Exxon paid a 2% US income tax rate off its profit before tax.

[realinvestment]

Where are you going with this?.
What is your point?

The system is skewed in favor of the multinational.

A privately owned domestic firm often has to compete against multinationals, yet the US tax code is against a smaller local firm. It pays many times the rate of tax as does, GE, or Honeywell, etc.

 

[mudwhistle]

Where are you going with this?.
What is your point?

The system is skewed in favor of the multinational.

A privately owned domestic firm often has to compete against multinationals, yet the US tax code is against a smaller local firm. It pays many times the rate of tax as does, GE, or Honeywell, etc.

Seems to me that Obama's policies are helping make Hedgefunders rich as shit by betting against the dollar.

They know a fuck-up when they see one. Especially someone like George Soros.

 

[alan1]

From page 94 of the Exxon 10-K.

Yes, but that doesn't quite tell the whole story, does it? You left out the fact that Exxon pays a 44% effective world-wide income tax rate, that more than 2/3 of their income is earned outside the US, and that their domestic (US) income tax rate on their income earned in the US is 16.8% for the federal income tax, 22.1% if you also include state income taxes, and 31.9% if you include deferred items that will be taxed in future years based on that years(2011) income.

You can't take their US tax and divide by worldwide income (where they pay even higher tax rates) and then report in one line what you concluded without being deceptive. Maybe that was the point of your deceptive OP?

When a company like Exxon, which you concede earns 1/3 of its income in the US, pays only 1.791B out of before tax income of 78.726B, something is wrong with the US tax code.

The US isn't getting its fair share.

Buy stock, realinvestment.

 

[Misty]

Alright...what the hell is going on?
We got dozens of idiots all of a sudden...what would be board crashed this time?
And why do they end up here?

Yahoo.

 

[realinvestment]

yahoo.

lol!

 

[thereisnospoon]

Where are you going with this?.
What is your point?

The system is skewed in favor of the multinational.

A privately owned domestic firm often has to compete against multinationals, yet the US tax code is against a smaller local firm. It pays many times the rate of tax as does, GE, or Honeywell, etc.

So what should be done about this? Be careful. As there is only one correct response.

 

[Grandma]

The answer is to revise the tax code (which, incidentally, Obama didn't write) to eliminate loopholes that favor only certain parties, meaning big business and the Cayman Island rich.

 

[thereisnospoon]

The answer is to revise the tax code (which, incidentally, Obama didn't write) to eliminate loopholes that favor only certain parties, meaning big business and the Cayman Island rich.

Yeah. I knew that was coming.
Did it ever occur to you or any of you other lefties that the reason why there are companies which have a limited or no presence at all in the US is because of the tax code?
Typical liberal nonsense. Always trying to lift the bottom by crushing the top. Never works. Never will.

 

[Political Junky]

Cons sure do support the rich, while they pay more taxes themselves.

 

[BillyV]

Cons sure do support the rich, while they pay more taxes themselves.

Typical liberal populist response. In the case of Exxon and other multinationals, the issue is twofold; where is the income earned and which country has the right to tax it. You see, the US has tax treaties in place with most of the countries of the world to prevent double taxation; those treaties detail when the US can tax the income and when the foreign country has the right to tax it. Exxon pays significant amounts of income tax (effective rate is 44%); they just pay it elsewhere because that's where it is earned and by treaty, where it is taxed. I suppose Japan could raise the same populist argument with respect to Toyota, which pays more foreign income tax than Japanese income tax (80% foreign, presumably a significant portion is US income tax), because of that same type of treaty. I don't hear anyone in the US complaining about Japan's companies paying our tax; why should we be complaining about our companies paying theirs?

 

[Intense]

From page 94 of the Exxon 10-K.

How much Tax Revenue does Exxon generate for the Federal Government? How much for Individual State Governments?

 

[Redfish]

I declare this thread a victory for common sense and a defeat for idiot liberal oil-haters.

 

[jknowgood]

From page 94 of the Exxon 10-K.

How much Tax Revenue does Exxon generate for the Federal Government? How much for Individual State Governments?

Does it occur to you that the goverment profits more from oil than the oil companies do?

 

[Redfish]

From page 94 of the Exxon 10-K.

How much Tax Revenue does Exxon generate for the Federal Government? How much for Individual State Governments?

Does it occur to you that the goverment profits more from oil than the oil companies do?

you are correct-----evil oil is funding the government. liberal heads are imploding all over the internet.

 

[ClosedCaption]

I'm all for companies keeping more of what they earn but when the tax burden is shifted onto me and you then I have a problem. The goal should be to make sure America endures. If big companies can get all these tax breaks while running overseas, that's hurts small businesses here. Which isn't good for America. If they skip or find some legal judo move to avoid taxes, that hurts the people here when it's shifted onto us in the form of more taxes or cutting medicare, ssi or headstart programs. See, making sure a company makes money is important but not more important than myself or making sure America endures. If I'm wrong for putting myself or America first then I'm guilty as charged.

 

[Redfish]

I'm all for companies keeping more of what they earn but when the tax burden is shifted onto me and you then I have a problem. The goal should be to make sure America endures. If big companies can get all these tax breaks while running overseas, that's hurts small businesses here. Which isn't good for America. If they skip or find some legal judo move to avoid taxes, that hurts the people here when it's shifted onto us in the form of more taxes or cutting medicare, ssi or headstart programs. See, making sure a company makes money is important but not more important than myself or making sure America endures. If I'm wrong for putting myself or America first then I'm guilty as charged.

Corporations did not write the tax code, the US congress wrote it. If you have an issue with the tax code contact your senator or representative. Exxon and every other american corporation is in compliance with the US tax code.

Do you want to eliminate corporate influence on congress? then support term limits and the ban of lobbyists.

 

[t_polkow]

GE hasn't paid a dime for years?

Yet what will some domestic owned firm pay? A lot, and a lot more since the fiscal cliff deal was made.


The system gives a huge advantage to the multinational corporation. It's an uneven playing field.

Created by government bureaucrats. You want a "level playing field"? Get government the fuck out of business (where they don't belong anyway). What could be more fair than complete and total freedom?

In the United States, estimates of annual fossil fuel subsidies range from $10 billion to $52 billion annually, while even efforts to remove small portions of those subsidies have been defeated in Congress, $2.4 Billion: subsidies to the Big Five producers debated and defeated in the Senate in 2011 and 2012

 

[Redfish]

GE hasn't paid a dime for years?

Yet what will some domestic owned firm pay? A lot, and a lot more since the fiscal cliff deal was made.


The system gives a huge advantage to the multinational corporation. It's an uneven playing field.

Created by government bureaucrats. You want a "level playing field"? Get government the fuck out of business (where they don't belong anyway). What could be more fair than complete and total freedom?

In the United States, estimates of annual fossil fuel subsidies range from $10 billion to $52 billion annually, while even efforts to remove small portions of those subsidies have been defeated in Congress, $2.4 Billion: subsidies to the Big Five producers debated and defeated in the Senate in 2011 and 2012

you are FOS. please look up the word "subsidies" tax write offs and deductions for exploration and developement are not subsidies.

subsidies are direct payments from the govt. farmers get subsidies for letting their fields sit idle in order to keep the price of corn and wheat up. Oil companies do not get subsidies

 

[healthmyths]

From page 94 of the Exxon 10-K.

Yes, but that doesn't quite tell the whole story, does it? You left out the fact that Exxon pays a 44% effective world-wide income tax rate, that more than 2/3 of their income is earned outside the US, and that their domestic (US) income tax rate on their income earned in the US is 16.8% for the federal income tax, 22.1% if you also include state income taxes, and 31.9% if you include deferred items that will be taxed in future years based on that years(2011) income.

You can't take their US tax and divide by worldwide income (where they pay even higher tax rates) and then report in one line what you concluded without being deceptive. Maybe that was the point of your deceptive OP?

YEA and these IDIOTS who are so business IGNORANT totally forget that with Exxon's USA employees paid an average of: $100,224
Exxon Mobil Salary
This means Exxon pays 6.2% for SS, 1.45% Medicare up to $100,000 salary.
For the 100,000 USA Exxon employees Exxon pays annually: $765 million!
Does anyone count that also??

 

[healthmyths]

From page 94 of the Exxon 10-K.

Yes, but that doesn't quite tell the whole story, does it? You left out the fact that Exxon pays a 44% effective world-wide income tax rate, that more than 2/3 of their income is earned outside the US, and that their domestic (US) income tax rate on their income earned in the US is 16.8% for the federal income tax, 22.1% if you also include state income taxes, and 31.9% if you include deferred items that will be taxed in future years based on that years(2011) income.

You can't take their US tax and divide by worldwide income (where they pay even higher tax rates) and then report in one line what you concluded without being deceptive. Maybe that was the point of your deceptive OP?

When a company like Exxon, which you concede earns 1/3 of its income in the US, pays only 1.791B out of before tax income of 78.726B, something is wrong with the US tax code.

The US isn't getting its fair share.

But also you seem to forget that Exxon paid out In 2012 alone total of $30.1 billion to shareholders.

NOW you f..king idiots out to criticize the engines of our economy FORGOT TO MENTION that these dividends are
generally taxed as ordinary income to the shareholder!

The basics: Qualified dividends, as well as capital gains, for individuals in the 25%, 28%, 33% and 35% income-tax brackets will continue to be taxed at 15%.

Individuals with more than $400,000 in taxable income—and couples with more than $450,000—will see the rate rise to 20%. (People in the 10% and 15% brackets, as before, will have a zero tax rate on dividends and capital gains.)
What the New Dividend Tax Rates Mean for You - WSJ.com

So assuming the majority of the $30.1 billion went to tax brackets of 30%
THAT means nearly $10 billion in Federal TAX REVENUE was paid by Shareholders.
Shareholders who ALREADY because Exxon paid income taxes before distributing Dividends so they were double taxed.