Replies to post #119120 on Biotech Values

[jbog]

Linhdtu,

Exxon has paid 'income' taxes in the U.S. for years, but it does pay somewhere around $6 to $8 Billion in U.S. duties.

Many of the undeveloped nations allow Exxonmobil to explore their countries but then basically tax them at rates up to 85% of the value of any extracted oil. Because these are classified as taxes and not royalties, Exxon is allowed to subtract them from its U.S. tax obligation.

The word 'taxes' in the oil business is somewhat all encompassing. As an example. between 2005-2009 Exxon had a total U.S. Net Income of $42 Billion yet paid U.S. taxes of $63 Billion.

Exxon itself advises that 26% of its revenue goes to taxes.

[OakesCS]

OT XOM US taxes

from http://www.manufacturing.net/News/Feeds/2011/04/mnet-mnet-industry-focus-facilities-and-operations-on-earnings-profits-and-taxes-exxonmobil-lays-it/ story dated yesterday

Finally, Cohen closes by refuting the political attacks against oil companies, the demands for higher taxes, and the claims that oil companies escape paying their fair share of federal taxes.

Let me state it unequivocally. Last year, our total taxes and duties to the U.S. government were $9.8 billion, which includes an income tax expense of $1.6 billion. Over the past five years, we incurred a total U.S. tax expense of almost $59 billion, which is $18 billion more than we earned in the United States during the same period.

And during the first quarter of this year, we incurred tax expenses in the United States of more than $3.1 billion on U.S. earnings of $2.6 billion.