28 Sep '12, 5pm

The Fossil 47 Percent: Freeloading Energy Companies That Pay No Income Taxes

As Joanna Pratt, a Vice President at NerdWallet, describes it, the “Actual Tax Rate” calculated by the transparency tool reflects the actual tax payments for the current year as a percentage of the company’s income. According to Pratt, some companies will defer or reduce taxes that are due any given year through a number of tactics, so they don’t wind up paying the official corporate tax rate, or even the rate that they report. Which is how, for instance, ExxonMobil (which -- sorry, who -- barely avoided the shunned ranks of the freeloading 47 percent) paid an actual tax rate of 2 percent on their roughly $73 billion of income, while reporting a tax rate of 42 percent.

Full article: http://www.desmogblog.com/2012/09/24/fossil-47-percent-fr...

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