Just heard Mark Levin mention this point on his show tonight.
The item he referred to is from Mark Perry at istockanalyst.com, who commented on CNNMoney.com's coverage of Exxon Mobil's profit report today:
According to CNN, Exxon Mobil once again reported the largest quarterly profit in U.S. history Thursday, posting net income of $11.68 billion on revenue of $138 billion in the second quarter.
That profit works out to $1,485.55 a second.
Story Continues Below Ad ↓Buried in the story we also find that "In addition to making hefty profits, Exxon also had a hefty tax bill. Worldwide, the company paid $10.5 billion in income taxes in the second quarter, $9.5 billion in sales taxes, and over $12 billion in what it called 'other taxes.'"
..... In other words, Exxon Mobil paid $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second.
Go to his site to see the graph Perry put up.
Looking at it from another perspective, Exxon Mobil's profit of about 8.4% of sales, while the taxes paid represented over 23% of sales. (Note: This sentence originally said "32% of sales," and has been corrected. I apologize for the error.)
It's remarkable that CNN even reported the taxes paid, as they were the clear exception:
- This UK Guardian article about the Democrats' objections to Exxon's profits didn't.
- Kristen Hays at the Houston Chronicle didn't.
- Bloomberg didn't.
- The Associated Press ..... you're kidding, right?
The word "tax" does not appear in the Guardian, Chronicle, or AP articles. Bloomberg only used the word in connection with the after-tax effect of the company's Exxon Valdez settlement.
So who are the greedy ones -- Exxon shareholders who want a return on their investment, or the myriad government entities who insist that their grubby fingers be in the pie?
Oh, and would it be impolite to point out that Uncle Sam alone is currently spending $2.9 trillion a year, or $91,958 per second?
Cross-posted at BizzyBlog.com.
—Tom Blumer is president of a training and development company in Mason, Ohio, and is a contributing editor to NewsBusters
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Comments Policy
Leave it to the govt.
July 31, 2008 - 22:08 ET by MaximusBraveheartIt sucks up 32% yet a profit of 8.4% is criticized. Get rid of oil taxes and petrol cost would drop 1/3 right there... does that include taxes at the pump?
Note from Tom Blumer to MaximusBraveheart -- This was corrected to 23%, and prices would drop "only" a bit less than 1/4 if these taxes went away. I'm not clear on the answers on the taxes at the pump, but I believe the answer is no. All the oil cos do is collect the sales tax and remit it to the governments, so they don't consider it part of revenue or expense.
wow
July 31, 2008 - 22:20 ET by sarcasmo$91,558 per second is very close to six million bucks per minute, or a little over a billion every 3 hours, meaning they run thru the entire Exxon tax-take in less than a week! I need a drink & a cigarette just from thinking about it...
JMR
The tax & spend drug war looks racist in the real world.
By God I have it figured out.
July 31, 2008 - 22:21 ET by pbthinkerNow I know why the Democrats won't let the oil companies drill. If the drill, the spend money, if the spend money there is less profit, if there is less profit, there is less tax money, if there's less tax money, there's more debt, if there's more debt....Oh yeh, that would happen anyway. Well, we still need Exxon's money so we can bitch about them not drilling and show people how outraged we are.
I'm sure Chuch Schumer can express it a lot better than I can.
Democrats: Stuck on Stupid since 2000.
Wait 'til Barry-O and Nancy hit them with a windfall profits tax
July 31, 2008 - 22:30 ET by R D HelmWhen they do (and they are more than stupid enough to do this) we will be paying $6.50/gal, or more, by this time next year.
The truth is insensitive. - Neal Boortz
WINDFALL PROFITS TAXES...
July 31, 2008 - 23:04 ET by danybhoyThe dopey Dems will jack the taxes through the roof, all taxes, not just those of big oil. But I have a bad feeling that IF the Dems ever allow for new drilling, it will only be for a new state oil company. The hard left within the Dems don't even hide it anymore. The worst part of it, most Americans are too stupid to understand it OR they are not paying attention yet. It makes me feel good that many of those people will go out & vote in November.
"...it's still We The People, Right?" Megadeth
three types
August 1, 2008 - 08:30 ET by mbuelI think there are three types of people that will vote dem this fall:
1) The hard marxist left.
2) The compassionate left that thinks government is the best tool to "help" the poor.
3) The people that don't pay attention to politics and world events.
Well considering the
July 31, 2008 - 22:38 ET by jpm100Well considering the government regulated us into low domestic oil supplies and borderline shortage refinery capacity making those record profit possible for Exxon, I'm not surprise they take a big cut.
:/
I fill up at Citgo only.
July 31, 2008 - 22:39 ET by Biff McCainI fill up at Citgo only. Their profits help the poor.
I fell a little bad about driving 10 miles out of my way to go there,
but the hateful NeoCons saw to it that a local chain of mini markets
got rid of Citgo.
I saved all my old mini market Citgo receipts, and my new ones, xeroxed both and mailed them off to their home office.
I know how to win wars!
Biffy McCanus, I would normally bother to tell you that...
July 31, 2008 - 22:49 ET by R D Helm...Hugo Chavez uses his oil money to oppress his own people...but you are too profoundly f'ing stupid to know the difference.
The truth is insensitive. - Neal Boortz
THEIR PROFITS HELP THE POOR???
July 31, 2008 - 22:56 ET by danybhoyI hope you are kidding about supporting $h!tgo, the only thing they support are Marxists who are trying to enslave South America. About the only nation still standing there is Colombia, & Chavez is helping the FARC with funding. Despite his denials, when the Colombians killed FARC's #2 Raul Reyes, his laptops said otherwise. That is the what supporting $h!tgo helps out with. I love the fact that the place I go to for oil changes now changed over from Citgo to Shell, I now go there for my oil changes & other maintainence.
Citgo, Hugo Chavez, & the rest of the Marxists can kiss my @$$.
"...it's still We The People, Right?" Megadeth
danybhoy, I refer to them as $h!t-n-go.
July 31, 2008 - 23:14 ET by R D HelmLOL-As that is the only use I have for them when I am on the road.
-And that only if Akhmed and Habib have troubled themselves to clean the facilities, even if it was only a weekly cursory wipe-down. :-O
The truth is insensitive. - Neal Boortz
But CITGO is a Venezuelan
July 31, 2008 - 23:45 ET byBut CITGO is a Venezuelan company; why would the bathroom attendants have middle-eastern-sounding names?
How clever.
flashking, ever actually been to a Citgo station?
August 1, 2008 - 00:00 ET by R D HelmThe over-whelming majority of the employees I have encountered there are of Middle-Eastern extraction.
The second largest group I have encountered at Citgo have last names like Sharma, Verma and Gupta.
The truth is insensitive. - Neal Boortz
Hey, RD
August 1, 2008 - 00:14 ET by Blondeflash is a trollster.
You're wasting time.
David Gregory, do you know which damn network you lie for? ~ Uncle Jimbo, @Blackfive
J,
August 1, 2008 - 00:29 ET by R D HelmYou're wasting time.
LOL-Actually, I'm havin' BIG fun.
D.
The truth is insensitive. - Neal Boortz
"flash is a trollster"
August 1, 2008 - 10:54 ET by larry on LIcomes across like a non driver, maybe a kid out of school for the summer.
..Down the back....
July 31, 2008 - 23:27 ET by ScrapironSomeone is pissing down Biff's back and has him convinced it raining.
Some people are stupid enough to drive 10 miles to town to fill up because they are low on gas, and then drive back home instead of waiting until tomorrow when they always drive past the same station. I truly know a few of them and they all vote democrat.
The liberal education system has not been kind to them.
Old, Retired and glad of it.
He's not kidding, he is an
July 31, 2008 - 23:29 ET by liberal_bug_zapperHe's not kidding, he is an enemy of Freedom and a big fan of Hugo "The Savior" Chavez. His type wear Che T-Shirts and chant "Down with USA" and "Bush = Hitler" at any march or rally they can attend. These are the dregs of society, the leeches who will use their vote to steal your money. They are thieves and villains and deserve nothing less than what all thieves and villains deserve.
____________________________________________________
"A society that puts equality...ahead of freedom will end up with neither equality nor freedom." ~ Milton Friedman
lbz,
July 31, 2008 - 23:39 ET by R D Helm...the leeches who will use their vote to steal your money.
Believe me, Biffy and his comrades are after far more than just our money.
The truth is insensitive. - Neal Boortz
Ah, another Biff troll bomb
July 31, 2008 - 23:08 ET by HumblepieBiff,
As usual your troll bomb stinks to high heaven, sort of like you. Since I know you just drop by once in a while to throw a bomb before leaving again. I will not stoop to your level and actually suggest where you can stick it. But I will say that my quote below relates to you.
During this time with political correctness at its zenith, I reserve the right to let you know you're an idiot.
Overheard at a "Losers
July 31, 2008 - 23:36 ET by ckc1227Overheard at a "Losers Anonymous" meeting:
Hugo Chavez's policies "help the poor"
August 1, 2008 - 00:54 ET by mastersofdeceitYou of course have a link for this?
Re: Biff's post.
August 1, 2008 - 06:56 ET by Par for the CourseBiff probably is referring to the partnership between Citgo and Citizens Energy Corporation, a Boston-based non-profit, formed and run by Joseph P. Kennedy II.
I'd like to see his source/link for the following statement though:
For the hateful, Socialist Biff
August 1, 2008 - 06:38 ET by UnsaneI fill up at Citgo only. Their profits help the poor.
I fell a little bad about driving 10 miles out of my way to go there, but the hateful NeoCons saw to it that a local chain of mini markets got rid of Citgo. Congratulations. In a stroke, you have exposed yourself as a hardened Socialist, a proud enabler of poor behavior (you don't help the poor by paying the poor to BE poor), and a hate-filled racist bigot.
It is not the job of ANY company to "help the poor". Here is yet another reason for me to avoid Citgo whenever possible...as well as the fact that their gas is priced higher than Texaco right now in my neighborhood. The ONLY people who need to "help the poor" are the poor who are poor because of their poor behavior and poor decisions, which you wish to subsidize and enable!!!
Whoever casts a vote for Barack Obama is nothing more than a common thief. Whoever fails to vote against him is nothing more than a moral coward.
Sadly I find that when I
August 1, 2008 - 06:56 ET by FoolicanSadly I find that when I fill up at Citgo, I get 2.0 MPG better than I would if I filled up at Exxon. Probably because of ethanol standards.
foolican
August 1, 2008 - 11:20 ET by larry on LIyou must be selecting a different octane,octane is the only difference between gasoline performance. it's not the company sign or logo that makes the difference.
o.t. do you drive your bike to school?
thanks Biff
August 1, 2008 - 08:40 ET by candanceI always love when Biff comes onto a thread because it's so entertaining to watch.
The tax percent numbers don't add up
July 31, 2008 - 23:05 ET by HillbillyKingLooking at it from another perspective, Exxon Mobil's profit of about
8.4% of sales, while the taxes paid represented over 32% of sales. (emphasis mine)
Ah, 8.4% of 138 is 11.59. Exxon's profit $11.68 billion
Ah, 32% of 138 is 44.16. Exxon's total taxes $32.3 billion.
So the way I see it is, the about 8.4% is accurate comparing it to Exxon's profit. BUT saying $32.3 billion in taxes is over 32% of 138 is way off.
They are actually paying exactly 23.45% in taxes on $138 billion revenue.
Otherwise, more selective reporting from the MSM. Typical of the manufactured opinion outlets in this day and age.
If you make people think they're thinking, they'll love you; But if you really make them think, they'll hate you.
Don Marquis 1878-1937
thanks for the catch ....
August 1, 2008 - 02:43 ET by Tom Blumer.... the transposition zombies got me. I corrected and noted the correction.
You're welcome.
August 4, 2008 - 01:26 ET by HillbillyKingYou're welcome, Mr. Blumer.
If you make people think they're thinking, they'll love you; But if you really make them think, they'll hate you.
Don Marquis 1878-1937
I guess they could point out
July 31, 2008 - 23:32 ET by Dave DI guess they could point out the reason Exxon makes so much money is that they sell a huge amount of gas.(Last time I checked they sell around 100 billion gallons of fuel a year but I haven't checked recently.) Then again if they pointed that out they could claim that Exxon was extra evil by making us use so much gas.
>80,000 Employess paying too
August 1, 2008 - 00:47 ET by nofateNot only are they paying $32 billion/quarter, that's over 120 billion/year, but according to this company profile, they have >80,000 employees. Let's just guess that those 80,000 employees average $30,000/yr. That's 2.4 billion in salaries, and another $480 million in taxes, just using a 20% rate, from the employees. Obviously these salary and tax figures are made up for this example, but in the real world, whtatever they really are, they are not small potatoes.
I couldn't come up with an actual figure for employee pay for XOM, but in searching, I found this in the Wall Street Journal: CEO's Deserve Their Pay. Check it out and get a load of the author, but don't take a swig of liquid refreshment first.
"The future is not set. There is no fate but what we make for ourselves."
michaelyon-online.com
Last I checked, only 1.5% of Exxon-Mobil stock was owned by...
August 1, 2008 - 00:56 ET by R D Helm...corporate bigwigs.
The rest is owned by retired teachers, fireman, policeman, grandfathers, grandmothers, military people, postal workers, pensioners, and probaly more than a few members of most of your families.
What do the liberals have against these people?
The truth is insensitive. - Neal Boortz
...What do the liberals
August 1, 2008 - 01:39 ET by liberal_bug_zapper...What do the liberals have against these people?
First of all, their wealth comes from private sources, not the government. Second of all, they can't take credit for their prosperity if the people know that their prosperity comes from the companies, and not the government.
Liberals are either evil, stupid, lazy or a combination of all three. Many are well meaning, but are woefully ill-informed and refuse to see the results of their ideology in the failure of the Soviet Union or in the other near-slave state Communist Countries, and their Socialist Buddies in Europe and Canada are hiding the fact that they are quickly going broke and won't be able to hide the face too much longer as their systems are on the brink of failure.
____________________________________________________
"A society that puts equality...ahead of freedom will end up with neither equality nor freedom." ~ Milton Friedman
Touche
August 1, 2008 - 06:03 ET by Joe C.Since when did profit become a dirty word? All these people that complain about Exxon's very average margin would be better off buying stock and getting some of it.
First thing I did after
August 1, 2008 - 08:11 ET by dmntd1First thing I did after reading this story early yesterday, was to check on how much they paid in taxes. My sister, a moonbat you see, was going to FLIP over the huge profit, so I figured I'd have that number handy.
Her response "Well, half of those are sales tax, and we paid the sales tax to them"! I guess she still hasn't figured out that we paid ALL of their taxes for them. Oh well, some people get too educated to know anything I guess.....
Fascism is a religious conception in which man is seen in his imminent relationship with a superior law and with an objective will that transcends the particular individual - Mussolini
sister
August 1, 2008 - 10:13 ET by Mulligan22Did you mention to her the bulk of Exxon's profits come from overseas operations? Don't quote me but I believe its around 70 per cent.
There is a large segment
August 1, 2008 - 10:28 ET by ConservativeRexThere is a large segment in this world that think that anyone who makes a profit is wrong, no matter how large or how small. They believe that for someone to profit, someone has to lose. These people are true believers. It's like someone trying to convince them that their religion is wrong. It can't be done.
Exactly right. So many on
August 1, 2008 - 10:39 ET by dboExactly right. So many on the left think that economics is a zero sum game. They refuse to realize that economies can expand or contract. With most socialists, it's not that they're against poverty but against wealth. Everyone is perfectly free to invest in Exxon shares if you think they are making so much money. It's called win/win.