It’s no surprise liberals love taxes. The new Democratic Senate budget calls for $1 trillion in tax increases in order to offset $1 trillion in new spending. But liberals who constantly demonize big oil are biting the hand that feeds and fulfills their big govenrment spending dreams. It turns out, big oil companies like Exxon Mobile and Chevron pay the most in taxes out of any other company.
• Income tax expense: $31.05 billion
• Earnings before taxes: $78.73 billion
• Revenue: $428.38 billion
•1-year share price change: 6.56%
• Industry: Oil and gas
Large multinational oil companies have been among the largest payers of corporate federal taxes for years. Exxon’s (XOM) income tax amount was approximately the same in 2011 as it was in 2012 — $31 billion. A simple reason for Exxon’s position at the top of the tax paying list is its size. It vies with Wal-Mart each year for the spot as the publicly traded U.S. company with the greatest revenue.