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If reporters were to dig just a bit deeper into the company's earnings statement they would find that Exxon—like all the major domestic oil companies—directly pays or remits a staggering amount of taxes to governments both here and abroad. Before taxes, Exxon had income of $20 billion on total world-wide revenue of $116 billion. Its earnings statement shows that the company paid $9.3 billion in income taxes to governments here and abroad. This amounts to an effective tax rate of more than 46 percent, 10 percentage points higher than the U.S. statutory rate of 35 percent.
At about 6% during high prices they are not making that much compared to investment, The real money is in crude oil productio which mostly goes overseas now.
Exxon profit margin = 10.5% (2008)
Apple's profit margin on the Iphone = 56%
I wonder if we'll see a thread started to bash Apple.
Apple should be taxed at 5x the rate as Exxon
But, people use statistics to mean what they want them to mean, like global warming (er, I mean climate change).
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