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U.S. oil firms pay more in foreign taxes than domestic despite producing most oil at home, a report says.
U.S. oil and gas companies produce most of their output domestically but pay far more in taxes abroad, according to a FACT Coalition report analyzing 11 major firms since 2017.
Despite 51% of production occurring in the U.S., these companies paid only 18% of their total taxes there, with some, like ExxonMobil and ConocoPhillips, paying more to foreign nations than to the U.S.
The disparity stems from longstanding tax subsidies and rules allowing foreign tax credits, particularly in countries with weak governance.
The report calls for congressional action to close loopholes, citing economic inefficiency and ethical concerns.
Las compañías petroleras estadounidenses pagan más impuestos en el extranjero que en el país, a pesar de que producen la mayor parte del petróleo en el país, dice un informe.