Exxon Pays Same Taxes As 67 Million Individuals
We hear a lot about "Exxon Mobil's record profits" (108,000 hits on Google), but considerably less attention is paid to "Exxon Mobil's record taxes" (only 97 Google hits), which is approaching $30 billion per year (see chart above). That's a large number, so here are some ways to put $28 billion of taxes in perspective:
1. According to the IRS, there are about 134 million individual income tax returns filed yearly, and the amount of federal income tax collected by the bottom 50% (67,000,000 taxpayers) is about $28 billion per year. Therefore, Exxon Mobil pays about the same amount in taxes as 67 million individual taxpayers!
2. $30 billion is equivalent to the entire GDP of countries like Luxembourg, Guatemala and Qatar.
3. $30 billion is the amount of state tax revenues collected (income taxes, property taxes, sales taxes, excise taxes, licenses and fees, etc.) from these 12 states COMBINED: South Dakota, North Dakota, New Hampshire, Wyoming, Montana, Vermont, Alaska, Rhode Island, Delaware, Idaho, Maine, and Nebraska.
4. $30 billion is enough to fund the COMBINED budgets of the Department of Agriculture ($19 billion), the FDA ($2 billion) and the EPA ($7.6 billion).