INSTITUTE INDEX: The corporate tax dodge
Profits earned by Exxon Mobil in 2009: $19 billion
Amount the Texas-based oil giant paid that year in federal income taxes: $0
Amount Exxon got back from the IRS as a rebate: $156 million
Size of the tax refund Bank of America received last year: $1.9 billion
Profits earned by the Charlotte-based company that same year: $4.4 billion
Amount Texas-based Valero Energy made last year in sales: $68 billion
Size of its tax refund check that same year: $157 million
Amount ConocoPhillips earned in profits from 2007 through 2009: $16 billion
Amount the Houston-based oil company received in tax breaks through the oil and gas manufacturing deduction: $451 million
Size of the tax refund the Chevron received from the IRS last year: $19 million
Amount in profits the oil company earned in 2009: $10 billion
Rank of General Electric among the largest U.S. corporations: 1
Worldwide profits reported by the company last year: $14.2 billion
Amount it paid in taxes: $0
Amount it claimed in tax benefits: $3.2 billion
Date on which President Obama appointed G.E. CEO Jeffrey Immelt to head his Council on Jobs and Competitiveness: 1/21/2011
Portion of its U.S. work force G.E. has eliminated since 2002: 1/5
During that same period, increase in the company's accumulated offshore profits: $77 billion
Number of unionized workers that G.E. is expected to ask to make major concessions in wages and benefits this year: 15,000
Amount G.E. spent on outside lobbyists last year: $4.1 million
Number of boutique lobbying firms it hired that specialize in tax policy: 4
Portion of U.S. revenue that came from corporate tax receipts in the mid-1950s: 30 percent
Portion that came from corporations in 2009: 6.6 percent
(Click on figure to go to source.)
Amount the Texas-based oil giant paid that year in federal income taxes: $0
Amount Exxon got back from the IRS as a rebate: $156 million
Size of the tax refund Bank of America received last year: $1.9 billion
Profits earned by the Charlotte-based company that same year: $4.4 billion
Amount Texas-based Valero Energy made last year in sales: $68 billion
Size of its tax refund check that same year: $157 million
Amount ConocoPhillips earned in profits from 2007 through 2009: $16 billion
Amount the Houston-based oil company received in tax breaks through the oil and gas manufacturing deduction: $451 million
Size of the tax refund the Chevron received from the IRS last year: $19 million
Amount in profits the oil company earned in 2009: $10 billion
Rank of General Electric among the largest U.S. corporations: 1
Worldwide profits reported by the company last year: $14.2 billion
Amount it paid in taxes: $0
Amount it claimed in tax benefits: $3.2 billion
Date on which President Obama appointed G.E. CEO Jeffrey Immelt to head his Council on Jobs and Competitiveness: 1/21/2011
Portion of its U.S. work force G.E. has eliminated since 2002: 1/5
During that same period, increase in the company's accumulated offshore profits: $77 billion
Number of unionized workers that G.E. is expected to ask to make major concessions in wages and benefits this year: 15,000
Amount G.E. spent on outside lobbyists last year: $4.1 million
Number of boutique lobbying firms it hired that specialize in tax policy: 4
Portion of U.S. revenue that came from corporate tax receipts in the mid-1950s: 30 percent
Portion that came from corporations in 2009: 6.6 percent
(Click on figure to go to source.)
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Sue Sturgis
Sue is the editorial director of Facing South and the Institute for Southern Studies.