The Progressive


A project of Common Dreams

For Immediate Release
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New Analysis: ExxonMobil's $50B Investment Not Likely Due To Tax Cuts

ATF Analysis Finds That Announced Investment is Likely Just Business as Usual.


An analysis by Americans for Tax Fairness finds that ExxonMobil made nearly $53 billion in U.S. capital expenditures over the 5 years between 2012 and 2016, according to the corporation's financial filings with the Securities and Exchange Commission. This provides evidence that the $50 billion in U.S. investments announced by Exxon CEO Darren Woods on Monday is nothing more than the continuation of its existing pattern of capital spending--not evidence that the GOP tax giveaway is boosting the economy and creating jobs.

"The Exxon announcement is just the latest example of a major corporation that will get massive tax cuts--that will mostly end up in the pockets of shareholders--trying to curry favor with the Trump administration and congressional Republicans by giving credit to the GOP tax law where no credit is due." - Frank Clemente, Executive Director of Americans for Tax Fairness

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Americans for Tax Fairness (ATF) is a diverse campaign of more than 420 national, state and local endorsing organizations united in support of a fair tax system that works for all Americans. It has come together based on the belief that the country needs comprehensive, progressive tax reform that results in greater revenue to meet our growing needs. This requires big corporations and the wealthy to pay their fair share in taxes, not to live by their own set of rules.

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