Exxon paid $1.5 billion to the U.S. federal government in 2011 and deferred paying an additional $1.6 billion. It paid the majority of its taxes to foreign governments where it operates ($28.8 billion).
An American company pays 5% of its tax bill to the U.S. government.
This looks like a sign of political corruption in our government resulting in a totally fucked tax code.
How does a company that makes 73+ billion dollars in 2011 pay 1.5 billion to Uncle Sam and defers another 1.6 billion?
It’s no wonder we have a giant deficit.