Gov. Palin And Windfall Profits

One criticism of Sarah Palin we are already hearing is that like Obama she supports a windfall profits tax on the oil companies. I refer you to Beldar Blog:

First, let’s test your knowledge of the taxes that ExxonMobil pays:

For the second quarter of 2008, two highly pertinent financial figures reported by ExxonMobil were its net income (as calculated according to U.S. GAAP, i.e., generally accepted accounting principles) and the taxes it paid. Which of the following statements is true?

1. ExxonMobile’s net income was $32.4 billion. It paid income taxes and other taxes totaling $11.7 billion.
2. ExxonMobil’s net income was $11.7 billion. It paid income taxes and other taxes totaling $32.4 billion.

Statement #2 is TRUE, #1 is FALSE. And as I’ve written before, the higher oil goes, the more taxes the government collects. Our government has a vested interest in high oil prices.

What Gov. Palin did was increase the severance tax.

Beldar explains the actions of Palin:

Alaska’s previous version of its severance tax had been negotiated behind closed doors by defeated Gov. Frank Murkowski, a few top state legislators (some of whom are now in prison for corruption), and energy lobbyists. One of the campaign planks upon which Gov. Palin ran for office was replacing that tax with one negotiated in the open with full transparency; and the resulting tax was, indeed, slightly more favorable to the State of Alaska.

3 Responses to “Gov. Palin And Windfall Profits”

  1. You are correct – government is the one making a windfall profit.

    In Alaska Governor Palin completely took away their gas tax. The more I read about her the better I like her.

    Contrast that with the Liberal Democrats that plan to INCREASE the government mandated gas tax!

  2. dont be mean, sarah got a gun lol

  3. Sarah Palin is the change that is needed in Washington. Partisan politicians on both sides of the aisle better watch out!

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