Exxon made profits totaling $12 billion last quarter, but what did the government make?

Geeks On Caffeine - Cartoons done just RIGHT! ^ | 08-10-08 | Scott Maxim

[brycemax]

Liberals call Exxon's $12 billion last quarter profit "obscene" and have threatened to seize it or impose a "windfall profit tax." But how much did the government make by taxing the gas Exxon sold? Read today's installment of "Geeks On Caffeine" to find out. Even worse, find out what the government is doing with that pile of money!! Note: the author has requested that you visit his web site and refrain from pasting the cartoon within this thread. Thank you very much!

[Ben Reyes]

Let me guess: $32 billion?

[Chgogal]

http://www.freerepublic.com/focus/news/2056404/posts?page=49#49

You may find this info interesting.

[brityank]

For reference:

(1) Do oil companies currently pay too little in taxes compared to profits?
(2) What was the effect of the last windfall profits tax enacted in 1980?

The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.

These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.

The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.



Source: Bureau of Economic Analysis, U.S. Energy Information Administration.

And I'l just be willing to bet that the Oil Companies spend more money complying with the 'Environmental Restrictions' of their craft than they paid out to their Employees.

[brycemax]

Thanks for the superlative info! Freepers rock!

[43north]

The government doesn’t make anything - it takes from those who make.

[raybbr]

Why aren’t the oil companies putting out ads on tv explaining this? They should be bombarding the air waves telling the dolts in this country how much money the govt. makes off of their product.

[SumProVita]

Other corporations (outside of the oil industry) make far higher profit margins. The focus on oil industry profit is unbalanced to say the least...