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WSJ Article


westvirginia
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And?

It's all a matter of perception. Do you focus on the fact the Exxon "only" made 10% profit in 2007? Or do you focus on the fact that Exxon made more profit in 2007 that any other company in recorded history?

 

The more salient question then becomes: what exactly is "windfall." And once we know what it is, how do you tax it?

 

That approach is a bunch of hogwash, IMO. However, if a oil company has recorded the single greatest annual profit well, ever, I don't exactly think they *need* the tax credits and other corporate welfare the Internal Revenue Code doles out. Adding a phase out to those credits, tied to gross revenue levels, is probably the least controversial and most equitable way to increase tax revenues on the planet. People who blame Big Oil for high gas prices would get their pound of flesh, as well.

Edited by yo mama
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