SUBSCRIBE TO OUR FREE NEWSLETTER
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
5
#000000
#FFFFFF
To donate by check, phone, or other method, see our More Ways to Give page.
Daily news & progressive opinion—funded by the people, not the corporations—delivered straight to your inbox.
The oil and gas industry pays its fair share in taxes. --Chevron CEO John Watson
US Uncut Chicago has compiled the U.S. and foreign income tax payments of major corporations and industries over the past three years. By far the greatest disparity exists in the oil industry, which paid 4.4% to the U.S. government and 41.1% to foreign governments.
The oil and gas industry pays its fair share in taxes. --Chevron CEO John Watson
US Uncut Chicago has compiled the U.S. and foreign income tax payments of major corporations and industries over the past three years. By far the greatest disparity exists in the oil industry, which paid 4.4% to the U.S. government and 41.1% to foreign governments.
To put it another way, the oil industry paid ten times more in taxes to foreign governments than to the US government. ExxonMobil, which reported 2/5 of its worldwide oil properties in the U.S., paid just 2% of its profits in federal income taxes while paying 40% of its profits to other countries (ExxonMobil 10-K, Review of Principal Ongoing Activities).
This ENVY of foreign tax rates is one of the seven deadly sins of the oil industry. The others:
GREED: Record profits and billions of dollars in subsidies and CEO salaries, but gas prices keep going up.
GLUTTONY: The Wall Street Journal reports that the big five oil firms are holding $70 billion in cash, and are spending money mainly on dividends and stock buybacks.
PRIDE: "Taking on the world's toughest energy challenges." (Exxon slogan)
SLOTH: Not taking on the alternative energy challenge. Even worse than inaction is Exxon's ongoing attempts, according to the Union of Concerned Scientists, to discredit reputable scientific findings on global warming.
LUST: Coveting American research, infrastructure, and national security while paying little in return.
ANGER: ..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer. (an Exxon spokesperson)...Because my time is limited, I want to make three points today. First, the oil and gas industry pays its fair share in taxes. (Chevron CEO John Watson)
The 90 non-oil companies studied by US Uncut Chicago were no bargain either, paying about 14% in U.S. income tax and 10% in foreign income taxes. But when it comes to disrespect for the American public, it appears that the oil companies, and especially industry leader Exxon, have no equal.
Dear Common Dreams reader, The U.S. is on a fast track to authoritarianism like nothing I've ever seen. Meanwhile, corporate news outlets are utterly capitulating to Trump, twisting their coverage to avoid drawing his ire while lining up to stuff cash in his pockets. That's why I believe that Common Dreams is doing the best and most consequential reporting that we've ever done. Our small but mighty team is a progressive reporting powerhouse, covering the news every day that the corporate media never will. Our mission has always been simple: To inform. To inspire. And to ignite change for the common good. Now here's the key piece that I want all our readers to understand: None of this would be possible without your financial support. That's not just some fundraising cliche. It's the absolute and literal truth. We don't accept corporate advertising and never will. We don't have a paywall because we don't think people should be blocked from critical news based on their ability to pay. Everything we do is funded by the donations of readers like you. Will you donate now to help power the nonprofit, independent reporting of Common Dreams? Thank you for being a vital member of our community. Together, we can keep independent journalism alive when it’s needed most. - Craig Brown, Co-founder |
The oil and gas industry pays its fair share in taxes. --Chevron CEO John Watson
US Uncut Chicago has compiled the U.S. and foreign income tax payments of major corporations and industries over the past three years. By far the greatest disparity exists in the oil industry, which paid 4.4% to the U.S. government and 41.1% to foreign governments.
To put it another way, the oil industry paid ten times more in taxes to foreign governments than to the US government. ExxonMobil, which reported 2/5 of its worldwide oil properties in the U.S., paid just 2% of its profits in federal income taxes while paying 40% of its profits to other countries (ExxonMobil 10-K, Review of Principal Ongoing Activities).
This ENVY of foreign tax rates is one of the seven deadly sins of the oil industry. The others:
GREED: Record profits and billions of dollars in subsidies and CEO salaries, but gas prices keep going up.
GLUTTONY: The Wall Street Journal reports that the big five oil firms are holding $70 billion in cash, and are spending money mainly on dividends and stock buybacks.
PRIDE: "Taking on the world's toughest energy challenges." (Exxon slogan)
SLOTH: Not taking on the alternative energy challenge. Even worse than inaction is Exxon's ongoing attempts, according to the Union of Concerned Scientists, to discredit reputable scientific findings on global warming.
LUST: Coveting American research, infrastructure, and national security while paying little in return.
ANGER: ..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer. (an Exxon spokesperson)...Because my time is limited, I want to make three points today. First, the oil and gas industry pays its fair share in taxes. (Chevron CEO John Watson)
The 90 non-oil companies studied by US Uncut Chicago were no bargain either, paying about 14% in U.S. income tax and 10% in foreign income taxes. But when it comes to disrespect for the American public, it appears that the oil companies, and especially industry leader Exxon, have no equal.
The oil and gas industry pays its fair share in taxes. --Chevron CEO John Watson
US Uncut Chicago has compiled the U.S. and foreign income tax payments of major corporations and industries over the past three years. By far the greatest disparity exists in the oil industry, which paid 4.4% to the U.S. government and 41.1% to foreign governments.
To put it another way, the oil industry paid ten times more in taxes to foreign governments than to the US government. ExxonMobil, which reported 2/5 of its worldwide oil properties in the U.S., paid just 2% of its profits in federal income taxes while paying 40% of its profits to other countries (ExxonMobil 10-K, Review of Principal Ongoing Activities).
This ENVY of foreign tax rates is one of the seven deadly sins of the oil industry. The others:
GREED: Record profits and billions of dollars in subsidies and CEO salaries, but gas prices keep going up.
GLUTTONY: The Wall Street Journal reports that the big five oil firms are holding $70 billion in cash, and are spending money mainly on dividends and stock buybacks.
PRIDE: "Taking on the world's toughest energy challenges." (Exxon slogan)
SLOTH: Not taking on the alternative energy challenge. Even worse than inaction is Exxon's ongoing attempts, according to the Union of Concerned Scientists, to discredit reputable scientific findings on global warming.
LUST: Coveting American research, infrastructure, and national security while paying little in return.
ANGER: ..any claim we don't pay taxes is absurd...ExxonMobil is a leading U.S. taxpayer. (an Exxon spokesperson)...Because my time is limited, I want to make three points today. First, the oil and gas industry pays its fair share in taxes. (Chevron CEO John Watson)
The 90 non-oil companies studied by US Uncut Chicago were no bargain either, paying about 14% in U.S. income tax and 10% in foreign income taxes. But when it comes to disrespect for the American public, it appears that the oil companies, and especially industry leader Exxon, have no equal.