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Thursday, February 16, 2006

Only One Word For Oil Profits: Crude!

Johnny Williams at NRO has a piece every supply-side, Reaganomic, Big Business supporter needs to read. Here are a few of the stats he got from the Securities and Exchange Commission:

New filings with the Securities and Exchange Commission (SEC) show that the largest oil and gas companies in America (Chevron, ConocoPhillips, and ExxonMobil) are set to pay or remit over $158 billion in worldwide taxes for 2005.

...this is the one that knocked me out of the chair:

This tax burden on American “big oil” nearly equals the total economic output of Iran and exceeds total GDP in 150 of the 184 countries ranked by the World Bank.

...it gets better:

In 2005 alone, these companies set aside more than $44 billion to pay corporate income taxes, nearly a 50 percent increase from 2004. The average effective tax rate for the major integrated oil and gas industry is estimated to equal 38.3 percent, while the rate for the market as a whole is estimated to equal 32.3 percent.

...finally:

Some pundits and politicians still consider “profit” a dirty word. However, if politicians pass legislation to punish the oil companies for those profits, no one should kid themselves about who would ultimately pay the price: we all would.

In other words; how crude!

Comments:
Yes, that's all well and good, but the price of a barrel has dropped below $60.00, but I have not notice any difference @ the pumps.
 
everyone has a hand in the price of oil...this post is to refute the incessant and shrill cries of the loony left who claim oil companies don't pay their fair share...
 
Last time I checked, those that run a business are in that business to make money. The lefty loons would have us believe that making money is evil, hence their wealth re-distribution goals. Don't like it? Ride a bike.
 
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