I know we are always screwing the big Corporations in America , it is on their backs we carry all the social programs for those Dastardly Poor , lazy People
How we power the world
Exxon Says It Does Pay U.S. Income Taxes
Apr. 7 2010 - 3:44 pm | 12,310 views | 0 recommendations | 8 comments
Posted by Christopher Helman
Recently we published the story â??What the Top U.S. Companies Pay In Taxes,â?? and a related blog post, â??Big Oilâ??s Tax Bill.â?? Whatâ??s received the most attention from readers and bloggers was our assertion that ExxonMobil, despite recording more than $15 billion in income taxes, â??paid none of its 2009 income taxes in the U.S.â??
Although I came up with that by reading the companyâ??s annual 10-k filing with the SEC, ExxonMobil spokesman Alan Jeffers assures me that this is wrong, that Exxon did indeed pay substantial income taxes to the U.S. Treasury in 2009, and that it overpaid taxes in 2008. How much? Well, Jeffers says so far heâ??s not at liberty to disclose that information. â??Thatâ??s not something weâ??re required to disclose, nor do we.â??
So what gives? Jeffers explains that what ExxonMobil reports in its annual consolidated financial statements is just accounting, that the numbers reflect expenses or credits recorded throughout the year and â??do not represent our tax bill,â?? which has not yet been filed, let alone settled. The financial results listed in the 10-k â??is an accurate reflection of what it is, but not what you thought it was,â?? says Jeffers.
What the financial statement says is that ExxonMobil, in 2009, after a handful of deferrals, recorded a total U.S. income tax benefit (i.e., a refund) of $46 million. Next to this, it shows total non-U.S. income taxes of $15.165 billion.
My mistake was in thinking that these figures somehow reflected actual tax benefits and liabilities. So what we should have written was that ExxonMobil â??recordedâ?? no U.S. income taxes for 2009 instead of â??paid.â?? All you re-bloggers out there, please note the clarification. Mea culpa.
And for all you commenters outraged that Exxon isnâ??t paying taxes in the U.S., donâ??t worry, it is. Our article only focused on income taxes, but itâ??s worth noting that the 10-k also records $7.7 billion in other taxes in the U.S. (like sales taxes) and more than $50 billion of other taxes and duties paid (I mean recorded) overseas.
Thereâ??s a lingering issue here. If Exxonâ??s income tax line items donâ??t mean what they say, then what does that imply about other important stuff? Are â??earnings after income taxes,â?? really $19.28 billion? Are earnings per share really $3.99? Does it all wash out? Weâ??ve asked Exxon to explain and will let you know what they say.
So liberals know nothing about accounting and/or how and when taxes are paid?
I like the 7.7 billion paid out in other countries, The argument sounds the same one I use for the poor paying taxes, The poor may pay no income tax but if you add up all their other taxes they pay , not to mention the price increases all services and goods charge due to their tax debt. The poor are by far worst off than any other category.
What the Top U.S. Companies Pay in Taxes
Dude, corporate falt tax in Austria, 25% and that is after rather generous deductions.
You want what in the US, like 40?
I wonder why they choose to be taxed elsewhere.
you know it looks very legitimate , if I were the CEO's of those companies , i would crawl up their ass, It is truly defamation of character if it is not true
We should eliminate the corporate income tax entirely...
^^^ I'm game. I'd like to see tax on consumption, not income. Alas, I imagine black markets would drain revenue.
Agreed. Remember that what taxes businesses do pay are simply transferred to the customers via higher prices.
I am no expert , I am sure we have treaties , but in this case I am in Trumps corner TARRIFF
I agree , but we would have to make sure those Corporations were not sheltering income for it's officers . I think we would need to some how limit cash reserves
Pit is right. The government has more right to that money than the companies that earned it. The never of those companies wanting to keep what they create.
So why don't you get your happy ass out there and give them a leg up, since you are so concerned about them....
All things trickle down. You tax companies more, the price of goods and services go up. So do the companies pay any more in taxes then? No we the consumer do. Either way, we're the ones who pay.
Oh my, you really think you can afford a trade war right now?
With your major lenders, no less?
+1, thats why China will not devalue their currency. They have us by the balls. Plus, its rather hypocritical to ask them to do so when we have the Fed printing billions of dollars. I wouldnt believe any "get tough on China" rhetoric from anyone.
When our imports exceed our exports , I think it would be good for America. I will not vote Trump , but he says the same thin
I think you got something backwards.
It would not even be a good thing if the rest of the world took it in silence.
Since it wont and since you are 1,6 trillion in the hole each year that need to be financed, it would sink you.
I disagree, we have them by the balls...
If we just decided we're not paying back shit and they can kiss our asses if they do not like it then China's economy is done and so is China.
If you borrow $100 dollars from the bank, the bank owns you. If you borrow $100,000,000,000,000 from the bank, you own the bank.
I do not see any one having anyone by the balls , I just see China and America in bed together