Christopher
Active Member
- Aug 7, 2009
- 569
- 75
- 28
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.
<more>
It is not true that Exxon-Mobile did not pay income taxes. Forbes even corrected their mistake the next day. Exxon Says It Does Pay U.S. Income Taxes Forbes.com's The Energy Source
My mistake was in thinking that these figures somehow reflected actual tax benefits and liabilities. So what we should have written was that ExxonMobil "recorded" no U.S. income taxes for 2009 instead of "paid." All you re-bloggers out there, please note the clarification. Mea culpa.
And for all you commenters outraged that Exxon isn't paying taxes in the U.S., don't worry, it is. Our article only focused on income taxes, but it's worth noting that the 10-k also records $7.7 billion in other taxes in the U.S. (like sales taxes) and more than $50 billion of other taxes and duties paid (I mean recorded) overseas.
How does it feel to be spreading a lie in order to demonize large corporations?