ExxonMobil paid $30 billion in taxes last year.
In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).
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You will note that the $30 billion was just INCOME taxes. When you include sales, property,and other taxes, ExxonMobil's "all in" tax bill for 2007 was $106 billion. In other words, for every dime ExxonMobil received in profits last year, it paid a quarter in taxes to governments.
I don't contest that $40 billion in annual profits is a large number. It is huge. However, our elected officials should keep this in the context of the even greater amount of money that flows into local, state, and federal government coffers. In addition, these "obscene profits" happen to benefits a lot of pension plans, teacher retirement plans, mutual funds, etc.
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