19 Apr '11, 12am

It's Tax Day. But Not for Exxon, Which Pays $0 in Federal Taxes

Today is tax day. American individuals and businesses have counted up their credits and deductions and sent in their 1040 forms in the hope of getting a refund from Uncle Sam. Many will need every last dollar of those refunds to help repair their household budgets that are eroding thanks to gasoline prices that are pushing $4 per gallon around the country. Meanwhile, the most profitable companies in the world may or may not pay a single dime in federal income taxes this year. As ExxonMobil demonstrated in 2009, it is possible for a company to earn $19 billion in profits in a single year and not pay a dime in U.S. income taxes. While American consumers struggle to stay afloat, Big Oil is set to enjoy another decade of huge taxpayer subsidies and world record profits.

Full article: http://www.treehugger.com/files/2011/04/its-tax-day-not-f...

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