Good Morning Gentle Readers,
Speaking of Mohawk, amid the clamor surrounding Exxon's announcement of record profits of 39 billion (profits that Senator Clinton has proposed seizing for alternative energy projects), it is largely ignored that Exxon paid over 100 billion to Uncle Sugar during the same period. 2.5 times as much in taxes as they banked in profits. That's a pretty large alternative energy program. Funding gas bags in Foggy Bottom I mean.
American popular mythology holds that oil companies pay no taxes and rape the motoring public, and worse, oil company execs torch their fat Cubans with hundred dollar treasury notes.
But the truth is a little more boring. Since 1977 taxes on oil and fuel amount to (inflation adjusted) 2.2 trillion dollars.
tip of the glass to the Tax Foundation
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