Posted on 04/28/2006 8:05:30 AM PDT by Deut28
I'm working to break down how much cash ExxonMobil puts back into the government coffers. My hypothesis is that more of ExxonMobil's much ballyhooed revenues goes into the government bank account than ultimately results in Net Income.
Data Sources: 10K
2005 Annual Report
What I've found so far:
2005 US Federal Taxes -- 5.086 Billion
2005 US State Taxes -- 0.802 Billion
2005 US Excise Taxes -- 7.072 Billion
2005 US other taxes and duties -- 1.435 Billion
2005 Dividend taxes (based on 7.2B in dividends) -- 1.08 Billion
Total given to US government so far -- $15.475 Billion
What I need to still figure out:
Approximate Federal income taxes paid (was planning on calculating the average salary (total employees / total paid salaries), then applying the federal rate for that salary.
Other data collected for the above calculations:
2005 Employees (including retail stores) -- 106,100
And my above pseudo-analysis doesn't even include all the taxes resulting from peripheral activities (e.g. non-EM supply chain and retail activities), and perhaps most importantly doesn't include the revenue from the gas taxes. It also doesn't include the billions of EM revenue going into foreign government bank accounts.
The 15.475B so far is enough to pay for the following government programs for all of 2006:
Entire Small Business Administration ($593M)
Entire Corp of Engineers-Civil Works ($4.3B)
Entire Department of Commerce ($9.4B)
Reading First and Early Reading First Programs ($1.146B)
Not directly related, but we have a thread going on the earnings breakdown of XOM that you may find some information in.
http://www.freerepublic.com/focus/f-news/1622599/posts
I heard on Mark Levin last night that they paid an effective rate of 47 percent income tax last year.
i still want my gasoline tax lowered
Don't forget the impact of capital gains taxes and income taxes from dividends paid by shareholders. And of course, even harder to figure, is the impact from what has to be a huge number of suppliers, contractors, etc. It boggles the mind.
The large, evil, corporations are in reality geese that lay golden eggs.
The US State Taxes and US Excise Taxes you list would probably be the federal and state gasoline taxes. One thing missing is the capital gains taxes due from the big stock buyback (probably impossible to calculate since we have no way of knowing what the investors paid for the stock that Exxon bought back).
Another good place to start
http://www.ask.com/web?q=oil+company+profits&qsrc=1&o=312
You will probably have a hard time finding a 10k stat. for compensation of US based employees.
Of the $36 billion in 2005 profit, XOM shields most of it from the US taxman, through interdivisional transfer prices and other gambits resulting in income being generated in more favorable tax countries, and expenses being incurred in the US and other high tax countries.
Good luck!
--bflr-
You might want to try the Company's investor services hotline. They might have what you are looking for right at their finger tips.
VRWC - I'm guessing that the majority of Exxon product is sold to consumers through other outlets. I could be wrong on that, but they seem to own a larger portion of the production market than the retail market.
We could be swimming in OIL, it is the refining that needs to be enlarged. No refining . NO GAS.
Don't forget the lease payments. They may be cash, or maybe even contributions to the SPR in leiu of cash.
bttt
i agree completely, here in md i've got little choice with concern to refining issues though. much of the former capacity has been condemned and then bought (wink, wink) by local connected folk. some of it is currently being rehabilitated for free from the EPA's 'superfund'. one example was formerly owned by exxon and located just outside of canton, 3 or 4 miles from baltimore's inner harbor
Well as a Texan I can tell you our refineries are running at full capacity day in and day out. This is extrememly dangerous. But, do you think the politicos care? NOOOOOO. But let one of them go off line because of an explosion and the feds will be crawling all over the place.
Also include royalty payments for oil & gas production.
We could double the US production of oil and not reach our existing refining capacity. The difference would be would be the taxes and royalty payments would stay in this country instead of funding foreign governments.
The US imports 9.8 million barrels of crude a day to refine. It imports 1.0 million barrels of gasoline and 0.2 million barrels of Distillate Fuel Oil to supplement our refining capacity. Which do you believe is the bigger shortfall?
what to do but tar and feather the tree huggers eh?
Did you see the report about how Russia now has managed to get EU over the barrel so to speak. The EU is totally dependant on Russia for it's natural gas. Who said oil and gas is NOT a WMD.
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