Exxon Mobil tax burden - Interesting reading

[TXMomof4]

I just heard this over the weekend and was amazed and a little stunned. We all hear about Exxon's huge profits every year. But this article talks about the amount of taxes paid every year. Holy Cow!

 

"Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.

According to IRS data for 2004, the most recent year available:

Total number of tax returns: 130 million

Number of Tax Returns for the Bottom 50%: 65 million

Adjusted Gross Income for the Bottom 50%: $922 billion

Total Income Tax Paid by the Bottom 50%: $27.4 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! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes)."

 

Here's the link to the rest of the article.

http://seekingalpha.com/article/63131-exxon-s-2007-tax-bill-30-billion

 

Just thought it was interesting and worth sharing!

[kokotg]

Okay, I've checked like 3 times, and the link to Exxon's financial stats has 3 fewer zeros on the "income tax expense" than the blog post is listing. million, not billion. Am I missing something?

[kokotg]

"all numbers in thousands" nevermind!