Aug 03 2008
Taxing “Big” Oil Companies Hurts the Middle Class!
Oil and natural gas is a huge part of our everyday lives. We don’t just need more oil for our cars in order to get to from work, we need oil for a variety of other things. We need oil and natural gas for aspirin, artificial hearts, pace makers, band aids, contact lenses, sunglasses, feedstock, computers, fertilizers, surgical equipment, roofing, cell phones, clothing, cleaning supplies, Cds, portable music players, life jackets, and many more items….
Taxing “Big” oil companies will NOT lower gas prices, there is no credible proof. Besides these “Big” oil companies are largely owned by the middle class. So when Obama says he wants tax “Big” oil companies he is hurting the middle class hard working families even more.
“Only 1.5 percent of industry shares are owned by corporate management. If you have a mutual fund account, and 55 million U.S. households do, there’s a good chance it invests in oil and natural gas stocks. If you have an IRA or personal retirement account, and 45 million U.S. households do, there’s a good chance it invests in energy stocks“(api.com ).
Oil companies already pay their fair share in taxes too, they pay almost double their share! They pay more than other manufacturing companies as well. “According to the U.S. Energy Information Administration, the industry’s 2006 income tax expenses (as a share of net income before income taxes) averaged 40.7 percent, compared to 22.1 percent for U.S. manufacturing companies”(api.com).
