Posted on 10/30/2005 3:48:29 PM PST by Uncledave
Who's Gouging?
Tax Prof points out that the main source of high gasoline prices isn't oil company profits:
[T]he biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry.
[F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned by major U.S. oil companies during the same period.
Personally, if I had a choice between giving a dollar to an oil company and giving it to the government, I'd rather give it to the oil company. There's at least some chance they'll use it to drill for oil.
(Via InstaPundit)
Best danged posting I've seen in WEEKS!!!
BUMP!
I read last week some judge was telling Disney to curb executive payrolls and I was thinking this guy should be talking to baseball and football players.
Well, the fact that both the federal government as will as individual state governments made more off cigarette taxes that the tobacco companies ever did sure didn't stop them from history's largest "legal" extortion. And no individual smoker who might need actual medical help should bother to ask. The money's long gone into a government hole.
Soon, I figure the states will decide that legalized gambling is causing a myriad of social ills, so they'll sue the little markets that have been selling the state's own lottery tickets. The hypocrisy has limitless potential.
Exactly.
The same people hollering about "evil oil" are the ones that get 50% of your income; at gunpoint if necessary.
Go figure.
And while the oil companies might net about 10% profit - tops, since the governments have zero costs associated with producing any gasoline, their profit margin is 100%. Talk about your windfall profits.
The feds recently gave us some money back.....how 'bout it Exxon?????????
(insert cricket noise here)
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