ExxonMobil paid no federal income tax in 2009.

ExxonMobil paid no federal income tax in 2009.
Published on 04-06-2010

Source: Think Progress

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.”

.

Views: 51

Comment

You need to be a member of 12160 Social Network to add comments!

Join 12160 Social Network

"Destroying the New World Order"

TOP CONTENT THIS WEEK

THANK YOU FOR SUPPORTING THE SITE!

mobile page

12160.info/m

12160 Administrators

 

Latest Activity

Saint Quinn favorited Burbia's video
4 hours ago
Doc Vega posted blog posts
11 hours ago
Burbia commented on tjdavis's blog post The Jewish Couple That Taught Bob Dylan Hebrew and Introduced Him to Zionism
"Haaretz put this story behind a pay wall. Sali Ariel and Terry Noble were the names of the couple…"
yesterday
William Heckman is now a member of 12160 Social Network
yesterday
cheeki kea commented on tjdavis's photo
yesterday
cheeki kea commented on cheeki kea's video
Thumbnail

This Woman DESTROYED Harley-Davidson's Future Forever

"It's a sad day on the highway. But I guess the show must go on. Watch out for the ruination of…"
yesterday
cheeki kea posted a video

This Woman DESTROYED Harley-Davidson's Future Forever

This Woman DESTROYED Harley-Davidson's Future ForeverWelcome to Ride Radar – Your Frontline Source for Motorcycle Deals, Trends & Market Mayhem.Looking for t...
yesterday
tjdavis posted a photo
Wednesday
Burbia posted a status
"Who knew releasing the MLK files and literally deflecting, it ends up implicating himself with the Epstein Files."
Tuesday
Burbia posted a video

Dan Bilzerian DEMOLISHES MAGA Nutjob Patrick Bet-David on His Own Show

Watch as two powerhouse personalities collide in this no-holds-barred debate on one of the world’s most contentious issues. Patrick Bet-David, known for his ...
Monday
Doc Vega's 7 blog posts were featured
Sunday
tjdavis's 2 blog posts were featured
Sunday
Less Prone favorited tjdavis's blog post Track AIPAC
Sunday
FREEDOMROX's blog post was featured

MRNA VACCINES: Question

Hello my fellow sojourners,I know it has been five years since the Plandemic, but one question has…See More
Sunday
Less Prone favorited FREEDOMROX's blog post MRNA VACCINES: Question
Sunday
cheeki kea commented on cheeki kea's photo
Saturday
cheeki kea posted a photo
Saturday
Doc Vega posted blog posts
Jul 18
Doc Vega commented on Doc Vega's blog post Marjory Taylor Green Proposes Bill Abolishing Geoengineering or Weather Modification
"cheeki kea Marjory is in a daily battle with Democrats on the hill constantly coming up with more…"
Jul 18
Doc Vega posted blog posts
Jul 16

© 2025   Created by truth.   Powered by

Badges  |  Report an Issue  |  Terms of Service

content and site copyright 12160.info 2007-2019 - all rights reserved. unless otherwise noted