Wednesday, February 06, 2008

Exxon's 2007 Tax Bill

Exxon's 2007 Tax Bill: $30 Billion (HT: Instapundit):
...Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That's $27,000,000,000 per year, a number so large it's hard to comprehend. Here's one way to put Exxon's taxes into perspective.

According to IRS data for 2004, the most recent year available:

Total number of tax returns: 130 million

Number of Tax Returns for the Bottom 50%: 65 million

Adjusted Gross Income for the Bottom 50%: $922 billion

Total Income Tax Paid by the Bottom 50%: $27.4 billion

Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).

2 Comments:

Blogger Libertarian Jason said...

Awesome...

A while back I got into an argument with a Conservative friend of mine who insisted that Exxon-Mobil was "price gouging" and wanted the government to string up the corporate fatcats who were raking in record profits, while he's paying $3 at the pump.

Of course, he never complained about the taxes that drive up those costs... because in his world... the State can do no wrong.

Conservatives... Gotta love them!

February 6, 2008 at 1:49 PM  
Blogger eking said...

Jason....sounds like your friend is not a true conservative.

April 3, 2008 at 11:58 AM  

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