Report: Exxon Paid NO Federal Income Tax in 2009
Photo via the Telegraph
For Americans, the deadline to file taxes is fast approaching. It's not a happy time for anyone: the inconveniences of hassling through all those forms, the belt-tightening, even corporations are cutting back in order to--what's that? Oh, hm. It appears that ExxonMobil, the biggest American corporation there is, paid no federal income taxes in 2009. Yes, despite record profits of a whopping $45 billion, the oil giant paid zilch in federal income taxes, a new report in Forbes.From the report:
Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.This is pretty appalling stuff--for all the lobbying Exxon orchestrates and public grumbling it makes about too-high taxes, it's not actually devoting a dime of it to the US. Exxon spends millions to fund research that opposes climate change, to prevent legislation that would cause it to pay for its carbon pollution--but it evidently it can't put any of that money towards doing its civic duty.
No wonder Exxon keeps calling for a carbon tax--an idea the company knows will most likely never be taken up by politicians. Because even if tit was, Exxon would find a way not to pay it.