The Swamp Hermit's Report

TAXES and OIL

Tax Burden of Top 1% Now Exceeds That of Bottom 95%

Tax Burden of Top 1% Now Exceeds That of Bottom 95%

..IRS data shows that in 2007—the most recent data available—the top 1 percent of taxpayers paid 40.4 percent of the total income taxes collected by the federal government. This is the highest percentage in modern history.

This Chart is from Power Line:

This Chart and accompanying article is from WSJ:

Shale Oil To Be Developed, But Not Here:

We’ve written about the fact that the United States has by far the largest known oil shale deposits in the world. In fact our Rocky Mountain oil shale is believed to amount to as much as two trillion barrels, far more than the entire world has consumed since oil was discovered in Pennsylvania in the 19th century… Unfortunately, the Democrats have been able to place these vast reserves off-limits. Now, one country has announced plans to develop its shale oil resources, but it isn’t the United States, it’s Jordan.

Jordan, Shell in talks to extract oil from huge shale reserves

The Devils in His Details:

Obama thinks government is not getting a “reasonable share” of oil companies’ profits, which in 2007 were, as a percentage of revenues (8.3 percent), below those of U.S. manufacturing generally (8.9 percent).

When the Government takes more from the oil companies, they are forcing Americans to pay more for gas. Basic math 101…

Swåmp Hermî†

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