Are we missing something?

[Lake View Too]

I'll admit that this is a little late, but I saw a segment on "The Daily Show with Jon Stewart", about a week ago, that showed Fox News (please insert your own joke here) footage reporting that Exxon paid around 15 billion dollars in taxes, this year, worldwide, but absolutely no taxes to the U.S. treasury. The point of the segment was more the fact that no other news organization covered this story. I know I shouldn't be getting my news from "a fake news show", but it's so fun and filled with truthiness. Does anybody know more facts on this subject?

 

[Here4Good]

They have paid a ton of taxes, just not in the US. This is part of a great Forbes article about the taxes paid by US companies:

What The Top U.S. Companies Pay In Taxes - Forbes.com

 

[Lake View Too]

I know this isn't rocket surgery, but doesn't it seem a bit odd that the grandaddy of all American companies that made has been making the largest profits of any corporation in the world, is not paying U.S. taxes. And we wonder why our country is going broke...

 

[Geo]

This madness will continue until Americans in masses protest what's really wrong with this country-

We have oil executives and/or their best friends and family in gov't positions making energy policy. We have bankers and/or their best friends and family making financial policy. We have lobbyists lobbying the policy on lobbyists (that's a fun one).

 

[30ashopper]

Naturally the Obama administration wants to put an end to this. It has proposed doing away with tax deferrals on overseas income. If the plan passes, a U.S. company that pays a 25% tax on profits in China would have to pay an additional 10% income tax to Uncle Sam to bring it up to the 35% corporate rate. "Eliminating deferrals would put U.S. companies on an unlevel playing field," says the Tax Foundation's Hodge, "especially if competing with the likes of Germany, which only taxes companies on domestic operations."

Sounds reasonable to me. We should also lower the top marginal tax rate while we're at it. The whole reason these companies locate these subsidaries in other countries is due to lower corporate tax rates. If we lowered our rate to compete, those companies and the jobs associated with them could come back over here.