ExxonMobil in 2011 made $27.3 billion in cash payments for income taxes. Chevron paid $17 billion and ConocoPhillips $10.6 billion. And not only were these the highest amounts in absolute terms, when compared with the rest of the 25 most profitable U.S. companies, the trio also had the highest effective tax rates. Exxon’s tax rate was 42.9%, Chevron’s was 48.3% and Conoco’s was 41.5%. That’s even higher than the 35% U.S. federal statutory rate, which is already the highest tax rate among developed nations.<quoted text>
You are a liar and a fool.
""Here is a list of the top 10 corporate deadbeats and slackers:
1) Exxon Mobil made $19 billion in profits in 2009. Exxon not only paid no federal income taxes, it actually received a $156 million rebate from the IRS, according to its SEC filings.
4) Chevron received a $19 million refund from the IRS last year after it made $10 billion in profits in 2009.
6) Valero Energy, the 25th largest company in America with $68 billion in sales last year received a $157 million tax refund check from the IRS and, over the past three years, it received a $134 million tax break from the oil and gas manufacturing tax deduction.
9) ConocoPhillips, the fifth largest oil company in the United States, made $16 billion in profits from 2007 through 2009, but received $451 million in tax breaks through the oil and gas manufacturing deduction.
Out of the top ten deadbeats, oil companies comprise 4 of the spots.
You were saying something about specifics??
Read it and weep, nitwit.
The lowest were automakers Ford and GM, despite $20 billion and $9 billion in net income, respectively, paid a scant $270 million and $570 million in taxes.
Just what are those tax breaks the president wants to take away from Big Oil? Here’s the three biggest ones. First off, the president doesn’t think that oil companies should be able to get credit on their U.S. income tax bills for all the billions in income taxes they pay to oil-rich regimes around the world. Second, the president doesn’t think Big Oil should be allowed to deduct from taxable income some of those costs incurred in exploring for oil and drilling wells. Third, the president wants to cancel oil companies’ domestic manufacturing tax deduction of 6% of the value of oil and gas they produce in the United States.
Left-leaning tax groups like the Citizens for Tax Justice try to make the case that ExxonMobil pays tax of just 13% or so on its U.S. profits. But if Exxon pays a smaller portion of its taxes in the U.S. it’s because it faces huge tax bills overseas in countries like Angola where the petroleum income tax is as high as 70%. Like every U.S. multinational, Exxon gets tax credits that offset their U.S. tax liability by the amount of tax paid to other countries.
The deduction for oil drilling costs isn’t much different from the deductions that pharmaceutical companies are allowed to take for research and development costs (no one has proposed taking those away). And as for the domestic manufacturing deduction, every other company that manufactures anything in the U.S. can deduct up to 9% of the income they generate on those goods. Right now, oil companies only get a 6% deduction on the oil and gas they produce.