Exxon Posts Record $32.36 Billion Tax Payment

[BloodEclipse]

By: Mark J. Perry Thursday, July 31, 2008 1:47 PM

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.



Big Oil my ***. This is Big Government. Make sure all your LIB friends know this little bit of INFO. Time to put a windfall tax rebate back from our Goverment huh?

[Paul]

Awesome find

[nighthawk80]

Very good info!!!

[Bill of Rights]

Originally Posted by BloodEclipse

By: Mark J. Perry Thursday, July 31, 2008 1:47 PM

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.



Big Oil my ***. This is Big Government. Make sure all your LIB friends know this little bit of INFO. Time to put a windfall tax rebate back from our Goverment huh?

OK, as I read that, it means that Exxon made the 11.68 billion even with the 32+ billion paid in taxes, so if we removed the taxes entirely, they would have made roughly $44 billion in profits. I don't see Exxon or any other company dropping prices precipitously as opposed to paying more to their stockholders. That said, I do not think that government should be making three times the net income of the business on it's sales. I don't know the solution. I've stopped believing that our government will ever listen to the citizenry saying "stop" when it comes to fleecing us of our rightful income.

Blessings,
B

[Lars]

Solution.....

Americans For Fair Taxation: Americans for Fair Taxation

Problem Solved.

[haldir]

Keep in mind the maxim, Corporations don't pay taxes, people do. They just pass the taxes along in the selling price.

[NateIU10]

Originally Posted by haldir

Keep in mind the maxim, Corporations don't pay taxes, people do. They just pass the taxes along in the selling price.

Yup. The inelastic demand we have for gas means they can charge w/e the hell they want to.

[BloodEclipse]

Originally Posted by NateIU10

Yup. The inelastic demand we have for gas means they can charge w/e the hell they want to.

I don't know about that, but what I do know is If I ran a corporation where I did the research and development. Produced the product and shipped it to market I would want to make sure I made more profit on it than a government that produces absolutely nothing. Consumers want to complain about high gas prices but yet that is always directed at the BIG OIL Companies.

I would like to print up a bunch of these charts and start sticking them to gas pumps all over Indiana. Lets put the blame where it truly falls.

[Feign]

Originally Posted by BloodEclipse

I don't know about that, but what I do know is If I ran a corporation where I did the research and development. Produced the product and shipped it to market I would want to make sure I made more profit on it than a government that produces absolutely nothing. Consumers want to complain about high gas prices but yet that is always directed at the BIG OIL Companies.

I would like to print up a bunch of these charts and start sticking them to gas pumps all over Indiana. Lets put the blame where it truly falls.

Just make sure there's a blurb to explain where that "Total Taxes Paid" column goes. Something about removing rights and freedoms with all of that money, useless war, et cetera.

[Paul]

Originally Posted by Feign

Just make sure there's a blurb to explain where that "Total Taxes Paid" column goes. Something about removing rights and freedoms with all of that money, useless war, et cetera.

i agree with the rights, but i wouldnt say useless war. just my opinion though