ExxonMobil pays no federal tax, refuses to pay for Alaska oil spill
United States' oil giant ExxonMobil had the largest profits of the “big five” oil companies last year, raking in US$41.1 billion. This is a 35% jump from the year before.
Here are a few more facts about ExxonMobil:
Exxon’s $41.1 billion in 2011 profit translates into nearly $5 million in profit every hour, or more than $1300 every second.
Exxon pays a lower tax rate than the average US citizen. Between 2008-2010, Exxon Mobil registered an average 17.6% federal effective corporate tax rate, while the average American paid a higher rate of 20.4 percent.
The company paid no taxes to the US federal government in 2009, despite $45.2 billion record profits. It paid $15 billion in taxes, but none in federal income tax.
The oil giant uses offshore subsidiaries in the Caribbean to avoid paying taxes in the United States.
Exxon spent nearly $13 million on lobbying expenditures in 2011. The company gave nearly another $900,000 in federal campaign contributions. 92 percent of contributions went to Republicans.
Exxon CEO Rex Tillerson made $29 million in 2010 (according to the latest records): He made $2.2 million in salary, a $3.4 million bonus, and stock awards valued at $15.5 million.
Exxon is drawing out a legal battle for damages on a spill from 22 years ago. Exxon hasn’t paid $92 million in cleanup for the devastating Valdez Alaskan oil spill. In its September 30 court filing, Exxon argued the damages it agreed to pay only covers “restoration” and not additional “clean-up.”
Far from a job creator, ExxonMobil — together with Chevron, Shell, and BP — reduced their US workforce by 11,200 employees between 2005 and 2010.
[Reprinted from Think Progress.]