WEDNESDAY, APRIL 7, 2010
ExxonMobil paid no federal income tax in 2009.
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.In fact, in 2008, the Government Accountability Office found that “two out of every three United States corporations paid no federal income taxes from 1998 through 2005.”
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So just for those of you with your heads buried in the sand, 2 thirds of US Corporations pay no taxes. WOW! How 'bout that? Hey it gets better though. Only half, yup, half of all Americans pay taxes. WOW! Makes me feel all warm and fuzzy just thinking about it. So 50% of the population and 1/3 of the US corporations buoy up the rest. Yeah, we'll find away out of this dark, dank cave.