Exxon’s low US tax payments ruffle Biden’s climate agenda

Exxon Mobil’s income tax payments to the U.S. government have dropped to 3% over the past five years – several times below the company’s 20-year average – on massive deductions passed under former President Donald Trump. Corporate tax experts say Exxon could enjoy low taxes for several more years, at a time when the government needs more money to fund an ambitious fight against climate change. President Joe Biden’s minimum corporate tax is off to a shaky start and calculation of the 15% tax factors in the Trump accelerated depreciation deductions that Exxon used last year.