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U.S. Oil Companies Paid, Collected More in Taxes Than They Made in Profits in 2006

"Higher taxes reduce the incentive to work, produce, invest, and save, thereby dampening overall economic activity and job creation" attributed to Burt Hauser, an economist, featured by David Ranson in an eye opening article in the WSJ-May 20, 2008 Mr Obama's intent to windfall tax the oil industry will backfire on the US taspayer and it is still inevitable!