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Exxon Posts Record $32.36 Billion Tax Payment
By: Mark J. Perry   Thursday, July 31, 2008 1:47 PM
Symbols: XOM
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Although the way CNN reported it is "Exxon posts record $11.68 billion profit."
According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.

Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"

MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above.

 

 
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Title: GOOD FOR EXXON
Posted by: leo
Aug 01, 2008 07:49
VIVA EL CAPITALISMO!! LOVE FREE MARKE!!! LOVE USA!!!
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Title: Another way to look at it
Posted by: DailyDanet
Aug 01, 2008 16:52
If you simplify Exxon to be solely a gas vendor, the other way to look at this is: Out of the $4 per gallon you pay: $0.40 federal and state tax at the pump $2.47 cost of drilling, shipping, etc. $0.83 taxes paid by Exxon $0.30 Exxon's profit. So, who's making the windfall profit?
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Title: taxes
Posted by: tony
Aug 05, 2008 06:54
well if im not mistaken, taxes are not paid on profits alone. taxes are paid on everything , this 3 to 1 ratio doesnt reflect much in my eyes . truth being that the graff is misleading . show people the tax on the profit and not the total taxes on every dollar spent in the quarter , we all pay taxes
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Tony, if earned as take home pay after expenses and taxes $35,000 and paid to the Feds and State $100,000 from your hard labor, I think you would be a little ticked OFF! As a business owner, if I had this ratio of profit to taxes I would stop growing the company.
Title: Communism needs Capitolism
Posted by: Karl Marx
Aug 06, 2008 10:06
Somebody has to fund Freddie Mac and Fannie Mae.
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Title: business owner
Posted by: Russ
Aug 11, 2008 13:32
your comparison of tax paid versus net profit has no bearing. your correct comparison should be: tax paid versus gross revenue ($32B tax to $138B revenue) this reflects a tax rate of 23.4%. Hardly a tax liability for any Conservative/Republican to get up about...... regards----
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Title: Nobody gets taxed on gross income
Posted by: self-employed
Aug 20, 2008 18:39
"business owner", which is a moniker I find unlikely, apparently you do not realize that NO business pays taxes on GROSS income. Why would you pay taxes on the part of your gross that represents expenses? You are clearly being confused by basic math and don't actually understand business, much less taxes.
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Title: You need to take remedial math
Posted by: kc
Aug 21, 2008 16:42
Mark, it's blatantly obvious you're a paid shill for oil companies, given your propensity for misusing accounting terms and manipulating numbers to get the results you want to show. The numbers you're using are so out of whack it would take a small book to point out all the absurdities. If this is the kind of garbage you're inflicting on your students at UM-Flint, I truly feel sorry for them.
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Title: Good lord ppl
Posted by: PD
Aug 27, 2008 15:35
There is obviously too little information in this stub of an article to judge ANYTHING about Exxon's tax situation. It plainly says "worldwide" taxes. Unless you separate out US taxes from foreign taxes you have no basis whatsoever to judge whether or not Exxon is paying an excessive amount of taxes IN THE USA! I swear, 99% of the population of the US can't read words in print.
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Throwing the convoluted "worldwide" out, Exxon Mobile reported a $116.8 billion revenue in Q1 for which they paid $9.3 billion in the U.S. This is a 7.9% tax rate in the U.S. It's more than I thought they were paying, but a lot less than the 27.8% I paid last year. Wow, Mark, you're such a genius! Once I plug in my expenses for mortgages, insurance, car payments, electricity and so forth and calculate my profit annually I get screwed to the tune of $9 dollars in taxes for every $1 in 'profit' I earn.
Title: Mark's Calculations Prove You're Getting Screwed Worse than Big Oil
Posted by: MIchaelSheas
Sep 24, 2008 16:31
Throwing the convoluted "worldwide" out, Exxon Mobile reported a $116.8 billion revenue in Q1 for which they paid $9.3 billion in the U.S. This is a 7.9% income tax rate. It's more than I thought they were paying, but a lot less than the 27.8% I paid last year. Wow, Mark, you're such a genius! Once I use your fomula and plug in my expenses for mortgage, insurance, car payments, utilities and transportation costs and calculate the profit over and above my expenses, I get screwed to the tune of $9 dollars in taxes for every $1 in 'profit' I earn. This is an outrage!
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