As We've All Been Taught, Virtue Is Its Own Reward!

Thu, 2008-10-30 07:29Ross Gelbspan
Ross Gelbspan's picture

As We've All Been Taught, Virtue Is Its Own Reward!

Exxon Mobil Corp. set a quarterly profit record for a U.S. company, surging past analyst estimates.

Exxon Mobil, the leading U.S. oil company, said its 2008 third-quarter net profit was $14.83 billion, or $2.86 per share, up from $9.41 billion, or $1.70, a year earlier. The company's prior record was $11.68 billion in the second quarter of 2008.

Comments

I guess we forget that this income is reported after income tax is deducted. Keep in mind that last quarter 10.5 billion dollars went to income tax from this corporation. This quarter since profits increased that number will be larger, probably over 11 billion dollars. If this keeps up then we can say that this single corporation contributes over 40 billion dollars a year to US general revenues that go to funding social programs, schools, roads, and all the other comforts people enjoy.

Lets also take for example the quarter ending March 31st, 2008 for Exxon. Actual before tax income was $20,192,000,000. After tax it was $10,890,000,000. This makes the taxes paid $9,302,000,000, or 46.1% of income. The period ending June 30th 2008? Income 22,206,000,000, taxes? 10,526,000. Percent? 47.4%. That’s a pretty hefty tax rate they have there.

Keep that in mind the next time your complaining about how much tax you pay and who is really paying for your freedom to bad mouth your countries supporters.

That’s all interesting trivia, and I’m not sure what the point is. Presumably, if a company turns a profit, it must be E-V-I-L!!

But to put Exxon’s profit in perspective, just consider what they pay in taxes.

2006
Profit: $39.5 Billion
Taxes: $28 Billion

2007:
Profit: $40.6 Billion
Taxes: $30 Billion

So what was your point again?