Did you know? Big Oil pays Big Taxes!
Way back in 2008, I posted some data that I simply don't hear or read about from the media - namely that oil companies make a lot of money AND pay hefty taxes.
Well, as we hear and read that oil companies don't pay enough taxes, we need to understand these figures from Exxon:
Wow.
Remember, these are SEC documents not marketing fodder. This company really paid $108 Billion (with a 'B') in taxes in 2011. When Big Oil is demonized, we need to remember that in 2011 just one company paid this much in taxes as a result of a 46% income tax rate.
What would your taxes be if you had to pay an effective rate of 46% in just income tax - not including sales, ad valorem, tariffs, and other duties or taxes?
...probably more than you'd want to pay.
Well, as we hear and read that oil companies don't pay enough taxes, we need to understand these figures from Exxon:
| | | 2011 | | | 2010 | | | 2009 | | |||
| | | (millions of dollars) | ||||||||||
| Income taxes | | $31,051 | | | $21,561 | | | $15,119 | | |||
| Effective income tax rate | | | 46% | | | | 45% | | | | 47% | |
| Sales-based taxes | | | 33,503 | | | | 28,547 | | | | 25,936 | |
| All other taxes and duties | | | 43,544 | | | | 39,127 | | | | 37,571 | |
| Total | | $108,098 | | | $89,235 | | | $78,626 | ||||
Wow.
Remember, these are SEC documents not marketing fodder. This company really paid $108 Billion (with a 'B') in taxes in 2011. When Big Oil is demonized, we need to remember that in 2011 just one company paid this much in taxes as a result of a 46% income tax rate.
What would your taxes be if you had to pay an effective rate of 46% in just income tax - not including sales, ad valorem, tariffs, and other duties or taxes?
...probably more than you'd want to pay.
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