President Obama wrote Tuesday to congressional leaders urging them to raise taxes on oil and gas companies because of what the president calls "outsized profits this quarter," raising the question of what Mr. Obama thinks the correct size of the profits of these companies should be. So it's interesting to have a look at the ExxonMobil earnings release out today, which reports that the company had earnings of $10,650,000,000, and paid taxes of $27,749,000,000. If ExxonMobil's $10.7 billion in profits are "outsized," in the president's view, what does that make the company's $27.7 billion in taxes?
Thanks to reader-participant-community member-watchdog-content co-creator T. for sending the tip.
by Ira Stoll | Related Topics: Energy, Taxes receive the latest by email: subscribe to the free futureofcapitalism.com mailing list