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Where Congress does have a role...
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Posted by Matt from CT on September 16, 2005 at 09:56:46 from (66.181.93.142):
In Reply to: Re: OIL; Just to know posted by Illinois Boy on September 16, 2005 at 08:16:51:
>What we are seeing is companies, like Exxon >Mobile, that are not happy with 140 billion >dollars in profit. (THAT'S PROFIT - One heck-uv- >a living) Things like dropping the gas tax at a time of tight supply doesn't help. Lower cost = more demand, prices go up. Oil companies make more, U.S. Treasury gets less. HOWEVER... It's the income tax system that can temper these large profits. There's a lot of really skewed stuff in our income tax system. If these companies are making 140B in profit, that should translate into 25-40B range going into the U.S. and State Treasuries...bet we don't see a fraction of it. (And yes, we need incentives to reinvest, etc.)
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