It is funny how the CO that pays the highest rate in the US is accused of not paying ANY taxes and at the same time is harped on for overseas operations that they are forced into in large part because they can't drill here so they have to built massive operations overseas to provide oil to the US and in some cases having to pay Russia up to 90% of revenues generated by the oil they drill.
But let us all be honest, Exxon really does not pay any taxes at all, you are right, we do, the consumers! To top that off the Gov collects in taxes 4 times as much per gallon of gas sold in the US than the Oil COs make in profits.
I would be interested in learning one industry in the US that the Gov collects more taxes from than Gas and Oil?
Slashdot Mirror
I don't know where you get your info from but Exxon did pay taxes to the US Gov, according to Business Week http://www.businessweek.com/bwdaily/dnflash/content/may2008/db2008051_596535.htm?chan=top+news_top+news+index_news+%2B+analysis & the Securities & Exchange Commission filings Exxon paid an effective tax rate of 34% to the US Gov in 2007 which is 1% below the Corp tax in the US and well above the 24% Avg paid by all Corps in US.
It is funny how the CO that pays the highest rate in the US is accused of not paying ANY taxes and at the same time is harped on for overseas operations that they are forced into in large part because they can't drill here so they have to built massive operations overseas to provide oil to the US and in some cases having to pay Russia up to 90% of revenues generated by the oil they drill.
But let us all be honest, Exxon really does not pay any taxes at all, you are right, we do, the consumers! To top that off the Gov collects in taxes 4 times as much per gallon of gas sold in the US than the Oil COs make in profits.
I would be interested in learning one industry in the US that the Gov collects more taxes from than Gas and Oil?