The absurdity of a windfall profits tax on big oil
While we’re on the subject of Democrats bashing anyone who makes money: You often hear liberals cite that Exxon Mobil makes $1,400/second in profits. What the speechwriters leave out is how much they’re already giving back in taxes…
“Mr. Obama thinks government is not getting a “reasonable share” of oil companies’ profits. Exxon Mobil pays almost as much in corporate taxes to various governments as the bottom 50 percent of American earners [combined] pay in income taxes. Exxon Mobil does make $1,400 a second in profits - hear the sharp intakes of breath from liberals with pursed lips - but pays $4,000 a second in taxes and $15,000 a second in operating costs.”
— George Will, Obama’s Problem With Practicality
via craytonc
