Some lawmakers have called for new “windfall profits” taxes—similar to the one signed into federal law in 1980 by President Jimmy Carter—that would tax the profits of major oil companies at a rate of 50%
For some oil companies, having taxes at 50% of profits would be quite a tax break from what they pay now.
For Example ConocoPhillips 2006 (in millions of dollars)
Total Revenues and Other Income $ 188,523
Taxes other than income taxes $ 18,187
Income taxes $ 12,783
Net Income $ 15,550
Their profit is about 8.5%. They paid almost twice as much in taxes.
ConocoPhillips 2006 Annual Report
Consolidated Income Statement
http://www.conocophillips.com/NR/rdonlyres/CA84868B-CB7C-4A44-BB60-AD5EFF254023/0/64_67.pdf