Exxon Posts Record $32.36 Billion Tax Payment By Mark J. Perry
The Bear on Aug 01 2008 at 7:28 am | Filed under: Culture, Taxes
Although the way CNN reported it is “Exxon posts record $11.68 billion profit.”
According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
Buried in the story we also find that “In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called ‘other taxes.’”
MP: In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above.
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Here is how CNN posted the story…
Exxon posts record $11.68 billion profit
World’s largest publicly traded oil firm makes $1,485.55 a second in the quarter, but misses forecasts.
Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
SideBear: That is an 8% profit on sales… just keeping the facts straight…you decide.
One Response to “Exxon Posts Record $32.36 Billion Tax Payment By Mark J. Perry”
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The easiest way to play class warfare is to use statistics to magnify the strawman. Any company should be able to make profits, and the oil companies are no exception. Their per-share-profits are not the largest, by any means, and why doesn’t Pelosi go after THEM? Because it’s not about profits, it’s about going after oil companies any way you can, limiting their profits or seizing them, stopping America’s ability to stop buying foreign oil, and all of it adds up to one thing, an attack on America. These traitors have been exposed, when are we going to investigate THEM? Never, because BOTH sides are in on it. I now truly believe it will take a pitchfork rebellion to recapture this country.
Next time, I say we make a law that says the government, NO government, Federal, State, or Local, has the ability to forcibly take money from you in any way for any reason, that all taxes are illegal, and if you do manage to find a way to make some payment to the government mandatory, it will be illegal to base it in any way on income, personal or otherwise, property or assets, investment class, or anything else, other than that you are a citizen, and that if the government should impose a compulsory tax, every citizen must pay exactly the same amount.