Windfall Profits? Gov. Revenues From Oil Exceed Oil Industry Profits In All But Last Three Years
Time for a windfall profits tax on...government?
Recent data from the Energy Information Administration shows that since 1981—the first year of the Windfall Profits Tax—total taxes from all oil industry sources exceeded the combined profits of all companies in every year but the past three. Between 1981 and 2006, government collected $1.65 trillion in total taxes after adjusting for inflation. That is 65 percent more than the combined earnings of the 16 largest domestic oil companies during the same period.
And just think, it isn’t really the oil companies who are paying these taxes but rather you and me. For all businesses, taxation is an expense. And like all expenses, it is built into the price of the goods or services that business offers.












