Exxon’s 2Q revenue leads to record taxes paid, again
Email This Post
- 
Print This Post
-
Have you heard the other record Exxon Mobil set in 2Q? I had to go looking for it, and want to share.
I’m sure everyone knows about the record setting quarter Exxon Mobil just had. They made $11.68 billion on revenue of $138 billion in the second quarter. Democrats calling for a excess profit tax don’t tell the whole story. They, and MSM, have not told the public that Exxon Mobil also set a record for HIGHEST INCOME TAX ever paid in a quarter…to the tune of $10.5 billion.
Here’s a look at their income taxes, and other taxes (SALES TAX NOT INCLUDED) over the last 6 quarters according to data taken from SEC filings:
- 1Q 2007 - paid $6.7 billion in income taxes, and $9.6 billion in other taxes
- 2Q 2007 - paid $7.6 billion in income taxes, and $9.9 billion in other taxes
- 3Q 2007 - paid $7.35 billion in income taxes, and $10.2 billion in other taxes
- 4Q 2007 - paid $8.06 billion in income taxes, and $9.5 billion in other taxes
- 1Q 2008 - paid $9.32 billion in income taxes, $10.7 billion in other taxes
- 2Q 2008 - paid $10.5 billion in income taxes, over $12 billion in other taxes
That totals $49.53 billion in income tax, and $61.9 billion in other taxes over the last 18 months.
According to IRS data for 2004, the most recent year available:
Number of Tax Returns for the Bottom 50%: 65 million
Adjusted Gross Income for the Bottom 50%: $922 billion
Total Income Tax Paid by the Bottom 50%: $27.4 billion (Exxon alone paid $29.71 billion in income taxes for 2006 - their effective tax rate was 46%)
That tax rate is in line with other corporations, yet they’re being singled out because of their size, AND OUR DEMAND FOR OIL! Was IBM hit with excess profit taxes in the 80’s while they broke revenue records? Microsoft in the 90’s? Why does government (who profits greatly from the oil companies) want to treat this industry differently?
Comment by Chief Hypocrite on 1 August 2008:
Jason: My friend Deb and I both are down on Nancy Pelosi albeit for very different reasons. She has written of her reasons and does not agree with mine.
Mine are easily showcased by what I call SOAP, a Suicidal Oil Avoidance Policy she and others are pursuing with a seeming political vengeance against major tax payers like Exxon el al, demonizing what most Sovereign countries are aggressively seeking. Those countries recognize that what the SOAP elitists want to punish, are actually a major part of any modern rational economic homeland security,…successful and large producing oil companies that provide energy to all of us, nominal greenies and non greenies alike, who everyday consume oil in many ways or drive on it etc.
Companies like Exxon et al should be thanked and recognized as one of our national assets, at least until a sovereign country like Russia or China buys them, which Nancy et al prevented last year interestingly. We hate them but you can’t take them….? What’s that all about?
Did you run across any statistics about how much oil Exxon produces compared to what the Sovereign owned oil companies produce? Or any stats on how much in taxes these countries pay to the US?
I found this 2005 prescient post http://www.strategytalk.org/phpBB2/viewtopic.php?p=34693. What a better energy situation we could look forward to if only Nancy et al was able to take off the partisan political blinders and learn to understand what it says in the interest of national security.
Will our politically divided population allow Nancy et al to destroy our only bridge to the other side of the energy divide? I want sustainable, local, clean energy as much as any of the chest beaters who want to punish Exxon but say nothing about Chavez Oil Company et al. Nancy probably has her driver buy gas at Citgo.
If you did not read the Onion “article’ mentioned above about Kal’Al, SOAP Elitists, please take the time, it is a hoot.
Comment by R. Cochrane on 2 August 2008:
Chief Hypocrite - SOAP is perfect. In World War II China and Japan had charcoal gas burning vehicles. In a more perfect worth we would burn water for transportation. Until then we need to explore and exploit wherever and whatever we can.