Thursday, July 31, 2008

Big Oil's "Excessive" Profits

Glenn Beck makes an enlightening observation in his show today:
Big oil is getting hammered right now by Congress over their profits. But guess who profits more from the oil industry than even the oil industry? Yes, your government. According to the Tax Foundation, from 1977-2004, big oil made $643 billion in profits. Nice. During that same span, Federal and State governments made $1.343 TRILLION in tax revenues from big oil. Nicer. I think your liberal friends might be mad at the wrong people here.
Last time I looked those obscene profits were going to retired teachers, firefighters and a lot of average Joe Citizens like you and I who happen to have IRAs and 401Ks. Seems like the gov't has managed to grab $2 of our money for every dollar we got! What's wrong with THAT picture?

Then the Democratic Messiah, Barack Obama, has the gall to suggest adding MORE "windfall profits" taxes to their already high taxes. I'm convinced most Democrats won't be happy until all money earned by everyone goes to the government, letting them decide how we live.

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