December 2, 2005
San Jose Business Journal -- 'Excess profit tax is wrong response to high prices'
A November study by the Tax Foundation revealed that, over a 25-year period, the government has raked in massive revenues from oil companies. Collectively, big oil directly paid or remitted more than $2.2 trillion in taxes (inflation adjusted) to federal and state governments during this period, while earning $630 billion. In other words, government revenues from oil companies have amounted to more than three times what the companies earned in profits.
