All Posts Tagged With: "excess profit tax"

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?