Friday, January 19, 2007

Oil Companies Getting a Free Ride?

The Tax Foundation has an interesting post regarding legislation intended to end big oil companies' "free ride" in terms of taxes while they enjoy record profits. The post is very short and worth reading. Main point: ExxonMobile paid $26.24 billion in taxes just in 3Q06 - roughly 2.5 times their profits. As Brian Phillips puts it,

"That has to be the most expensive 'free ride' in history."


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