The Evil Exxon

According to Dr. Mark Perry, professor of economics at U of Michigan, at their 41% corporate tax rate Exxon contributed $27.9 billion to our tax coffers in 2006, paying

as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people!

Now, we can point out their outrageous profits that year - $39.5 billion, bemoan the price of gas at the pump (which appears to be driven more by oil traders than Exxon - but that is a topic for another post), or debate the ecological impact their business might have, but rarely do we hear about how much they oil the engines of Washington - that is, apart from their evil lobbyists. I think we should give them their due as responsible tax paying citizens of our land.

btw, the comment section at the bottom of Dr. Perry's article provides interesting and further insight into the actual tax situation for Exxon by some obviously knowledgeable folk, as well as a few different perspectives on Exxon's moral standing by some outspoken embittereds...as is typical of most comment sections!




Thanks to Patterico for the story