Now that It’s Open Season on Big Oil, Here Are Some Facts
13th May 2011
Bottom Line: What often gets overlooked by politicians in Washington is that real people, not corporations like ExxonMobil, ultimately pay all taxes. Higher taxes on oil companies will get passed on to actual people, and can only mean higher prices for consumers at the pump, lower wages and fewer jobs for employees, and/or lower dividends for shareholders. There might be a political payoff to raising taxes on oil companies, but it will be an economic disaster that will also make us more dependent on foreign oil.