ExxonMobil paid no federal income tax in 2009.

[cal04]

http://thinkprogress.org/2010/04/06/exxon-tax/

Last 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.

Mother Jones’ Adam Weinstein notes that, despite benefiting from corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research. Pat Garofalo at the Wonk Room notes that big corporations’ tax shelter practices similar to Exxon’s shift a $100 billion annual tax burden onto U.S. taxpayers. In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”


What The Top U.S. Companies Pay In Taxes
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_2.html

Exxon's Income Tax: $0
http://motherjones.com/mojo/2010/04/exxon-mobil-paid-zero-income-tax-offshore%20shelter-wal-mart-general-electric-forbes?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Motherjones%2Fmojoblog+%28MotherJones.com+

[Hawkeye-X]

1. IRS needs to close the tax shelter loopholes and go after those assholes

and bring back the money into circulation in the United States.

ExxonMobil will need to pay back over hundreds of billions to Uncle Sam - fleecing Americans and pocketing the profits.

I'd gladly pay the gasoline money if it went directly to health care for all Americans, removing two greeds - insurance and oil/gas.

Fuck Lee Raymond and his blobby life.

[fishbulb703]

2. Not surprising. Our government is run by Exxon et al. nt

[Amonester]

6. bingo

and their trickeries is spreading worldwide like unthreated cancer$

[liberal N proud]

3. That is what naming a ship after Condi got them

Can the Obama Administration undo what the bu$h's did?

Just imagine how many people could be covered with Health Insurance with taxes on that?

[LiberalAndProud]

4. Leaches. Bloodsuckers. Parasites.

[Mari333]

5. and the politicians on both sides of the aisle will do nothing

these are their constituents, not us.

[napi21]

7. This has been going on since the 80's and Reagan, but it's been getting worse

because every Pub congress adds more & more loopholes.

That's exactly why, when anyone tries to push tax cuts or the flat tax to me, I simply respond, sure I'd go along with lowering the tax rates...just eliminate all the loopholes.

[TwilightGardener]

8. LOL. Of course. And I'm sure any attempt to close loopholes and collect tax

will result in $10 gas.

[Beetwasher]

9. Then They Shouldn't Be Allowed To Do Business In The US

Period.

This shit needs to stop.

[Winterblues]

10. Isn't Exxon an International Company and not a US company?

Most large Corporations move their offices off shore to avoid US taxes. They are quite happy with US Defending them around the world but don't want to add a single penny to support such..Exxon earned a NET PROFIT of OVER One Hundered Million Dollars a DAY...a Frigging DAY...NET PROFIT..after every single expense had been paid.. A Hundred MILLION dollars a DAY...and they can not be bothered with paying back to society a fucking dime....

[Amonester]

12. bingo 2

Putting their country first is only good for those who pay their obscene profits.

I'm sure they love to joke about us eating cake.

[BeFree]

11. Here we are all responsible

We are not all responsible for a murder in Iraq, but we are all responsible for feeding Exxon.

And Exxon is become obese.

[Captain Hilts]

13. Sweet deal!

[kestrel91316]

14. And I paid about 10%, even after deductions, etc, even though

I live like a frickin' pauper and my meager takehome would make most people faint.

Something is very wrong with this picture.

[Champion Jack]

15. All hail our Corporate Overlords

[cal04]

16. Your Income Taxes vs. ExxonMobil's Income Taxes

by Meteor Blades
http://www.dailykos.com/story/2010/4/6/854611/-Your-Income-Taxes-vs.-ExxonMobils-Income-Taxes

Every time you drive up to the pump, you pay more in federal tax for a single gallon of gasoline (18.4 cents) than ExxonMobil paid in U.S. income taxes in 2009. That's in spite of the fact that the world's second largest company had a gross operating profit of nearly $53 billion.

ExxonMobil did pay $15 billion in income taxes. That was 47% of its pre-tax income. But not a dime of it went to the IRS, however. Because, as Forbes points out:

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.

Likewise, GE has $84 billion in overseas income parked indefinitely outside the U.S.

The fact that many ultra-lucrative U.S.corporations pay no taxes to federal government is hardly a new event. In April, 2004, the General Accountability Office found in a study sought by Sen. Byron Dorgan that "more than half of US corporations paid no federal income taxes during the boom years of the late 1990s." And an August 2008 GAO report sought by Dorgan and Sen. Carl Levin found that "two out of every three United States corporations paid no federal income taxes from 1998 through 2005." While many corporations did not pay taxes because they had net losses for those years, that wasn't the case for some of the big guys. In 2005, for instance, 25% of large U.S. corporations paid no taxes on revenue of $1.1 trillion.

Could one reason ExxonMobil paid $0 in taxes have to do with the $27,430,000 it spent on lobbying Congress against job-killing, confiscatory socialism? Nah.
http://www.opensecrets.org/lobby/clientsum.php?lname=Exxon+Mobil&year=2009