Posted on 05/24/2008 10:46:47 PM PDT by newbie2008
Investor's Business Daily -- In 2006 alone, according to the American Petroleum Institute, U.S. oil companies paid some $138 billion in taxes to the IRS and that doesn't include special oil severance, sales and use taxes companies also had to pay.
Internal Revenue Service (Table 6, p. 41) -- In 2005 (the most recent year for which data are available), the bottom 75% of all individual taxpayers (about 100 million taxpayers out of 132 million total) paid about $130.9 billion in income taxes. Adjusting by the recent average of about $5 billion in annual increases in tax revenue from individuals, it is estimated that the bottom 75% of individual taxpayers (more than 100 million individuals) paid about $136 billion in 2006.
Bottom Line: In 2006, U.S. oil companies paid more in corporate income taxes to the IRS ($138 billion) than the individual taxes paid by the more than 100 million individual taxpayers in the bottom 75% of all individual taxpayers (estimated to be $136 billion, see chart above).
In the meantime, spend the $12 and sleep with this under your pillow:
http://www.amazon.com/gp/product/0028644921
End results are what matters. W is an elitist, who made the economy work well for his Texas buddies.
Who are the buddies and how well did it work and how well?
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