Outrageous: Exxon Mobil Paid No Income Tax in 2009

Outrageous: Exxon Mobil Paid No Income Tax in 2009

blogs.alternet.org

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 tha

(visit the link for the full news article)

This is a blog, but it sites all of it's sources and I have looked at all the sources and they are all reputable.

I find this maddening that we can invade the middle east with plans of drilling it dry for oil, and the companies that are drilling are not giving us any of their profits.

If we are going to have a war for oil, then at least let us have a piece of the pie.

blogs.alternet.org
(visit the link for the full news article)

Business do not pay tax........you do.
They just mark up the price of their product to cover it.

I have a lemonade stand and sell a glass of it for $10c. (2c net profit)
If I get taxed if the form of fees, licences, income tax, etc.
Do I eat it? no, no room to so I increase the cost to 15c.

Who pays the taxes? The purchaser of the lemonade.

[edit on 7-4-2010 by Pinktip]

in a really free economy, you could only raise the price of lemonade to the extent that people are willing (and able) to pay!! thus, well, raise the lemonade too much to cover your taxbill, well, you will no longer be running a business!!

unfortunately, this isn't a free economy anymore...the gov't will tax us more to give some the money to buy the oil, regardless of how much the oil companies raise the prices.

I'd almost be willing to bet, if the gov't suddenly stopped doing this, a lot of those profits would disappear very quickly, along with the excessive salaries of upper management.

Nice little chart of the price of gasoline here in this thread. Sure the topic is more political however the information of the rise and fall of prices is accurate.

No one seems to be talking about how the large companies receive the benefits to the exclusion of the little guys. While utility commodities should have some protections from bankruptcy, the should pay their fair share when times are up or face price regulation or subsidized competition. Because obviously the system in place now is not working.

[edit on 7-4-2010 by Ahabstar]

Another perfect example of corporations taking care of themselves and screwing us. The sick part is they also get subsidies to go to Iraq thus robbing us even more. I have said for a long time a flat tax on business same in all states with no loop holes as well as abolishing subsidies in all forms would relieve a lot of the debt burden. Businesses would then locate according to the best place not the biggest gift. The article goes on to say 2 out of 3 corporations have paid no taxes since 1988 and then complain about being over taxed.

[edit on 7-4-2010 by ISHAMAGI]

[edit on 7-4-2010 by ISHAMAGI]

Rather than be upset that some business didn't pay taxes and take the low road of calling for blood like apes or Neanderthals we should be clammoring for the same deal.

Why people cry for tyranny rather than demand liberty is beyond me.

Is like being shot in the face and your only complaint is that the guy in the chair next to you isn't being shot in the face as much as you. Hey, dumbass how's about demanding you stop getting shot in the face?


Posted Via ATS Mobile: m.abovetopsecret.com

This is good news for me. The investment fund that I have my retirement account in is heavily vested in oil companies, including Exxon Mobile. So in effect I am one of the owners of that company. Some of that $10 billion comes back to me in the form of dividends. Now of course the Government is going to tax that, if they don't just decide to take my entire retirement account, like some of them want to do.

Originally posted by Pinktip
Business do not pay tax........you do.
They just mark up the price of their product to cover it.

I have a lemonade stand and sell a glass of it for $10c. (2c net profit)
If I get taxed if the form of fees, licences, income tax, etc.
Do I eat it? no, no room to so I increase the cost to 15c.

Who pays the taxes? The purchaser of the lemonade.

[edit on 7-4-2010 by Pinktip]

Good grief, please go into the lemon aide business soon.

Current cost of one quart of freshly squeezed all natural lemonade is 6.95.

That makes the cost of one 8 oz glass 1.74!

My name is Protoplasmic Traveler and I have a lemonade problem

Isn't it funny that the IRS is breaking up Swiss Bank Secrecy Laws to go after high individual net earners sheltering money, but the biggest Corporate Earners like GE and Exxon can shelter their profits with total impunity?

The truth is I would much rather see the government shrunk drastically back down to what it was intended to be, just an arbiter of disagreements between the States and to set international tariffs on imports and exports and formulate foreign policy. Needless to say, but said nonetheless is that hundreds of military bases around the world need to be shut down too, and for us to stop taking sides between sovereign nations in international disputes.

Then we all can lower our tax burden down to where it was supposed to be and always meant to be ZERO except in times of war, lawfully declared by congress, and then only if you don’t wish to pay the cost of equipping yourself to fight in that war.

In the meantime we all have the power to boycott the goods and services of our corporations that are more interested in their bottom line and a global marketplace than they are in being good corporate citizens and the health of the domestic economy.

Sure it might mean making some different kinds of sacrifices and inconvenience than just parting with your cash to fuel these beasts and monsters, but the truth is the American people made these monstrosities through their patronage and we can break them just the same by denying them our patronage.

As long as we keep looking to the Federal Government to exercise the common sense, sense of purpose and restraint we don’t have and or display as individuals, we are going to continue to not only be disappointed but get the short end of the stick always too.

When life is dealing you lemons, it is time to start making lemonade and at 1.74 a glass that’s probably not a bad idea!

My name is Protoplasmic Traveler and I have a lemonade problem!