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Exxon Mobil says it pays plenty — more in U.S. taxes than it earned in the United States last year.
Not so, say critics of the oil industry; the Center for American Progress says the oil giant’s effective federal income tax rate is about half the 35 percent standard for U.S. companies. The liberal-leaning think tank, citing Exxon Mobil’s filings with the Securities and Exchange Commission, says the corporation didn’t pay any federal income tax in 2009.
“We pay our fair share of taxes,” said Kenneth Cohen, Exxon Mobil’s vice president for public affairs, who in a conference call recently lumped more than $6 of sales, state and local taxes together with every $1 of federal income tax paid in 2010.
But Exxon Mobil’s tax rate is “lower than the average American’s,” Daniel Weiss, an energy expert at CAP, countered in an analysis that put the company’s U.S. federal income tax rate in 2010 at just 17.2 percent.
Originally posted by User8911
I think it's almost worst in Canada sometimes. I heard the government gives tax bailouts for companies to come here for 5-10-15 years. Also, most of those companies use up our natural resources.
And guess where the profits go? To the same people that don't need more money that probably don't spend their time in Canada. The world is a corporate world where we put the value of money, which doesn't really exist, above human beings.edit on 9-6-2011 by User8911 because: (no reason given)