ExxonMobil paid no federal income tax in 2009

By GottaLaff

You pay federal income tax. I pay federal income tax. Just a wild guess, but I bet you make a whole lot less than ExxonMobil does. I know I do. You would think, then, that Big Oily Exxon would contribute lots and lots of money to the U.S. coffers.

That said, here's a big ol' wad of WTF:

Exxon tries to limit the tax pain with the help of 20 wholly owned subsidiaries domiciled in the Bahamas, Bermuda and the Cayman Islands that (legally) shelter the cash flow from operations in the likes of Angola, Azerbaijan and Abu Dhabi. No wonder that of $15 billion in income taxes last year, Exxon paid none of it to Uncle Sam, and has tens of billions in earnings permanently reinvested overseas.

Mother Jones’ Adam Weinstein notes that, despite benefiting from corporate welfare in the U.S., Exxon complains about paying high taxes, claiming that it threatens energy innovation research.

If that doesn't make your blood boil, then read the rest over at Think Progress.

Now if you'll excuse me, I need to go file for unemployment...

President Obama Announces Plans To Close Tax Loopholes

Obama Takes Aim at Offshore Tax Havens

But, they're meddling in the Free Market System™!!!

President Obama will present a set of proposals on Monday aimed at changing international tax policies, calling for the elimination of benefits for companies and individuals that harbor their cash in offshore tax havens.

The president, along with Treasury Secretary Timothy F. Geithner, will announce their plans during a late-morning appearance at the White House. The proposed overhaul in international tax rules, which will be fully unveiled this month in the administration’s budget, could help raise $210 billion in tax revenues over the next 10 years.

The White House said that Mr. Obama would seek to crack down on overseas tax havens in an attempt to “close the international tax gap.” The president is aiming to take away the competitive advantage for companies that invest and create jobs overseas, working to replace their tax advantages with incentives to produce jobs in the U.S.

Bailed-out financial firms using offshore tax havens

By GottaLaff

Teeth-gnashing time:

Washington Post: a GAO report shows that bailed-out financial firms are using offshore tax havens to avoid paying U.S. taxes. The all-take-no-give companies include some of the biggest bailout recipients -- A.I.G., Citigroup, Bank of America & Morgan Stanley.

However:

It is all legal, but it could come to an end, given the dire condition of the U.S. economy and President-elect Barack Obama's campaign pledge to close this popular business tax loophole. The Treasury estimates that it loses $100 billion a year in tax revenue as a result of companies shipping their income off shore, and congressional leaders are vowing to introduce legislation forcing big companies to pay full freight.

Thank you, BushCo and Friends. One more example of how you've helped drive this country into the ground.