AKJ

Exxon's 2007 Tax Bill: $30 Billion

Don't forget that Exxon Mobil and other oil and gas companies benefit from amazingly generous tax breaks, credits and discounted federal mineral rights that no other industry even approaches. If you have any doubt that we are a nation addicted to oil, just add up the "oil and gas only" tax breaks in the code. There's even a credit for depletion of the oil in the ground as they pump it out - literally the desired outcome of the company generates a tax break. One would think we were trying to nurture a nascent industry versus the largest corporation in the world.

And don't even begin to complain about taxes at the pump. They are comparatively low to laughable compared to the rest of the developed world who treats gas consumption as a social burden and invests in novel concepts like mass transportation and fuel efficiency.

The size of Exxon Mobil is staggering. Their tax bill is not in comparison. The size and scope of tax deductions they enjoy make their tax burden relatively low. The tax code has been setup to treat profit from oil exploration as more sacred.