Friday, August 15, 2008

Excessive Profits or Excessive Taxes?

The Religious Freedom Coalition can sometimes be out there, but I thought this paragraph from an e-mail they sent out brought up a good point.

At an event in Titusville, Florida this week Barack Obama said that Exxon made a profit of $1,500 a second. He then said that the "record profits" should be taxed for the purpose of putting a "$1,000 emergency energy rebate in the pockets of working families." Currently Exxon pays $4,000 a second in taxes or almost three times as much as its profit. Exxon's cost of doing business is $15,000 a second. Exxon employs hundreds of thousands of people all over the world. Those "profits" that Obama wants to take for taxes are mostly paid out as dividends into IRA's and other retirement accounts that own the stock. We have to keep in mind that Senator Obama has never held a job in the private sector.

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