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Article posted Oct 12 2012, 4:04 AM Category: Economy Source: r/Libertarian Print

Who's the villain? [Pic]

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Comments 1 - 3 of 3 Add Comment Page 1 of 1

Posted: Oct 12 2012, 1:29 PM

97104 Who can fall for such obvious BS? We used 134 billion gallons of gasoline last year; and the gasoline companies did not make their monstrous $62.2 billion last year at $0.07 per gallon.

No, the above mixes up the facts a little and on purpose, too. Dividing out the above, the oil companies made $0.46 per gallon sold, and, unsurprisingly, the current federal fuel tax is $0.184. (Local taxes can add more, yes.)

Of course, part of that profit is the incentives and subsidies the government gave the oil companies, which amounted to somewhere around $7.5 billion last year. Since the government took in around $24.5 billion last year in tax, that means they gave about a third of that 0.184 back to the oil companies. So the real federal tax works out to about $0.127.

But doesn't that mean the graphic above is an outright lie?

Of course it does.

Posted: Oct 14 2012, 12:08 AM

24177 The point is (or should be) that the owner of the product should be able to offer it for trade at whatever price they see fit. The Govt has no legitimate claim to take anything from the trade, but they do have the power to enforce their illegitimate claim.
Nickel's Two Bits

Posted: Oct 14 2012, 12:32 PM

97104 Excuse me, but they do sell it for what they want: the government is taxing the BUYER not the seller. Not saying the tax is good; but if the graphic implies that the oil companies are paying this, then that, also, is a lie.

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