PROOF THAT HILLARY'S ATTACK ON "BIG OIL" IS PURE SOCIALIST DEMAGOGUERY

AP:

Chevron Corp. pumped out its third consecutive year of record profits in 2006 despite a fourth-quarter stumble that demonstrated how quickly the oil industry can be tripped up by volatile energy prices largely out of its control.

REPEAT: "... that demonstrated how quickly the oil industry can be tripped up by volatile energy prices largely out of its control."

Why should the state penalize them for doing well? The state makes more - in taxes - as the companies make more; shouldn't the state be happy with that? Are profits illegal or immoral in warped leftist Hillary's mind!? Maybe...

FACT: The oil industry PAYS MORE TAXES then it makes in profits. FACTS (January 2006):

In the past week, quarterly earnings were announced for the three largest integrated oil and gas producers in the nation. The most recent media attention is directed towards the earnings report from Exxon Mobil. (NYSE:XOM) These earnings come on the heels of last week’s announcements by ConocoPhillips (NYSE: COP) and Chevron (NYSE: CVX) Based on preliminary SEC filings, these companies reported combined annual corporate gross earnings of $108.2 billion, throughout the course of 2005.

It is important to remember that net income reported on financial statements, is the result of subtracting income-based taxes from corporate gross earnings. Before shareholders receive a return on their investment, the government takes its significant share off the top.

During 2005, these three companies paid a combined corporate income tax burden of $44.3 billion on their reported gross earnings. Compared to last year’s combined corporate income taxes of $29.7 billion, their burden for 2005 has increased by 49.2 percent and follows the overall trend of escalating corporate tax collections in the United States. In addition to corporate income taxes, the same companies paid or remitted over $114.5 billion in other taxes in 2005, including franchise, payroll, property, severance and excise taxes.

Just these 3 "BIG OIL" companies PAID $145 BILLION in taxes last year.
THEY ONLY MADE $108 BILLION in gross profits.
THEY ARE TAXED ENOUGH. IF NOT - TOO MUCH, ALREADY!

Lefties like Hillary are a real and present danger to our national security and our national prosperity. THEY MUST BE EXPOSED AND STOPPED.