2 BILLION dollars!!!!

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Due to concerns over the high prices of oil (and the expected high profits), President Bush is advocating repealing $2 billion worth of tax breaks on the oil industry:
For the longer term, Mr. Bush said he was asking Congress to repeal $2 billion in tax breaks and incentives in last year's energy bill. White House officials said he had never advocated the incentives for the oil industry.

For perspective, Exxon's 2005 gross profit was $158 billion. This may or may not be an excessive number, but screwing around fractions of a percent at a time is more PR than anything else.

Here's another way to look at things: assuming that we want a revenue neutral tax system, this corresponds to about a $10 per capita difference in your annual tax bill. That sure takes the sting out of those high gas prices!

3 Comments

Is that $10 before or after the earmarks that Congress will feel are justified with a fresh $2B on the table? You know, I probably won't count on seeing more than $5. But hey, that'll buy me almost 2 whole extra gallons of gas.

You know, it still bends my brain in a funny direction to think of $2 billion as this pointlessly small sum of money....

Yep, a billion here, a billion there...

Open oil exploration of the coast/in Alaska; build refineries; build nukes. You'ld be surpised how short the distance a billion will go.

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