Media Near-Secret: Exxon's Taxes Almost 3x As Much As Profits

Newsbusters ^ | July 31, 2008 | Tom Blumer

[CedarDave]

Just heard Mark Levin mention this point on his show tonight.

The item he referred to is from Mark Perry at istockanalyst.com, who commented on CNNMoney.com's coverage of Exxon Mobil's profit report today:

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.'"

..... 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.

Go to his site to see the graph Perry put up.

Looking at it from another perspective, Exxon Mobil's profit of about 8.4% of sales, while the taxes paid represented over 23% of sales. ...

[CedarDave]

Next time you hear a relative, friend or Obama supporter talk about how much profit Exxon-Mobile make, point out these facts. And remind them that if they hadn't paid as much taxes as they did, they would put more money into stockholders hands or use in for further exploration, drilling and production.

And Obama wants to tax them even more and redistribute the money by giving everyone $1,000. Sounds more like Hugo Chavez everyday.

[John123]

Sounds more like Hugo Chavez everyday.

Hey Hugo! How is Venezuela workin' out for you?

[mnehrling]

bump

[sport]

Bump

[Las Vegas Ron]

Next time you hear a relative, friend or Obama supporter....

Sheesh, try and tell some of the posters here lately.

[stylin19a]

they didn’t get to write off the taxes ?

[Principled]

From a comment there:

If you simplify Exxon to be solely a gas vendor, the other way to look at this is: Out of the $4 per gallon you pay: $0.40 federal and state tax at the pump $2.47 cost of drilling, shipping, etc. $0.83 taxes paid by Exxon $0.30 Exxon's profit. So, who's making the windfall profit?

[SouthDixie]

I filled up the other day...Exxon was @ 3.98 GA and Citgo @ 3.65 GA...guess whom i chose? Pay your taxes you slackers and stfu. You get what you deserve.

[CedarDave]

From the Perry link:

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.'"

[alice_in_bubbaland]

Bookmarked for future moonbat ammo.

[autumnraine]

I wish I had faith that this would change anyone’s mind who is even considering voting for Obama. I mean I understand we need the facts, but if this information was presented to the average liberal, it’s ok. It’s ok to pay three times as much taxes because that is for US, but the profit is for THEM.

It’s pretty much their entire mentality.

[yorkie01]

While barry raises hell with the oil company’s obscene (not my adjective) profits, he should remember that the dims and he, himself, have nearly ruined the American automobile industry and its associated companies. If we were to have drilled here over the past 25 years, under out laws, not OPEC’s, the price of oil would be competitively down (Sherman anti-trust laws against the OPECS), and we would be driving around in our gas guzzling cars and trucks and enjoying life. Now far too many people the dems love to spout as their base, are suffering miserably and will continue to even more as we move into the winter months.

[LibFreeOrDie]

Gas taxes per gallon at pump - state and fed:

Diesel taxes - state and fed

[silentreignofheroes]

My SIL and myself were talking about this today,he had no idea of the amount of tax that these companies pay.Not his fault , just there is alot of folks out there who have busy lives and they only hear what the MSM talks about.

[BerryDingle]

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.'"

Actually, it's the consumer paying those taxes while federal, state and local governments screw us through Exxon.

[stylin19a]

thanks...I had already read the whole article when I asked the question.
What they paid in taxes and what they are going to owe at the end of the year is usually going to be 2 different things.
The question is still, do they get to write off all/any/some of those taxes ? If so, then the article is somewhat misleading.

[Hot Tabasco]

Out of the $4 per gallon you pay: $0.40 federal and state tax at the pump

Federal Tax is currently $.184 per gallon at the pump. State taxes vary.....

State gas prices

[coconutt2000]

while the taxes paid represented over 23% of sales.

I guess that means approximately 15 minutes of every hour was spent earning money to pay some government for the privilege of being in business.

I suppose about 5 minutes of every hour is spent making a profit.

And the rest of the hour is used for making back the costs.

[Las Vegas Ron]

So are you saying you chose citgo?

[reg45]

Here in Illinois, in Mr. Obama’s home town (Chicago), the sales tax on gas is 10.25% - that doesn’t even include the special taxes on gas. When the price of gas goes from $2.00 per gallon to $4.00 per gallon, the government’s take goes from 20.5 cents to 41 cents. How about a “Windfall Profits” tax on government!

[chiller]

I hope you didn't contribute to Hugo Chavez' terrorist regime, despite the cash benefit. Tell me you didn't.

I pass on Citgo's unless I'm on fumes.

[WhistlingPastTheGraveyard]

And this doesn’t include the money the government makes taxing consumers of Exxon products.

This is obscene. Our government is a monster.

[Theo]

Bump

[lowbridge]

bump

[Captain Peter Blood]

The top Oil Companies pay about $500,000,000 in taxes to Uncle Sam. Now just imagine what will happen with the “Wind Fall Profits tax”????????????????

[Revolting cat!]

If you saw PARADE magazine last weekend, which has larger circulation than Newsbusters and FR combined, you’d have seen their take on where your $4 a gallon goes. According to the circular chart, $2.75 goes to the eeeevil oil companies. Fight that propaganda!

[darth]

I think the oil industry should be showcasing their total payroll, average payrates, and total taxes paid. When the dims prevent domestic energy resource extraction they are sending millions of top-paying jobs overseas along with the profits. Let’s keep all the money here!

[Revolting cat!]

PARADE link. It's $2.96 not 2.75 to the devil! My bad.

[Mygirlsmom]

Note that State and Fed Gas taxes in Obamaland (IL) add up to 66.6 cents. Coincidence???? I don’t think so

[gibsosa]

bump

[thackney]

they didn’t get to write off the taxes ?

Taxes are deducted from revenue like other expenses. What is left over is profit. Goverment keeps about triple what ExxonMobil keeps from the revenue stream.

[thackney]

do they get to write off all/any/some of those taxes ? If so, then the article is somewhat misleading.

How is it misleading? Taxes, like all business expenses, are deducted from the revenue, what is left over is profit. Government keeps about three times what ExxonMobil keeps from the initial revenue.

[screaminsunshine]

Obviously the communists have taken control of the democrat party.

[panaxanax]

Citgo, huh?

If I ran out of gas I would push my truck uphill in the snow past a Citgo station and pay $10.00 a gallon at Exxon before I would put one American penny in Chavez’s greasy slimy Communist pocket.

[Zevonismymuse]

And remind them that if they hadn't paid as much taxes as they did, they would put more money into stockholders hands or use in for further exploration, drilling and production.

People like our family. We have 50% of our retirement savings invested in XOM because my husband worked for Exxon Mobile for 15 years before transferring to a subsidiary of the company. We should diversify more, but it is a very good company and so we hate to sell it.

[GBA]

Personally, I would pay twice that much before I'd ever go to Citgo again. Assuming you're a proud and loyal American who hates South American dictators, I'm guessing you proudly paid the $3.98/gallon. If I'm wrong about that, then I must ask, what do you do in your spare time other than prostrating yourself before your lifesized Hugo Chavez blowup doll while listening to his speeches condemning America?

[panaxanax]

I hear crickets.

[BunnySlippers]

BOOKMARK

[SouthDixie]

Geez you guys...take a chill pill. When you assume, you make an ass out of you AND me. All i was doing was stating the price difference. I went Exxon, relax.

[GBA]

Me too, but then crickets are much better than Chavez's speeches or more anti-American BS from common senseless, penny stupid people. What has happened to our great country??? So much has unraveled in my lifetime that I worry for our future. What will it take to wake us up?

[VOA]

bump

[VOA]

thanks for posting the tax-maps

[GBA]

My apologies for misreading your post and for coming to the wrong conclusion.

[sailor4321]

Higher taxes on oil companies? Hell, they are already being taxed at truly obscene levels!

[CedarDave]

The $2.96 is their gross. Out of that they pay their employees, production and transportation costs (before refining), exploration, etc. Then comes that 23% tax and finally profit out of what’s left over.

[ConservativeMan55]

bttt

[Las Vegas Ron]

You should have been clear in your post. When you inferred the oil companies should pay their tax and STFU, it is easy to surmise you sold out and went to citgo.

As for me, I'm chillin.

[UCANSEE2]

“just there is alot of folks out there who have busy lives and they only hear what the MSM talks about.”

Yes. Yes there are.

[UCANSEE2]

Thinking outside the box.

I love it!

[UCANSEE2]

“Government keeps about three times what ExxonMobil keeps from the initial revenue.”

After all is said and done, the Government keeps about the same, out of your pocket.