Matthias Julius wrote:
> The situation is a little be different here. They're not suddenly
> selling 2 trillion widgets instead of one. They are selling each one
> of them for $1.50 instead of $1.10. And why do they need special tax
> breaks when they seem to do well?
Nope, the situation is no different. First off demand is traditionally
higher during this time of year. Secondly their profit margins, if they move,
moved at most a fraction of a cent per gallon. As for a special tax breaks
you do understand that they are taxed more heavily than pretty much every
other industry?
http://www.latimes.com/news/opinion/commentary/la-oe-williams29apr29,0,4713201.story?coll=la-news-comment-opinions
"The nation's energy companies are already providing a "windfall" of taxes.
According to Department of Energy data, 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 --- enough to buy a Toyota Prius for every
household in the nation.
In fact, oil companies have paid in taxes more than three times what they
earned in profits during those 28 years.
As the oil industry brings in record profits, it also pays record taxes that
average 39% worldwide, even after accounting for special deductions and
credits. That compares with a 33% average tax rate for other industries."
--
Steve C. Lamb | But who decides what they dream?
PGP Key: 8B6E99C5 | And dream I do...
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