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Who's Gouging? (Government tax receipts since 1977 larger than oil company profits)
Powerline ^

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)


TOPICS: News/Current Events
KEYWORDS: energy; gasprices; oil; pricegouging; taxgouging

1 posted on 10/30/2005 3:48:30 PM PST by Uncledave
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To: Uncledave; sergeantdave; tubebender; Ernest_at_the_Beach; budwiesest; Dog Gone; BOBTHENAILER
BUMP TO THE TOP!!! And keeper there!!!

Best danged posting I've seen in WEEKS!!!

2 posted on 10/30/2005 3:53:43 PM PST by SierraWasp (The only thing that can save CA is making eastern CA the 51st state called Sierra Republic!!!)
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To: Uncledave

BUMP!


3 posted on 10/30/2005 3:54:42 PM PST by Ken522
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To: Uncledave
This is what I worry about in regard to reforming the income tax, whether it be to a nat'l sales, or flat, tax.
Accompanying any reform must also be ironclad assurances, (i.e. Constitutional amendment(s)), against the gov't increasing other 'non-income' taxes and/or creating additional 'user fees'.
4 posted on 10/30/2005 3:54:43 PM PST by jla
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To: Uncledave

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.


5 posted on 10/30/2005 3:54:46 PM PST by edcoil (Reality doesn't say much - doesn't need too)
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To: Uncledave

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.


6 posted on 10/30/2005 4:22:49 PM PST by Emmett McCarthy
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To: Uncledave

Exactly.

The same people hollering about "evil oil" are the ones that get 50% of your income; at gunpoint if necessary.

Go figure.


7 posted on 10/30/2005 4:38:44 PM PST by clee1 (We use 43 muscles to frown, 17 to smile, and 2 to pull a trigger. I'm lazy and I'm tired of smiling.)
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To: Uncledave

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.


8 posted on 10/30/2005 6:56:12 PM PST by Sgt_Schultze
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To: Uncledave
Funny, I don't recall Dick Durbin mentioning this during his speech on why we should "Tax excessive Profits".
9 posted on 10/31/2005 10:34:45 AM PST by IL Republican
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To: Uncledave
We shouldn't let the feds OR the oil companies off the hook....2 wrongs don't make a right.

The feds recently gave us some money back.....how 'bout it Exxon?????????

(insert cricket noise here)

10 posted on 10/31/2005 10:39:50 AM PST by add925 (The Left = Xenophobes in Denial)
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