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Gov't Gas Taxes Exceed Oil Company Profits
While the media continues to blame the big oil companies for gouging U.S. motorists as they collect record breaking profits, the windfall profits raked in by the government in the form of energy tax revenue actually dwarf the oil companies' jackpot. The press sounded the alarm last year when the largest U.S. oil company, ExxonMobil Corp, announced profits of $36 billion. But according to the Tax Foundation, the biggest price gouging profiteer was the U.S. government, cashing in to the tune of $54 billion in oil and gas taxes. "Tax collections on the production and import of gasoline by state and federal governments are already near historic highs," the think tank says. "In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits." Since 1977, federal and state governments have collected more than $1.34 trillion in gasoline tax revenues in inflation adjusted dollars. That's "more than twice the amount of domestic profits earned by major U.S. oil companies during the same period," the Tax Foundation says.
Story Continues Below Still, despite government tax gouging on oil industry revenue, Democrats like Sen. Charles Schumer want to raise energy taxes even more - complaining that oil company profiteering is simply just unconscionable. To read more about how the government has become America's number one oil profiteer, go to: http://taxprof.typepad.com/taxprof_blog/2005/10/gas_taxes_excee.html
Editor's note:
Read more on this subject in related Hot Topics:
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