Posted by
The New THOMA$ REPORT on Saturday, February 23, 2008 9:24:33 PM
"New York's senior senator (Chucky Schumer -D) recently opined that the
'fact that Big Oil is pulling in record-breaking profits while most Americans
are breaking the bank to fill up their gas tanks is both despicable and
mind-boggling.' " Schumer, along with colleague and presidential wannabe
Hillary Clinton and others, is calling for a return of the tax on
"windfall profits." But they both ignore the fact that, according to a new
report from the Tax Foundation, the biggest profiteers from oil aren't the
companies that produce it and deliver it to our gas tanks, but the federal and
state governments that tax it". But will seeing information like this
cause Chucky to change his tune? Don't hold your breath. Democrats are well
known for not letting facts get in the way of a "cause." A quick look
at the chart accompanying this article will show you that the government
routinely makes more money than the oil industry, whatever the profits. In
1995, for instance, the oil industry earned about $10 billion dollars in
profit. In the same year, they were taxed to the tune of almost SIXTY billion!
Yes, last year they ALMOST made as much as the government made on their profits
(way back in 1977, or close to $43 billion dollars. Meanwhile, they were taxed
to the tune of nearly SIXTY billion dollars! Yes, the oil industry IS making
more money (gross) these days (because the prices, that are not controlled by "big oil" are going up), but as usual, the GOVERNMENT is making a lot
more than the oil companies. So what else is new? (Investor's
Business Daily)