon missing its projections.
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