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April 15, 2011 at 3:47 am #598627
JoBParticipantsome numbers from working america
” ExxonMobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
Bank of America received a $1.9 billion tax refund from the IRS last year, although it made $4.4 billion in profits and received a bailout from the Federal Reserve and the Treasury Department of nearly $1 trillion.
Over the past five years, while General Electric made $26 billion in profits in the United States, it received a $4.1 billion refund from the IRS.
Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
Boeing, which received a $30 billion contract from the Pentagon to build 179 airborne tankers, got a $124 million refund from the IRS last year.”
Exxon Mobil’s rebate is money directly from the US treasury .. in addition to any refund they may have coming from prepaid taxes..
refunds are based on the taxes a company has paid into the US treasury…
companies pay quarterly tax payments to the IRS based on their income…
rebates are what they get back after applying the tax code…
don’t you wish you had exemptions like those?
April 15, 2011 at 4:20 am #722583
redblackParticipantwhatchoo talkin’ about, jo?
exxon’s profits are only about 500,000 times my annual net income.
so why shouldn’t i pay more in taxes than they do?
April 15, 2011 at 3:24 pm #722584
skeeterParticipantLet’s just start from the top.
Exxon’s 2009 profit before income taxes was 34.8 billion dollars. They paid income taxes of $15.1 billion dollars. So their after-tax profit was $19.6 billion.
http://finance.yahoo.com/q/is?s=XOM+Income+Statement&annual
Folks – Exxon pays billions and billions of dollars in federal income taxes every single year.
I’m not going to go down the list fact checking this post. Please do your own research before trusting a post like this.
April 16, 2011 at 5:14 am #722585
JoBParticipantskeeter…
You are aware that the yahoo statement you linked to includes all income taxes paid by Exxon Mobile in every country they operate… aren’t you?
that is not the number for US taxes.
those SEC filings are pretty interesting…
you should take some time to look through them..
just google Exxon Mobile SEC filing and you can get access a copy of their SEC filing…
this is the source of some of the numbers from working America .. along with a comment from Exxon Mobile regarding the final accounting for it’s US taxes…
http://www.forbes.com/2010/04/01/ge-exxon-walmart-business-washington-corporate-taxes_2.html
April 16, 2011 at 9:06 am #722586April 16, 2011 at 3:07 pm #722587
EmmyJaneParticipantHere is a link to their latest 10-K with their 2010 financial statements. Look at page 64 for their Income Statement and page 99 – Note 18. Income, Sales-based and Other Taxes, which provides a detailed breakout of the differnet kinds of taxes they pay, broken between U.S. and non-U.S.
http://www.sec.gov/Archives/edgar/data/34088/000119312511047394/d10k.htm#toc94192_12
April 16, 2011 at 4:06 pm #722588
dawsonctParticipantApril 16, 2011 at 4:46 pm #722589
JoBParticipantAdmiral935
before i get sidetracked with emmy jane’s link…
i wanted to say thank you for that musical interlude
much appreciated :))
April 16, 2011 at 4:59 pm #722590
JoBParticipantEmmy Jane…
thanks for doing what i failed to do…
telling people exactly where to look for the info in the SEC filing…
you are my hero.
***
it is worth noting … for the benefit of those whose eyes cross when reading financial stats … that the reason the Exxon Mobile official could state that the tax burden for 2009 has yet to be totally calculated is that deferred tax…
and in the middle.. that little line about credits due to changes in the tax laws… not small numbers…
that is why big corps spend so much money lobbying on capital hill and why they are willing to spend so much to influence the outcome of elections.
oh.. and it’s why the percentage of US tax revenue paid by corporations is half what it was in the 50s:(
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