Seeking Alpha: Exxon’s 2007 Tax Bill: $30 Billion.
Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for “Exxon profits” and you’ll get about 8,000 hits. Now try “Exxon taxes” and you’ll get a little more than 300 hits. That’s a ratio of about 33 to
1.
I’m pretty sure that Exxon’s tax payment in 2007 of $30 billion (that’s $30,000,000,000) is a record, exceeding the $28 billion it paid last year.
By the way, Exxon pays taxes at a rate of 41% on its taxable income…
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!
CNNMoney: Who Gets Rich Off $3 Gas - Who Doesn’t.
I extracted this from the Red Planet site -- you might want to check 'er out!Oil traders: While often blamed for pushing up prices, traders don’t necessarily benefit from the high price of crude or gasoline; they profit from how much the price changes. Traders can get rich - as long as they bet correctly on whether prices will rise or fall…
Gas stations: A surprisingly small amount goes to the guy who runs the station.
Most service stations are independently owned and operated and take in between 7 and 10 cents for every gallon they sell…
Taxes: The government takes about 40 cents right off the top, with about 18 cents going to the feds. State taxes vary widely, but the national average is about 22 cents a gallon.
Transportation: Getting the gas from refineries to service stations via trucks or pipelines - and the cost of storing it in large tanks - eats up another 23 to 26 cents per gallon.
Refining: About 24 cents a gallon goes to refining companies like Valero, Sunoco or Frontier that specialize in turning crude oil into gas…
Profits for refiners have been squeezed lately because the price they pay for oil has risen so much faster than the price they can sell the gas for. This helps explain why Big Oil companies -like Exxon, which actually buys more crude oil than it produces - haven’t seen their profits rise as much as the price of oil.
Crude oil: This is the most expensive part of a gallon of gas. Of every gallon of gas $2.07 from every gallon of gas goes to producers of crude…
EIA estimates it costs U.S. oil companies an average of about $24 a barrel to find, develop and produce oil worldwide, but that doesn’t include costs like transportation, administration, or income taxes - which can be substantial. While Exxon made $40 billion in 2007, a 60% increase from 2004, it paid $100 billion in taxes and royalties.
http://www.redplanetcartoons.com/index.php/2008/03/19/dissecting-gas-prices/
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