11 May '11, 1pm

Exxon pays a lower effective tax rate than you*

I checked the numbers against ExxonMobil’s 10-K. First, they included U.S. taxes on non-U.S. operations in 2010, but not in 2008 or 2009. Secondly, they separate out and ignore all the deferred taxes – as if ExxonMobil had admitted to them and then dodged them. This category is 867 million. If you include the deferred taxes and dismiss the U.S. taxes on non-U.S. operations, as seems appropriate, ExxonMobil’s effective U.S. tax rate is 21.8%. That is still significantly far from 35%, but there are a great many U.S. companies that benefit from subsidies. And, as a business, they aren’t making that much when it comes to percentage profit. Historically, the pharmaceutical companies makes gobs more of a profit margin. There are better reasons for not liking ExxonMobil – pollution, off-shoring, lobbying ethics, and funding climate change denialism. But, the taxes and subsidy iss...

Full article: http://climateprogress.org/2011/05/11/exxon-pays-a-lower-...

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