Exxon Posts Record $32.36 Billion Tax Payment

By: Mark J. Perry Thursday, July 31, 2008 1:47 PM

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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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8/1/2008 7:49:07 AM GOOD FOR EXXON by leo VIVA EL CAPITALISMO!! LOVE FREE MARKE!!! LOVE USA!!! Reply Rating: (0) (0)
8/1/2008 4:52:02 PM Another way to look at it by DailyDanet 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? Reply Rating: (1) (0)
8/5/2008 6:54:16 AM taxes by tony 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 Reply Rating: (3) (2)
8/6/2008 10:06:12 AM Communism needs Capitolism by Karl Marx Somebody has to fund Freddie Mac and Fannie Mae. Reply Rating: (3) (1)
8/11/2008 1:32:07 PM business owner by Russ 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---- Reply Rating: (5) (1)
8/20/2008 6:39:42 PM Nobody gets taxed on gross income by self-employed "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. Reply Rating: (2) (1)
8/21/2008 4:42:26 PM You need to take remedial math by kc 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. Reply Rating: (6) (2)
8/1/2008 7:49:07 AM GOOD FOR EXXON by leo VIVA EL CAPITALISMO!! LOVE FREE MARKE!!! LOVE USA!!! Reply Rating: (1) (0)
8/1/2008 4:52:02 PM Another way to look at it by DailyDanet 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? Reply Rating: (0) (0)
8/5/2008 6:54:16 AM taxes by tony 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 Reply Rating: (0) (0)
8/6/2008 10:06:12 AM Communism needs Capitolism by Karl Marx Somebody has to fund Freddie Mac and Fannie Mae. Reply Rating: (0) (0)
8/11/2008 1:32:07 PM business owner by Russ 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---- Reply Rating: (0) (0)
8/20/2008 6:39:42 PM Nobody gets taxed on gross income by self-employed "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. Reply Rating: (1) (0)
8/21/2008 4:42:26 PM You need to take remedial math by kc 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. Reply Rating: (1) (0)
3/12/2009 4:13:03 PM by William Hi, As the others have pointed out your math sucks! Sales tax collected is not figured into Revenue nor is it taxes paid by E-M. As all vendors they collect the tax WE pay and send it off to the fed, state and local Govs to maintain the roads. I am curious if the "other Taxes" is also collected from us and passed to Gov. Reply Rating: (1) (0)
3/14/2009 9:17:08 AM Fox News by Stewart Moore Sounds like ~~Fox~~ ~~News~~ Propaganda 101 Reply Rating: (0) (0)
3/20/2009 8:48:01 AM by Phil Lakin Sounds to me like you "big oil" haters ought to shut up and buy some Exxon stock. Reply Rating: (0) (0)

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