Is The World's Biggest Company Paying Its Fair Share?by Gerri Willis
A near-record day for the world's biggest company, and it isn’t Apple.
The oil giant barely missed a record for full year earnings today, just under $45 billion, and $340 million shy of its 2008 record profit.
Exxon said its net income equaled $2.20 a share, or about $10 billion.
Even with revenue falling 5%, it's a huge number for the company.
As a result of its success, people on the left rail against these companies saying they don't deserve the massive tax breaks they're getting. These big bad oil guys have to pay their fair share like the rest of successful... I'm sorry, I mean wealthy... Americans...
For the fourth quarter, Exxon paid nearly $7.5 billion in income taxes, nearly $8 billion in sales taxes, and nearly $9 billion in assorted other taxes, equaling a total of more than $24 billion in taxes!
According to today's Earnings report, Exxon earned about $10 billion dollars last quarter, but the oil giant paid $24 billion in taxes! And that's just the fourth quarter.
For 2012, Exxon earned $45 billion and paid $102 billion! In fact, their tax rate is 31.4% and it doesn't sound like a free ride to me!
To put it into perspective: their tax bill was greater than the entire GDP of Morocco!
Talk about their fair share. If that's something we're really striving for Mr. President, the IRS would have to give Exxon Mobil some of its money back.
Plus, unlike your other pet projects like Solyndra, Exxon is more than profitable, a huge win for shareholders, and it actually puts money back into the economy in the form of nearly $37 billion in energy investment.
Stop making them out to be the bad guys. Rather take pride in a U.S. company being number one in the world.