Exxon Mobil Paid NO Federal Income Tax In 2009

The joke goes, The economy is so bad Exxon Mobil laid off 25 Congressmen. If only.

Turns out the economy is never really bad for the oil giant, and the last thing they would want to do is cut off support to members of Congress who allow them to pull off the remarkable trick of making $45 billion in profits last year but paying no federal income tax. Think Progress reports the stunning news, which, sadly, is not a Steve Martin routine:

Last week, Forbes magazine published what the top U.S. corporations paid in taxes last year.“Most egregious,” Forbes notes, is General Electric, which “generated $10.3 billion in pretax income, but ended up owing nothing to Uncle Sam. In fact, it recorded a tax benefit of $1.1 billion.” Big Oil giant Exxon Mobil, which last year reported a record $45.2 billion profit, paid the most taxes of any corporation, but none of it went to the IRS:

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

Mother Jones’ Adam Weinstein notes that, despite benefiting from corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research. Pat Garofalo at the Wonk Room notes that big corporations’ tax shelter practices similar to Exxon’s shift a $100 billion annual tax burden onto U.S. taxpayers. In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”

Media Matters adds:

Even though Exxon doesn’t contribute anything to the federal government, it spends millions of dollars trying to control it. According to the Center for Responsive Politics, Exxon Mobil spent a whopping $27,430,000.00 on lobbying in 2009 alone.

Oh, and you’ll be delighted to know that, as the Financial Times reports today “ExxonMobil, the world’s largest international oil company, has agreed to pay the US government $32.2m in a settlement to resolve claims that it knowingly underpaid royalties owed on natural gas produced from federal and native American leases, the justice department said on Monday.”

Someday, ExxonMobilShellChevronConocoPh ilips will be one big company making tens of billions of dollars in profit, while paying no federal income taxes and spending millions spreading disinformation aimed at keeping us addicted to their toxic product.

**** In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”

This corporate welfare will soon come to an end. If it doesn't destroy us first.

Fascism from the Reagans and Bushs have weakened this country almost to the point of no return.

Keep them OUT OF OFFICE!!!!!

Old Geezer and I are right. You nimrods who support this BS are delusional...PERIOD.

I saw Media Matters and I didn't need to look at the rest.

BoatsNHoes wrote:

I saw Media Matters and I didn't need to look at the rest.

Now you know how I feel when I see your username.

BoatsNHoes wrote:

I saw Media Matters and I didn't need to look at the rest.

So you can't dispute the information so you claim the source is biased? What is biased by this report?

Magna Cum Laude wrote:

**** In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”
This corporate welfare will soon come to an end. If it doesn't destroy us first.
Fascism from the Reagans and Bushs have weakened this country almost to the point of no return.
Keep them OUT OF OFFICE!!!!!

That is why we have to adopt the Fair Tax and abolish the IRS. By the way,since its obvious to everyone on this forum that you are a bleeding heart liberal/democrat which naturally means you want the government controlling every aspect of our lives, it seems odd you would complain about Fascists since you share a common goal with them.

District9 wrote:

<quoted text>
So you can't dispute the information so you claim the source is biased? What is biased by this report?

Media matters get all bent out of shape when anybody makes money. The new liberal thing seems to be go after people who make money.

BoatsNHoes wrote:

<quoted text>
Media matters get all bent out of shape when anybody makes money. The new liberal thing seems to be go after people who make money.

More like make them pay their fair share. Take back all the tax breaks they get.

If they are making that much profit off everyday Americans and not pay in taxes then I'd think you would agree that something is wrong there??

I've already posted the %s paid and there's nothing fair about it.

The employees pay taxes goofy.

When costs go down prices down and raises go up. It's not complicated.

District9 wrote:

More like make them pay their fair share.

Isn't a fair share when everybody pays the same amount?

guest wrote:

<quoted text>
Isn't a fair share when everybody pays the same amount?

No, my point is that if I as an individual made 15 billion in profits, I'd bet I would be paying some taxes in, no doubt about that. Individuals don't get cheesy tax breaks like big oil does. If they are making profits like that, then why do they get tax breaks to start with?

With these corporations not paying any taxes. What is keeping their prices so high?

2009 would be Obama right?

len117 wrote:

With these corporations not paying any taxes. What is keeping their prices so high?

What prices?

At least we all agree the employees are paying taxes.

America does have the highest corporate tax rate in the world though so it's kind of our fault businesses go overseas.

BoatsNHoes wrote:

At least we all agree the employees are paying taxes.
America does have the highest corporate tax rate in the world though so it's kind of our fault businesses go overseas.

Why didn't Exxon have to pay any Federal taxes? Is this true? I haven't bothered to confirm it.

Shouldn't the little people be taxed to death and rich people and rich corporations not pay any taxes? Isn't this what we want?