Exxon/Mobil Paid No Federal Income Tax in 2009

[Political Junky]

Think Progress ExxonMobil paid no federal income tax in 2009.

exxon-mobilLast week, Forbes magazine published what the top U.S. corporations paid in taxes last year. “Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
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[del]

i'm stunned.











seriously

 

[Oddball]

Good.

I wish more companies would figure out how to do the same.

 

[VaYank5150]

Hmmmm....I gotta figure out that whole "wholly owned subsidiary" thing....

 

[JWBooth]

Good for them

 

[boedicca]

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
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Exxon paid $36.5B in income taxes in 2009. Isn't that enough? It's a global company - and has a fiduciary responsibility to its shareholders to apply the various tax codes in the most beneficial way possible. Do you pay more income tax than the legally required minimum?

How much money did the government earn off of the taxes it adds to every gallon of gas?

 

[del]

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.
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Exxon paid $36.5B in income taxes in 2009. Isn't that enough?

How much money did the government earn off of the taxes it adds to every gallon of gas?

more than exxon did

 

[blastoff]

Hmmmm....I gotta figure out that whole "wholly owned subsidiary" thing....

It helps if you use it in a sentence. Such as: MSNBC is a wholly owned subsidiary of the Dimocrat party.

 

[uscitizen]

Why does Exxon hate America?

 

[uscitizen]

Hmmmm....I gotta figure out that whole "wholly owned subsidiary" thing....

It helps if you use it in a sentence. Such as: MSNBC is a wholly owned subsidiary of the Dimocrat party.

Link?

Because for some reason I do not believe that.

 

[Mr. Peepers]

Of course they didn't. What would make it different than any other year... From 2008:

Study says most corporations pay no U.S. income taxes | Reuters

 

[Political Junky]

I saw a repeat of "The Crumbling of America" on the History Channel. Bridges, water mains, etc are killing people for lack of funds to keep them up.

 

[Oddball]

I saw a repeat of "The Crumbling of America" on the History Channel. Bridges, water mains, etc are killing people for lack of funds to keep them up.

Trying to derail your own thread?

Fuel taxes are supposed to be paying for roads and bridges, yet about 20% of those taxes are diverted money-sucking to urban mass transit scams, most often supported by leftist hacks like you.

 

[Soggy in NOLA]

I would suggest all you tax lovers get you check books out and start writing checks to the IRS.... lead by example.

 

[Soggy in NOLA]

I bet you goofs fall all over yourselves getting that EIC as best you can!

 

[boedicca]

Of course they didn't. What would make it different than any other year... From 2008:

Study says most corporations pay no U.S. income taxes | Reuters

Guess what, bub - All Taxes Are Eventually Paid For By Consumers.

Companies price their tax burden into their products and services.

 

[uscitizen]

All those in NOLA need to repay all that federal disaster aid.

 

[Mr Natural]

Hmmmm....I gotta figure out that whole "wholly owned subsidiary" thing....

It helps if you use it in a sentence. Such as: MSNBC is a wholly owned subsidiary of the Dimocrat party.

MSNBC is a wholly owned subsidiary of General Electric. Hardly a bastion of Liberalness what with them using Reagan to drum up good will.

 

[Mr. Peepers]

Now that corporations, erm.. these "persons" have deep, big voices and freedom of speech, they should share the tax burden like the rest of us "persons". They already get taxed FAR less than I do and they STILL get out of paying anything. You corporatist puppets are tres amusing. Idiots.

 

[boedicca]

MSNBC is a wholly owned subsidiary of General Electric. Hardly a bastion of Liberalness what with them using Reagan to drum up good will.

*cough* Jeffrey Immelt *cough*