John Eidson
According to a report in U.S. News & World Report, oil industry profit margins are not out of line with margins of other U.S. industries. In 2007, the oil industry’s profit margin was 7.6% of revenues, not much higher than the 5.8 percent margins for all U.S. manufacturing. If the financially troubled auto industry is excluded, oil industry margins are less than the 9.2 percent margins of most manufacturers.
http://www.usnews.com/articles/business/economy/2008/02/01/exxons-profits-
measuring-a-record-windfall.html
When it comes to “windfall” oil profits, government does far better than the companies that produce the gasoline upon which our entire economy depends. According to the Tax Foundation, for the period 1977-2004, U.S. oil companies earned profits of $643 billion, while paying twice that amount -- $1.343 trillion -- in state and federal gasoline taxes.
http://www.taxfoundation.org/publications/show/1139.html
If oil industry profits should be hit with a “windfall” profits tax, how about a similar tax on:
* Oprah's $260 million annual "windfall" earnings simply for being an engaging personality.
* Tiger Woods's $100 million annual "windfall" earnings simply for being able to hit a golf ball.
* 50 Cent's $41 million annual "windfall" earnings simply for being able to sing.
If the earnings of people such as those above are hit with a tax on their “windfall” earnings, how long will it be before the same thing happens to small, privately-owned businesses, the owners of which risked everything they had and sacrificed for years before finally seeing their income rise to $200,000 a year?
As long as we have politicians who believe that government never has enough money to spend, only the poorest Americans will be safe from punitive taxation.
John Eidson is a white conservative who takes great pleasure in black success.
2 comments:
Mr. Eidson's shameful pandering to a black audience by listing only African American entertainers is playing the race card to get attention for his own conservative agenda. If he is both conservative and compassionate, it is his actions we should be hearing about. In a previous posting, he lambasted his host for taking him to an event where there were no faces of color. It only showed that he is an ungracious guest. Let him tell everyone what he has done, not what others have not. If he is a white conservative who takes pleasure in black success (how humble and caring), then point to a place where we can see your compassionate and conservative achievements. We are waiting Mr. Eidson.
"If oil industry profits should be hit with a “windfall” profits tax, how about a similar tax on:
* Oprah's $260 million annual "windfall" earnings simply for being an engaging personality.
* Tiger Woods's $100 million annual "windfall" earnings simply for being able to hit a golf ball.
* 50 Cent's $41 million annual "windfall" earnings simply for being able to sing."
The people listed above aren't charging us $4.00 per gal. plus at the pump.
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