Exxon Mobil: $3.4M Every Hour in Taxes!
The Associated Press reported this week that "Oil giant Exxon Mobil topped its own record for the biggest annual profit by a U.S. company last year, racking up earnings ($39.5 billion) that amounted to $4.5 million an hour for the world's largest publicly traded oil company."
MP: What hasn't been reported is the fact that Exxon will probably also set another notable record: the highest amount of taxes ever paid by a U.S. company, estimated to be about $30 billion for 2006. That works out to about $3.4 million in taxes paid every hour by Exxon in 2006!
Larry Kudlow says "Congratuations to Exxon. Profits are the core of capitalism and the wellspring of abundance in this great country. They are the mother’s milk of stocks and the economy. Expanding profits provide businesses the resources to enlarge production operations and hire additional workers. And that in turn is how incomes are created for family spending."