(Community Matters) Have to admit, I’m underwhelmed, though intrigued by the fund to help states and municipalities meet existing obligations for infrastructure, health & human services. I’m even less enthusiastic about (read: against) a windfall profits tax.
Much prefer we talk about rolling back unnecessarily generous depletion allowances and tax credits enacted when the price of oil was so low and oil companies argued both were necessary to prevent abandoning of all domestic exploration. Also, overheard someone using the argument that we should be happy oil companies are making $12B per quarter since they pay 50% of it in taxes. First, I’m not unhappy that they are making $12B per quarter, and I definitely would be thrilled if they were paying even 32% in taxes. Have these folks been looking at the deferred tax liability (i.e., the delta between what public financial statements show as federal tax on earnings and their actual tax liability under the separate set of tax financials)?
Community Matters 