Skip to comments.Exxon-Mobil Paid $3 in Taxes for Every $1 of Profit
Posted on 05/01/2008 5:32:25 PM PDT by drbasketball
In the first quarter, Exxon-Mobil earned $10.9 billion, but at the same time paid a total of $29.3 billion in taxes...
(Excerpt) Read more at nationaleconomist.com ...
Well then OBVIOUSLY Schumer was right - ExxonMobil should also pay the Federal Tax on gas this summer since they still have some money left!
The libs will say that this is not enough. They won’t be happy until the oil companies don’t make any profit. Of course, that would mean no gas for their cars but who said libs had smarts.
The only “gouging” going on is the feds/state/local taxes on oil based products.
How were the taxes utilized?
After all, Exxon-Mobile if having the funds and freedom to use them would certainly created many new domestic job's in their quest to make more profit if not restricted in doing so.
ever heard of Pemex?
Hmmm...who’s doing the gouging here...I don’t believe corporations PAY taxes, I think they COLLECT them...
Are they including payroll taxes, property taxes, etc.? Every company has to pay those.
If the article was trying to drum up sympathy for the oil companies, I'm not buying it.
They're playing us like an effin' fiddle, just like Big Entertainment, Big Agriculture, etc. The creation of new jobs comes from small companies, and they're getting screwed with the rest of us.
don’t tell anyone!
We have too many people running around with “Class Envy”,
“Global Warming..we’re all gonna die!” and “It’s not Marxism..it’s Fairness!”
rollin’ around in their brains and it’s become part of their persona.
PLEASE DO NOT CONFUSE EMOTIONS WITH “FACTS”!!
It really upsets the mushy middle!
Now stop it!
You are making Pavlov’s Dogs Public feel bad.
It’s not fair!
Uh-oh. Someone ought to tell that socialist sh!t Bernie Sanders about that.
You seem to be really into the class warfare and envy bidness.
Corporations do pay taxes on their profits.
Those taxes are passed onto the consumers in the form of higher prices.
So yes, we do pay for them in the long run
And one will be gouged without option or go to jail while looking for a better price.
And the Dems have the gall to demand “excess profits” from the oil companies that have to spend many billions in exploration and production of this vital natural resource. Meanwhile, the government produces absolutely nothing but incompetence and disgust.
Exxon should insist that the government pay back Exxon’s excess taxes.
Read the article. Gross sales were 116 billion for the first quarter. That is about an 2% profit margin. Tis is a stock held company. The largest number of stock holders are civil servants who pay income tax on their dividends. This means that the government is collecting double taxation on these profits. Raise that 3 to 1 to about 5 to 1 and you are getting closer to understanding the fundamental corruption of the tax system.
Precisely what I said...maybe I could have phrased it better...
Hillary wants to take their profits and invest them in green energy. So she says.
I don’t like high gas prices either, but the prices we’re seeing come back to supply and demand. Supply is artificially restricted because we can’t drill offshore or in Alaska. Demand keeps growing world wide, not just in the US. Supply is artificially restricted because we’re not allowed to build new refineries, so output of gasoline is restricted. And on it goes.............
To listen to Hillary and others, you get the impression that they don’t understand economics. Yet they think they will “manage” the economy.
What the press doesn’t tell you is that 95% of those profits are put back into the ground. Go to their website—it is really interesting to note what their net profits were and compare that to their drilling budget. They are doing the unappreciated service of trying to increase America’s reserves as best that they can. As an example, my little company had record profits this year—and guess what, we borrowed money to drill with. That cash is not stuck in shareholders pockets.
Class envy = votes and thus = prosperity and power for a few.
Needless to say class envy is a promotional tool used for personal gain with many politicians.
You simply cannot explain this to the dim bulbs who just want to blame “Big Oil” for all their problems. The RATS have used “Big Oil” as a whipping boy to inflame the rabble for a century.
I am not sure what you are talking about—Corporations have no ability to collect taxes. however, my little company paid 31% taxes last year. Maybe we don’t run our company as well as others.
No, the oil companies are not paying the sales tax—you are. They don’t collect it or receive benefit from it. Oh, and by the way, what other industries are taxed with federal sales taxes? The phone companies and cable companies have minute federal taxes, but there are very few others that do. So, the oil companies are not screwing you, the federal government is. We have the crunch now because Bill Clinton did not allow any incentives for drilling to replace our own reserves. In fact, oil prices dropped to below $10 per barrel, so no exploration was occuring. Half of the oil companies went out of business. Through his efforts, we were importing 50% of our oil—now we are importing 65%.
It is a trade off. A ‘corporation’ gets the status of a legal entity, indeed many of the rights of a person, in exchange they have to pay taxes like ‘everyone else’.
I don’t know if that is ‘fair’ or not, it is just the way it is. The concept of a corporation lets the people who own and run it mostly off the hook for many things, for example a stockholder cannot lose more than their investment, while a partner or sole proprietor can be on the hook for far more than they invested, and few executives go to jail for the actions of the company they run ( they seem more likely to do time for perjury and the like).
your small corp paid 31% taxes...........where did they get the money to do so????perhaps from their customers???? now do you get the idea.....when the government taxes a business, the business raises prices to compensate for this COST OF DOING BUSINESS EXPENSE. sorry, didn’t mean to shout.....but wake up.....only consumers pay taxes.....only consumers...,.....
Federal excise taxes... 18.4 cents per gallon for gasoline and 24.4 cents per gallon for diesel.
California ...63.9 cents per gallon for gasoline and 72.0 cents per gallon for diesel
plus local sales tax
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)
Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B
2007 Financial & Operating Review
You are just wrong—the taxes come out of revenues—we don’t pay taxes because we want to, nor do you. My point was that it is reported as profit by the media, but, in fact, almost all of it is put back into the ground. You are right that it is a cost of doing business, as spending $5 to $10 million per well is. If we can’t make enough revenue to cover our costs, then we will be out of business, as we nearly all were in 1999. The effect of that is that if you wish to drive a vehicle, buy groceries, etc., then instead of us importing 65% of our oil, it will be 100%. And the foreign producers don’t pay american taxes. Our effective profit is about 8.5%. The insurance industrys are about 11%, many other industries are more than that.
Where do you learn that though?
To the Victor go the Spoils.
The early bird catches the worm.
THROW THE BUMS OUT!
I have these lovely teachers in my family who work like dogs and teach well.
I have a great deal of respect for them.
But, you know what? They must not respect themselves because they vote party line.
Whatever the Union Newsletter tells them, they do it.
Can they tell you why?
UMMMM.... Ummmm Ummmm
Oh, but that isn’t enough, say Hillary, Barak, and the rest of the greedy Dems. They have to have their profits confiscated to pay for the fantasies of our environmentalist supporters. Meanwhile, we won’t have any more oil produced, and the price of gasoline will go higher.
The oil companies are in the position of the kulaks in the Soviet Union. Same thing.
Schumer is a socialist dirtball. There should be a tax on liberals, since they’re the ones who want all these government programs.
See, that's the crux of the matter. You can "manage" a centralized Marxist economy, but a capitalist economy needs no managing... The job of Government should be to just get the hell out of the way...:)
when will the dhimmicraps call for hearings on how THEY are gouging??????
I’ll explain-corporations COLLECT the taxes they pay from their customers-it’s part of the CODB. (that means cost of doing business)
Put even simpler, they factor the cost of their taxes into the prices they charge...see? It’s really NOT like Uncle Sam sent them a bill for their taxes and they said “Oh, crap! Where are we gonna come up with THAT kinda money”?
When h*ll freezes over!!!
Don’t forget that share holders also will pay capital gains on their earnings on top of this tax.
If the oil companies are not collecting sales tax, how does it get to the government?
At the pump—your local 7-11.
That's rich, coming from someone like you who is a resident of New Hampshire. Thanks for keeping McCain's candidacy alive.
The retailers collect the sales tax and send it to their respective state governments (and, in some cases, the local governments).
“Corporations do pay taxes on their profits.”
And when they pay taxes they have less money to invest in new projects, new equipment and JOBs.
Not to slice and dice this point too much, but who are these "The retailers"? FTR, Corporations DON'T pay taxes. Blackbird.
Retailer = gas station
Don't be coy. "gas station" "Retailer", owned by? Come on now...Blackbird.