U.S. Oil Companies Paid, Collected More in Taxes ($147B) Than They Made in Profits ($131B) in 2006
According to the EIA, the major energy producing companies (listed here) like BP, Exxon, Shell, Chevron, etc. earned $131.5 billion in profits in 2006 (most recent year available, data here), see chart above.
Those same companies paid or collected: a) $90.445 billion in income taxes in 2006 to various governments in Europe and the Middle East, the U.S., Canada, Russia, etc., b) $8.25 billion in non-income taxes to the U.S. government (production taxes, sales taxes, property taxes, payroll taxes, etc. (data here), and c) $48 billion in U.S. excise taxes (data here), for a total of $146.8 billion.
Bottom Line: American oil companies paid and collected more taxes ($146.8 billion) in 2006 than they made in profits ($131.5 billion).
11 Comments:
Once Obama eliminates the foreign tax credit as promised, he will be wondering why oil companies aren't lining up to pay tax on the same money twice.
Even with these #'s, we still can't balance the Bush budget. Pathetic!
amit, it's not the President's deficit.
My bad.
The current deficit is a result of Dennis Hastert and Bush unwilling to Veto.
It is also fun to blade Nancy Pelosi because she is a moron.
So the oil companies aren't making as much money as the gov't is. I'm sure there's a subsidy to Big Oil that will help that.
Maybe we can susbsidize drilling off FL. Won't make any money, and will anger the Republicans with beach property, but as long as it flies a flag big enough to be seen by Cuba, it'll be worth it.
Bottom line, American oil companies only paid federal income taxes of $32 billion on pre-tax profits of $190 billion. That is an effective tax rate of 17%.
The statutory federal corporate tax rate is 35%. Tax the hell out of them for another $33 billion.
"The current deficit is a result of Dennis Hastert and Bush unwilling to Veto"...
LOL! Oh yeah, the debt just came into being over eight years... ROFLMAO!
You do have a good point though amit, Bush and Congress did a really great job of inflating the debt with that inane Medicare Part D...
Yeah, this massive debt has nothing to do with politicos pandering to parasites in order to buy their vote since FDR, right?
That record tax amount sure won't make the difference on the half a million dollars each man, woman, and child in this country is responsible for...
The "companies" didn't pay the taxes, people did whether it was the investors who own these corporations or the consumers of their products. Government has one purpose and the is to expand itself to redistribution and consumption of the wealth generated in the private sector.
What does "collected" mean? Is it employee income tax withheld? If so, this seems more relevant to the general point that people, not companies, pay taxes.
What I am living for is the day that someone actually reads the financial reports and attempts to actually consider the data.
I will likely be struck by lightening 8 times before that happy day but I will at least be a joyful albeit somewhat crispy bacon bit.
According to ExxonMobil's financial reports their taxes paid almost triple their profits. $61.7 billion total tax versus $22.6 billion profit through Q2 of 2008 which would seem to indicate that despite all those sweetheart breaks the Republicans are supposed to have given Big Oil, their tax situation has deteriorated quite a bit since 2006.
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