Exxon Mobil’s Tax Rate Drops To 13 Percent, After Making 35 Percent More Profits On Rising Gas Prices In 2011

http://thinkprogress.org/green/2012/03/26/452213/exxon-mobils-tax-rate-drops-to-13-percent-after-making-35-percent-more-profits-in-2011/

By Rebecca Leber on Mar 26, 2012 at 6:13 pm

Exxon Mobil, the most profitable of the big five oil companies, made $41.1 billion in profits last year. Although Exxon made 35 percent more profits since 2010, its estimated effective tax rate actually dropped. Citizens for Tax Justice reported Exxon paid only 17.6 percent taxes in 2010, lower than the average American, and a Reuters analysis using the same criteria estimates that Exxon will pay only 13 percent in effective taxes for 2011. Exxon paid zero taxes to the federal government in 2009.

Reuters compares the 45 percent tax rate Exxon claims it pays to the effective rate estimated by Citizens for Tax Justice — a rate that’s even lower than Mitt Romney’s tax rate. Chevron, which made $26.9 billion profit in 2011, paid 19 percent:

Citizens for Tax Justice considers U.S. profits and U.S. taxes paid only. By that measure, Exxon Mobil paid 13 percent of its U.S. income in taxes after deductions and benefits in 2011, according to a Reuters calculation of securities filings.

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