Thursday, June 12, 2008
The dems have revived another failed tax program from the past - the windfall profit tax on oil companies. According to one report that quoted Standard & Poors as their source, the oil companies make about 9% profit. Compare this to Google which makes a little over 20% profit. In contrast the government collects $3 in taxes from the oil companies for every $1 in profits. So that means that out of a $4 gallon of gas, $0.36-$0.38 is profit. But $1.18 - $1.24 is taxes - direct and indirect. So who has the windfall here?