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View Diary: ExxonMobil rakes in $9.5 billion profit, on which it will pay a 13 percent tax rate, if that (55 comments)

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  •  No understanding of taxation (2+ / 0-)
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    johnny wurster, nextstep

    That's the trouble with people who don't understand corporate taxation -- a VERY complex subject -- trying to make statements about what a huge corporation does, or does not, pay in taxes.

    •  Post Some Of It nt (0+ / 0-)

      We are called to speak for the weak, for the voiceless, for victims of our nation and for those it calls enemy.... --ML King "Beyond Vietnam"

      by Gooserock on Fri Apr 26, 2013 at 07:37:09 PM PDT

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    •  Meh. (1+ / 0-)
      Recommended by:
      VClib

      In a good year, Exxon Mobil will generally pay somewhere in the neighborhood of $1.5 billion to the federal gov't.  The majority of its taxes — $28+ billion, gets paid to foreign gov'ts where Exxon Mobil operates.  Chevron & Conoco Phillips do this too.  Most of their profits come from outside the USA.

      •  The numbers on this are all over the place. (1+ / 0-)
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        Pluto

        USA Today says Exxon paid $31 billion in 2011 and 2012.  Obrag claims that in 2009 they made $19b profits and received $156m in rebates from the US.  I gather the $31b, if it's not made up, is for taxes around the globe (article doesn't specify).  

        Do we have the cancelled check?  Do we have evidence of all they other breaks they get, such as from the US government shirking its regulation duties?  

        •  For taxes paid, there's one number that comes (2+ / 0-)
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          VClib, Eikyu Saha

          straight from the financial statements.  When Obrag says there was a "refund" or "rebate," well, first it shows that that person is a fucking moron, because a negative tax expense typically represents a reduction of future taxes rather receipt of a refund.  Putting aside obvious asshattery, Obrag's claim is just a guess, trying to infer federal liability from line items on the annual report that don't tell us any such thing.  

          Or: Obrag is attempting to make a guess.   USA Today's number, OTOH, sounds like it's coming from the correct spot on the annual report.  eg, Exxon did, in fact, pay $31 billion in tax for the period in question.

        •  They paid $24billion for worldwide taxes. (3+ / 0-)
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          nextstep, VClib, Eikyu Saha

          Any other claim about their tax bill is just a guess.  Obrag's is a particularly stupid guess and obviously wrong (see above explanation re: deferred & current tax expense).  

        •  ES - there is no way to determine (2+ / 0-)
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          Faito, Eikyu Saha

          from SEC reports how much US corporate income taxes are paid by any large, multinational company.  There isn't enough specific tax data to make a calculation and the SEC does not require a country by country tax analysis as part of the 10K report.  

          "let's talk about that"

          by VClib on Sat Apr 27, 2013 at 10:16:14 AM PDT

          [ Parent ]

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