Quote:
Originally Posted by piece-itpete
Sorry D, I wasn't clear. From the linked article:
"Companies that pay relatively high rates tend to be those that are not expanding rapidly and that are not as ingenious as G.E., at least on taxes. The average total tax rate for the 500 companies over the last five years — again, including federal, state, local and foreign corporate taxes — was 32.8 percent. Among those paying more than the average were Exxon Mobil, FedEx, Goldman Sachs, JPMorgan Chase, Starbucks, Wal-Mart and Walt Disney."
Ah and I see that it includes foreign taxes. Wonder what that was, average?
Pete
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Interestingly, While Exxon claimed in 2007 that it paid a 47% tax rate on before tax profits,
none of that was paid to the IRS. That's right. Exxon's federal tax rate was a big zero.
For one thing, Exxon was counting the taxes that customers paid at the pump as part of their taxes, when they didn't pay a dime of them.
"Exxon Mobil's accounting methods mask its relatively low effective tax rate. According to CNN Money the $3.1 billion in taxes the company claims to have paid since January 2011 includes both federal and state gasoline taxes—that are really paid by drivers—as well as employee payroll taxes."
http://www.americanprogress.org/issu...5/tax_man.html
Regards,
D-Ray