1 post tagged “oil”
Jeff had me thinking about our economic polices related to oil companies, especially now that they're reporting record profits.
Our tax code gives oil companies a lower tax rate. If the oil companies paid the same rate as non-oil businesses they would be paying at least $2-billion more in taxes each year. When one oil company alone posted over $40-billion in profits this is nothing. And why do we have this break for oil companies? The silly answer is that it keeps the price of gas down for the consumer. But the oil companies could make the same profits and each American would pay all of $6 more per year in gas. And that $2-billion could go to some other useful purpose. And that doesn't include the tax breaks they get on the state and local level which is over $4.1-billion per year in lost tax revenue.
