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Wed Mar 12th 22:55 PM | Rating: 0 0
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Exxon's 2007 Tax Bill: $30 Billion

Interesting but, I believe, flawed analysis. Personally, as you note, I pay taxes on my income not my take home. XOM had income of $404B, that's $404,000,000,000. A quick calc shows that they are only paying about 7.4% tax! Wow, I wish I could have closed door, top-secret meetings with the VP to work out ways to benefit me at the publics expense.

Additionally, note, that unlike you and me, XOM carries a ton of tax liability around from year to year. Notice the current $22B on their balance sheet. This is because they have a team of tax litigation consultants/lawyers working to find ways to offset these liabilities from year to year. So although their bill might be $30B, they won't pay that much. So, thankfully, I know I will be able to sleep better tonight not worrying about a company that will have to pay an outrageous tax rate of 7.4%!! (This is why the legitimate business press does not go around saying Exxon overpays their taxes. They simply don't pay as much (on a percentage basis) as you and I.

Enjoy.
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