Exxon Pays $30 Billion in Taxes.


	Exxon Pays $30 Billion in Taxes.

davboz

2-7-2008 6:04 AM

268 views

davboz says:

So pay your 41% or shut up.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/66192dc0-2c20-4029-bf6a-2a78cc22b124/30A2E9FC-AA0F-4B32-8FEE-5BFE0192824D/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion" href="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion" style="font-size: 11px;">seekingalpha.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion">
Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion">I'm pretty sure that Exxon's tax payment in 2007 of $30 billion (that's $30,000,000,000) is a record, exceeding the $28 billion it paid last year.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion"> Exxon pays taxes at a rate of 41% on its taxable income!</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion"><div align="center"><img src="http://content6.clipmarks.com/blog_cache/seekingalpha.com/img/DB151EC5-7E55-4C55-84E1-E65622531992" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion"><P>According to IRS data for 2004, the most recent year available:
</p> <P>Total number of tax returns: 130 million
</p> <P>Number of Tax Returns for the Bottom 50%: 65 million
</p> <P>Adjusted Gross Income for the Bottom 50%: $922 billion
</p> <P>Total Income Tax Paid by the Bottom 50%: $27.4 billion</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion">Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion">Further, the tax rate for the bottom 50% is only 3% of adjusted gross income</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion"> and the tax rate for Exxon was <A href="http://finance.yahoo.com/q/is?s=XOM&annual">41% in 2006</A> </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/30A2E9FC-AA0F-4B32-8FEE-5BFE0192824D/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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