GM Has $15.5 Billion Loss on U.S. Sales Drop, Leases

Aug. 1 (Bloomberg) — General Motors Corp., the largest U.S. automaker, reported a second-quarter loss of $15.5 billion because of plunging U.S. sales and the declining value of truck leases.
The deficit of $27.33 a share marks GM’s fourth straight quarterly loss and compares with a profit of $891 million, or $1.56, a year earlier. Excluding costs GM considers one-time, the per-share loss was 4 times bigger than analysts projected. Labor strikes contributed to a $9.9 billion drop in North American revenue, and sales worldwide tumbled 18 percent to $38.2 billion. [snip]

Big Oil rapes the Public

Exxon Mobil reported today its best quarterly profit in history…[],,,Senator Bernie Sanders (I-Vt.) reacted in remarks prepared for a Senate floor speech:

“Today there is some good news and some bad news. The bad news is that oil is at $123 a barrel and working people are paying $4 for a gallon of gas, and this coming winter residents of the Northeast could be paying over $5 for a gallon of heating oil. But there is some good news. Today, the CEOs of Exxon Mobil, Shell, BP and ConocoPhillips are celebrating. They’re feeling pretty good. And, they have good reason to feel that way. [snip]

Senator Sanders made no mention of giving GM any windfall loss tax rebate.
Rather curious that he thinks in that way, isn’t it?

Another thing Senator, the animal rights faction here at NER
want to know why you are wearing a lamb pelt on your head.

Big Oil-one better hope they keep paying taxes and employing people. The lefties griping about Exxon can’t cover these taxes collectively.

 

Exxon’s 2007 Tax Bill: $30 Billion

Corporate profits receive a lot of media attention, but what receives considerably less attention are the corporate taxes paid on corporate profits. Do a Google search for “Exxon profits” and you’ll get about 8,000 hits. Now try “Exxon taxes” and you’ll get a little more than 300 hits. That’s a ratio of about 33 to 1.

I’m pretty sure that Exxon’s tax payment in 2007 of $30 billion (that’s $30,000,000,000) is a record, exceeding the $28 billion it paid last year.

By the way, Exxon pays taxes at a rate of 41% on its taxable income!

[Update: The $40.6 billion and $39.5 billion figures are after-tax profits. For 2006, Exxon’s EBT (earnings before tax) was $67.4 billion, it paid $27.9 billion in taxes (41.4% tax rate), and its NIAT (net income after tax), or profit, was $39.5 billion.]

Over the last three years, Exxon Mobil has paid an average of $27 billion annually in taxes. That’s $27,000,000,000 per year, a number so large it’s hard to comprehend. Here’s one way to put Exxon’s taxes into perspective.

According to IRS data for 2004, the most recent year available:

Total number of tax returns: 130 million

Number of Tax Returns for the Bottom 50%: 65 million

Adjusted Gross Income for the Bottom 50%: $922 billion

Total Income Tax Paid by the Bottom 50%: $27.4 billion

Conclusion: In other words, just one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers, which is 65,000,000 people! Further, the tax rate for the bottom 50% is only 3% of adjusted gross income ($27.4 billion / $922 billion), and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).