Just curious, Kenneth...
But how, exactly, does a windfall profit tax reduce the price at the pump?
More importantly...who gets the benefit of these alleged windfall profits? Is it the oil companies? Nope...these are publicly traded companies. So the windfall belongs to shareholders. Hmm...who are the shareholders?
Have a look-
In a report by Robert J. Shapiro, Bill Clinton's undersecretary of commerce for economic affairs, he states:
"The data show that ownership of industry shares is broadly middle class, with the majority of industry shares held by institutional investors, often on behalf of millions of Americans through mutual funds, pension funds and individual retirement accounts."
Interesting...so this windfall profit tax is really a tax on the middle class. Here is some more information for you to chew on. From the Shapiro study:
* Almost 43 percent of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,700.
* Twenty seven percent of shares are owned by other institutional investors like pension funds. In 2004, more than 2,600 pension funds run by federal, state and local governments held almost $64 billion in shares of U.S. oil and natural gas companies. These funds represent the major retirement security for the nation's current and retired soldiers, teachers, and police and fire personnel at every level of government.
* Fourteen percent of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000.
Here is your link to the study, Kenneth:
energytomorrow.org
I'm sure glad that Republicans had the good sense to stop this tax increase on the middle class. :)
Diz- |
