Monday, August 04, 2008

What Is Big Oil's Fair Share?

Barack Obama is toting around a swollen knapsack bursting at the seams from all the hyperbole and nuance he's managed to stuff inside. Oh, it has plenty of promised goodies falling out of the right side flap, and the left flap is absolutely topped off with wisdom (and a couple of tire pressure gauges,) but somewhere, spilled amongst the crumbs of uneaten crackers and the dust of pencil graphite, is an intrinsic fact that seems to have escaped from some undefined inner pocket--Big Oil and its customers are already paying a lot of taxes. And, they (we) are paying huge.

From economics professor Mark J. Perry at CARPE DIEM.

MP: In other words, Exxon Mobil paid (or at least collected) $32.361 billion in taxes in the second quarter, which works out to $4,114 in taxes per second. Another way to look at it - Exxon paid (or collected) almost $3 in taxes ($32.361 billion) for every $1 in profits ($11.68 billion), see chart above.
h/t Moonbattery

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