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Gulf Oil Lost Revenue

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KK

Lifer
Jan 2, 2001
15,902
4
81

Jhhnn

No Lifer
Nov 11, 1999
61,755
13,874
136
Meh.

Exxon Mobil whines about Uncle Sugar not selling them his resources, cheap.

Righties chime right in, advocating that we suck the oil out of the ground & blow it out our tailpipes as fast as possible.

They probably took a Heloc to buy a $40K crew cab diesel pick-em-up 5 years ago, too.

I think deep water wells just need to wait until the tech to deal with catastrophe is available. Not that the oil companies will pay for it, so we need more of that ebil big gubmint ready to step in when necessary...

Big Brother! Big Brother! No! Noooo! Aiieeee! No!
 

conehead433

Diamond Member
Dec 4, 2002
5,210
264
126
http://www.americanprogress.org/issues/green/news/2011/05/11/9625/exxon-mobil-dodges-the-tax-man/

"Exxon Mobil Corp.’s robust balance sheets have become a poster child for what The New York Times dubs the “paradox of the United States tax code.”

The company’s large 2010 profits allowed them to lead Fortune 500’s annual ranking of the nations’ most profitable firms for the eighth time in a row. But the oil giant’s average effective tax rates are roughly half the 35 percent tax rate that currently stands as the high-water mark for American corporations. Meanwhile, Exxon Mobil and other big oil companies continue to exploit tax loopholes for nearly $4 billion in subsidies each year. These subsidies include write-offs for drilling costs and a deduction for domestic production that was intended for manufacturers, not big oil producers.

Exxon Mobil registered an average 17.6 percent federal effective corporate tax rate on its annual earnings in the three years spanning 2008 to 2010. Its average domestic profits exceeded $6.8 billion. And as a 2011 Citizens for Tax Justice report points out:

Over the past two years, ExxonMobil reported $9,910 million in pretax U.S. profits. But it enjoyed so many tax subsidies that its federal income tax bill was only $39 million—a tax rate of only 0.4 percent.

Even when Exxon Mobil had a record profit of $40 billion in 2008 due to record oil prices it had only a 31 percent effective tax rate. That’s 13 percent lower than the maximum 35 percent despite being Exxon Mobil’s fifth year as the top corporate earner in Fortune 500’s annual listing. The company paid no taxes at all to the U.S. federal government in 2009 on its domestic profits of nearly $2.6 billion. It appears that they avoided the tax man that year by legally funneling their profits through wholly owned subsidiaries in countries like the Cayman Islands, and reinvesting their earnings overseas."
 

nehalem256

Lifer
Apr 13, 2012
15,670
6
0
http://www.americanprogress.org/issues/green/news/2011/05/11/9625/exxon-mobil-dodges-the-tax-man/

"Exxon Mobil Corp.’s robust balance sheets have become a poster child for what The New York Times dubs the “paradox of the United States tax code.”

The company’s large 2010 profits allowed them to lead Fortune 500’s annual ranking of the nations’ most profitable firms for the eighth time in a row. But the oil giant’s average effective tax rates are roughly half the 35 percent tax rate that currently stands as the high-water mark for American corporations. Meanwhile, Exxon Mobil and other big oil companies continue to exploit tax loopholes for nearly $4 billion in subsidies each year. These subsidies include write-offs for drilling costs and a deduction for domestic production that was intended for manufacturers, not big oil producers.

Exxon Mobil registered an average 17.6 percent federal effective corporate tax rate on its annual earnings in the three years spanning 2008 to 2010. Its average domestic profits exceeded $6.8 billion. And as a 2011 Citizens for Tax Justice report points out:

Over the past two years, ExxonMobil reported $9,910 million in pretax U.S. profits. But it enjoyed so many tax subsidies that its federal income tax bill was only $39 million—a tax rate of only 0.4 percent.

Even when Exxon Mobil had a record profit of $40 billion in 2008 due to record oil prices it had only a 31 percent effective tax rate. That’s 13 percent lower than the maximum 35 percent despite being Exxon Mobil’s fifth year as the top corporate earner in Fortune 500’s annual listing. The company paid no taxes at all to the U.S. federal government in 2009 on its domestic profits of nearly $2.6 billion. It appears that they avoided the tax man that year by legally funneling their profits through wholly owned subsidiaries in countries like the Cayman Islands, and reinvesting their earnings overseas."
And yet from my Scottrade link they paid an overall income tax rate of 43% imagine that.
 

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