Thursday, February 16, 2006
Only One Word For Oil Profits: Crude!
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.
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!
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