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Note to Obama: Governments Make More on Oil than "Big Oil" Does
Nietzsche is Dead ^ | 8 Aug 08 | foutsc

Posted on 08/08/2008 7:25:19 AM PDT by foutsc

Here's a little perspective on Big Oil's obscene profits. The first excerpt comes from left coast flagship Los Angeles Times, of all places. Their criticism of raising corporate taxes left me slack-jawed. They summed up the conservative position quite nicely:

We hate spending $60 on a fill-up as much as the next person, but we don't think Exxon or its outsized profits should be the impetus for bad policy. As we've said before, it's a bad idea to pile more taxes onto oil companies for supposedly excessive profits. Exxon already faces a stiff tax bill -- nearly 50% of its taxable income went to the government in the most recent quarter. Increasing the price of success could discourage the company from making high-risk, high-reward bets on new supplies and technologies, which is the opposite of what the country needs.
The Tax Foundation points out that Big Oil is paying record taxes as well. What the demagogic politicians don't tell us is that Uncle Sam's cut of those record profits is almost 50%! Add in all taxes big oil paid to all governments, and one sees that governments are making more money off of petroleum than the oil companies are.

"Big Oil" made $20 Billion in net profits last quarter. "Big Government" made $47 Billion. Who's calling who obscene?


TOPICS: Business/Economy; Government; Politics
KEYWORDS: 2008; bigoil; bigoilobama; democrats; drillheredrillnow; elections; energy; energyfacts; gasprices; govwatch; nobama08; oil; taxes; windfallprofits

1 posted on 08/08/2008 7:25:19 AM PDT by foutsc

To: foutsc
2 posted on 08/08/2008 7:26:20 AM PDT by ltc8k6

To: foutsc

Keep supporting our congress heros!!

We need a vote
Nazi Pelosi AmericanVoices@mail.house.gov

We need emergency session
President Bush comments@whitehouse.gov
202-456-1111

John Boehner invited McCain to join them
McCain needs to get his a$$ to Washington where he belongs
It will bring the much needed media attention
http://www.johnmccain.com/Contact/


3 posted on 08/08/2008 7:27:03 AM PDT by mouse1 (GO JOHNNY GO!!)

To: foutsc
obama - the modern day robin form the hood. That's the Chicago hood.
4 posted on 08/08/2008 7:35:58 AM PDT by onlylewis (libs want a two class system, one rich one poor)

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