Submitted by austin on March 3, 2008 - 8:14am.
Below is Mike's Op-ed that ran in The Politico.
Oil and gas profits go both ways
Earlier this month, Exxon-Mobil once again announced record profits. These record profits, $40.7 billion to be exact, have been labeled "outlandish," "unjustifiable," "appalling," and "ruthless" by many in Congress. They believe that such profits gouge the American consumer and are consequently immoral.
Yet what many people do not realize is that record profits result in record tax collection. Exxon-Mobil will pay close to $30 billion in taxes for its success. Unfortunately, not one of my Democratic colleagues has called upon Congress to give American taxpayers back the federal governmentĂs share of ExxonĂs "immoral" profits.
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