From the Story: On the same day that Exxon Mobil Corp. reported higher first-quarter profits, a Pennsylvania senator took aim at the oil industry, proposing a tax on "excess" profits to help poor people pay for gasoline.
Sen. Robert Casey, D-Pa., said he would introduce legislation Thursday to put in place a 50 percent tax on major oil companies profits' from crude oil priced at more than $50 per barrel, where it has been trading for most of the past two years. Read more..
Looks like Senator Casey has taken a page from Governor Rendell’s playbook. The federal tax is $0.18 per gallon and the PA state tax is $0.31 a gallon (numbers rounded). Since the state and federal tax rates are higher than the profit margins of the producer, perhaps it is the tax rates that are really gouging consumers.
1 comment:
Ugh! Now THIS is why you NEVER put Democrats in office! They don't understand CAUSE AND EFFECT!!! This will equal HIGHER GAS PRICES!!! We are the ones who will ultimately end up paying for this bone-headed ideas!
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