BiggnightsWindfall Profits Tax on Oil Companies
September 5th 2008 22:24
Barack Obama has called for a windfall profits tax on oil companies after another round of record earnings were reported by the industry. As I mentioned here back in May, the only numbers being reported by the media, and repeated often by politicians of a certain stripe, are the earnings.
Horrors! They made money!
Now columnist George F. Will, writing in the Washington Post, has added a different view on the Exxon Mobil numbers of note:
Yes, it's true. But Obama and Liberals in general don't need to be bothered with the truth. They are making plans for "change" and cannot be bothered with the truth along the way.
Horrors! They made money!
Now columnist George F. Will, writing in the Washington Post, has added a different view on the Exxon Mobil numbers of note:
...Obama promises a $1,000 check for every family, financed by a "windfall profits" tax on oil companies. Obama is unintimidated by the rule against legislating about subjects one cannot define.
Obama thinks government is not getting a "reasonable share" of oil companies' profits, which in 2007 were, as a percentage of revenue (8.3 percent), below those of U.S. manufacturing generally (8.9 percent). Exxon Mobil pays almost as much in corporate taxes to various governments as the bottom 50 percent of American earners 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.
Obama thinks government is not getting a "reasonable share" of oil companies' profits, which in 2007 were, as a percentage of revenue (8.3 percent), below those of U.S. manufacturing generally (8.9 percent). Exxon Mobil pays almost as much in corporate taxes to various governments as the bottom 50 percent of American earners 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.
Yes, it's true. But Obama and Liberals in general don't need to be bothered with the truth. They are making plans for "change" and cannot be bothered with the truth along the way.
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