Exxon Mobil: Pays more tax than 50% of Americans combined

From many of the politicians in Washington, you hear over and over about how BIG OIL is the enemy. Barack Obama actually said several weeks ago that America needs to free itself from the “tyranny of oil”. Similar rhetoric is common throughout the left. Maybe someone on the democratic side of things should explain to us how oil companies are tyrannical. Oil companies provide a needed resource that every American regularly uses. Without oil, we’d be cold in the winter and we wouldn’t be able to drive our cars. And now as it turns out, if BIG OIL (particularly Exxon Mobil) weren’t around and profitable, the treasury would be about $27 billion dollars smaller every year. Exxon Mobil has paid an average of $27 billion in taxes annually over the last 3 years.

These are simply amazing statistics that were published at Seeking Alpha by Mark J. Perry, Ph.D. The most recent IRS data to compare the U.S. individual taxpayer’s tax burden to Exxon Mobil’s tax burden is from 2004.

  • 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

So, the bottom 50% of individual taxpayers (65 million total) in this country paid a total tax rate of 3% in 2004 ($27.4 billion/$922 billion). Compare that to Exxon Mobil in 2006, which posted taxable income of $67.4 billion and paid $27.9 billion in taxes for a total tax rate of 41%. Unbelievable.

The big spenders in Washington should be singing the praises of the big oil companies, since it seems that one company funds more of the federal budget than 65 million taxpayers. Maybe Exxon Mobil should receive a fat tax rebate check come May of this year. I’m not going to hold my breath on that one. After all, Exxon Mobil doesn’t have 65 million votes and the ability to sway an election.

Here’s the full article if you’re interested in reading more.

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6 Responses

  1. […] paid $37 billion (with a B, billion) in taxes in 2004. Exxon Mobil: Pays more tax than 50% of Americans combined Conservemus __________________ Wrinkles only go where the smiles have been. SoMD Open Longest drive (and […]

  2. […] because the federal government is taxing the hell out of them and they’re passing it onto us.http://conservemus.com/2008/02/20/exxon-mobil-pays-more-tax-than-50-of-americans-combined/Frequently Asked QuestionsInformation on U.S. fuel economy regulations is available at … The fuel […]

  3. […] because the federal government is taxing the hell out of them and they’re passing it onto us.http://conservemus.com/2008/02/20/exxon-mobil-pays-more-tax-than-50-of-americans-combined/AAA survey says fuel mileage paramount in consumers minds – AutoblogMar 24, 2008 … How about […]

  4. […] Exxon Mobil: Pays more tax than 50% of Americans combined Conservemus Exxon Mobil: Pays more tax than 50% of Americans combined Excerpt – So, the bottom 50% of […]

  5. you realize this article is completely garbage…look into deferred taxes

  6. me: You’re an idiot. Cite or shut up.

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