The Homa Files

Excerpted from IBD, August 1, 2008

Exxon Mobil reported record second-quarter income — indeed, the highest quarterly profit for any corporation ever … and, a massive (tax) windfall for the US Treasury.

In the first half, Exxon Mobil’s after-tax income rose 15% to $22.6 billion. A lot of money, to be sure, until you consider that Exxon Mobil paid (almost 3 times as much) — $61.7 billion — in taxes — also a record.

As economist Mark Perry has noted, Exxon Mobil will pay more taxes this year to the U.S. Treasury than the bottom 50% of all taxpayers — combined.

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Note: Jimmy Carter’s windfall profits tax led to a 6% drop in domestic oil output and as much as a 15% surge in oil imports, according to the Congressional Research Service.

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For full article:
http://www.ibdeditorials.com/IBDArticles.aspx?id=302483718997031

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