Today, Paul Hodes blasted the outdated tax policies which leave middle class families and small businesses on the hook for massive corporate handouts to large oil companies. As middle class families in New Hampshire pay their tax returns today, they will not be joined by Exxon, who has no public record of owing US taxes on their nearly $20 billion in 2009 profits.
"I've been working hard to make sure that the Granite State's middle class families and small businesses have the tax relief they need, and I've been proud to vote for some of the largest tax breaks for middle class families in history," said Hodes. "That a huge oil company like Exxon can make profits hand over fist and not pay a single cent in taxes is insulting to hard-working Granite Staters that still see too much of their paycheck sent to Washington. That our middle class families and small businesses are expected to foot the bill for this outrageous corporate welfare is simply unacceptable."
Analysis of public records filed both with Exxon shareholders and the Securities and Exchange Commission show that in 2009, Exxon paid over $15 billion dollars worldwide in taxes without any of it going to the United States. In total, Exxon's 2009 profits were $19.42 billion. Paul Hodes has been fighting to end the outdated windfall tax breaks that provide this massive corporate welfare to some of the largest oil companies in the country.