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calendar   Thursday - July 31, 2008

Another Inconvenient Fact

You’ll certainly hear this story a few hundred billion times* in the next couple of days:

RECORD BREAKING OIL COMPANY PROFITS !! AGAIN !!!

Exxon Mobil Corp said on Thursday soaring oil prices pushed its second-quarter earnings up 14%, again breaking its own record for the highest-ever profit by a U.S. company.

Here’s what you won’t hear. Anywhere in the MSM:

However, what might be most interesting about Exxon’s 2008 2Q earnings report was its effective tax rate of 49%, up from a rate of 44% in the 2Q of 2007.

That’s right: ExxonMobil paid taxes of almost 50% on its $11.7 billion earnings.

I bet that took a big bite out of the money available for dividends to the tens of millions of stockholders!  Go read the rest at The New Editor.




* I’m wondering, since “billions and billions” is a quantity known as a Sagan, should a “hundred billion” be called a Mugabe?


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Posted by Drew458   United States  on 07/31/2008 at 04:10 PM   
Filed Under: • Oil, Alternative Energy, and Gas PricesTaxes •  
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