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Willisms

« Sunday Heidi Weimaraner Update: 13 Months Old. | WILLisms.com | Quotational Therapy: Part 126 -- Campaign Bloggers. »

Trivia Tidbit Of The Day: Part 412 -- Taxes On Energy Companies Are Too High.

Ridiculously Unjust Levels Of Taxation-

Hillary! Clinton wants to take oil company profits:

"The other day, the oil companies reported the highest profits in the history of the world. I want to take those profits..."

... and do all sorts of wonderful things with them.

Etc. Etc.

Okay.

Well. Typical.

But here's the truth:

While they were recording record profits last year, they were also writing checks to Uncle Sam to the tune of $100.7 billion -- two and a half times what they made in net profit. In fact, previous Tax Foundation research found that from 1977 to 2004, federal and state governments extracted $397 billion by taxing the profits of the largest oil companies and an additional $1.1 trillion in taxes at the pump. In today's dollars, that's $2.2 trillion.

Here's a visual of the profits and the taxes:

exxonmobiltaxesvsprofits.gif

Another way to look at it:

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.

A lot of folks, like Hillary Clinton, would also want to take those profits. Who wouldn't, especially if it were legal and/or ethical? Think of all the gold-plated Nintendo Wiis you could buy with that sort of money. The government, though, actually has the power to compel this sort of price gouge-- this unfair wealth confiscation-- without regard to legality or ethics.

What's more, they have the nerve to say that this level of taxation is lower than it ought to be. And-- this is the kicker-- the difference between where the taxation level is (atrociously high) and where they think it ought to be (atrociously and insanely high) becomes known as a "subsidy."


-------------------------------------

Previous Trivia Tidbit: America's Not-So-Awful Savings Rate.

Posted by Will Franklin · 5 February 2007 02:36 PM

Comments

The key word is She wants to "TAKE" those profits. Oh my gosh she is such a Commie Socialist! She should go live in Venezuela with Hugo...

Posted by: zsa zsa at February 5, 2007 03:37 PM

IF she is sooooooo concerned about alternative ways of energy? She should put her OWN Money where her mouth is? BUT instead she tries to write off her used underwaear on her taxes!

Posted by: zsa zsa at February 5, 2007 03:45 PM

The oil industry has been a HUGE cash cow for the federal government for decades.

Hillary wants to quarter the cow and sell it to a butcher for a quick one-time profit. Great economics there! Superb.

On another note, did you have to use burnt orange in your graph there? Hurts credibility. ;)

Posted by: JR Ewing at February 5, 2007 03:46 PM

Please make her go AWAY!...

Posted by: zsa zsa at February 5, 2007 08:43 PM