The five biggest oil companies are making tens of billions of dollars in profits, while paying artificially low effective federal tax rates and low royalties for taking and producing oil and gas owned by all Americans. In addition, companies can evade payments into the oil-spill cleanup fund based on specific categorizations of different kinds of petroleum. Meanwhile, the five largest public oil companies continue to make billions of dollars in profits every quarter while receiving special tax breaks from Congress.
None of this makes sense, especially when sequestration is forcing steep automatic across-the-board cuts in college assistance, cancer research, and other middle-class programs. It’s time to ask the huge profit-making big five oil companies to pay their fair share.
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