Do we need an oil industry windfall profits tax? No. This interesting data from the Tax Foundation clearly shows that while oil companies profit, they still pay MORE in taxes than they make in profits. Click on the chart here for more...
According to the research:
"The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.
These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments."
Interesting don't you think?