Exxon Taxes = Federal Tax Revenue from 6 States
Third quarter results are out, and it's "Exxon bashing" season again. It's now widely reported that Exxon's $14.8 billion profits in the third quarter set a new record, but what has gone almost completely unreported again is that Exxon paid a new record $11.327 billion in income taxes to various governments in the third quarter.
A Google search of "Exxon" and "record profits" shows 109,000 results, which is 72 times more than the 1,520 results from a search of "Exxon" and "record taxes" (many of those are CD posts!).
On an annual basis, Exxon paid $30 billion in income taxes in 2007 and will pay an estimated $41.5 billion this year. How does that compare to the total amount of federal tax revenue collected from various states?
According to IRS data (available here from Wikipedia), the total federal tax revenue collected by the IRS from corporate taxes, income taxes, estate taxes, gift taxes and excise taxes from the six states of North Dakota, South Dakota, Maine, Vermont, Montana and Wyoming totalled $32 billion in 2007.
In other words, just a single U.S. corporation (Exxon Mobil) will pay more in income taxes this year to various governments ($41.5 billion) than the total amount of all federal taxes paid by the residents (more than 5 million) and businesses of those six states in 2007. In 2007, Exxon paid almost as much in income taxes ($30B) as the total federal tax revenue collected in those six states ($32 billion).
In a previous CD post, I estimated that Exxon will pay more in income taxes in 2008 to various governments than the entire bottom 50% of American taxpayers (about 67 million) will pay in federal income taxes this year.