Putting Exxon's Tax Bill In Perspective
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 paid in 2004 (most recent year available), which is 65,000,000 people! Further, the tax rate for the bottom 50% was only 3% of adjusted gross income ($27.4 billion / $922 billion) in 2004, and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).