YES, LET'S CUT TAXES EVEN MORE
Even as oil profits have soared on higher energy prices, the tax rate paid by many of the nation's largest oil companies are falling, according to a published report.
The Wall Street Journal reported Monday that almost one large oil company in four saw its global tax rate decline over the last 12 months, according to the companies' third quarter earnings reports....
Among those paying a lower tax rate Royal Dutch Shell's tax rate fell to 37 percent from 41 percent, BP's declined to about 27 percent from more than 30 percent, and Burlington Resources dropped to about 33 percent from 37 percent....
Shell's third-quarter profits? Up 68%.
BP? Up 27%.
Burlington Resources? Up 90%.
(I'm amused by the naivete of the BP story, which informs us that BP had higher profits "despite taking a battering from hurricanes." Is that "Despite" some sort of joke?)