Remember that Republican tax overhaul championed by President Donald Trump? One of the biggest winners is one of the richest corporations in the history of humankind.
Exxon said the federal tax law enacted by President Trump in December gave the company a non-cash earnings gain of $5.9 billion. That's because the corporate tax rate has been lowered from 35% to 21%. Like other companies, the reduced rate allowed Exxon to write down the amount of money it owed Uncle Sam in the future, known as deferred income taxes.
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