114th Congress: We're updating with new data as it becomes available.

OpenCongress Blog

Blog Feed Comments Feed More RSS Feeds

Third Quarter Numbers From ExxonMobil May Shed New Light on the Last Bill of the 100 Hour Plan

January 17, 2007 - by Donny Shaw

The House is planning to pass legislation that will eliminate tax incentives for big U.S. oil companies tomorrow, as their last action in the 100 Hour Plan.

For more background on the bill, you can look at this post I wrote on Jan.7

Now, as this article from the Tax Foundation’s blog points out, ExxonMobil has reported paying record high taxes in the third quarter of 2006;

roughly two and a half times what they made in net profits.

The numbers ExxonMobil are reporting make the accusation that oil companies are turning record profits without having to pay the appropriate amount of taxes, look a little suspect.

Does anybody know how these numbers could be interpreted to be consistent with all the reports showing that oil companies are paying low taxes?

Like this post? Stay in touch by following us on Twitter, joining us on Facebook, or by Subscribing with RSS.