Wednesday, September 17, 2008

Windfall Tax on Oil Companies

Video: Senator Obama's “Pocket TV Ad

"Obama says he doesn't take money from oil companies. We say that's a little too slick."

"Obama's Overstatement: An Obama ad says McCain's campaign got $2 million from "Big Oil." The total is actually $1.3 million."

Exxon's 2007 Tax Bill: $30 Billion

“Currently, the United States has the second-highest corporate tax rate of all industrial societies, after economically anemic Japan. The U.S. federal rate of taxation is 35 percent, and when the average state and local corporate tax rates are added, American corporations pay, on average, a 39.27 percent tax on their incomes. China is at 25 percent; Mexico is at 28 percent; socialist Sweden is at 28 percent; and prosperous Ireland is at a mere 12.5 percent.” ("It's Still the Economy, Stupid," A Commentary by Tony Blankley, Rasmussen Report, September 3, 2008)

Taxes - Federal excise taxes are 18.4 cents per gallon, and state excise taxes average 18.2 cents per gallon. There may also be some additional taxes, such as applicable state sales taxes, gross receipts taxes, oil inspection fees, underground storage tank fees and other miscellaneous environmental fees. Add that to the state excise taxes, and it can average 27.4 cents. It could be worse. In Europe, gas prices are far higher than in America because taxes on gas are much higher.”

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