Talk about taxing
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Editor,
ExxonMobil and Chevron reported historic profits from the last three months. Exxon made $17.9 billion last quarter, up 273% from the same time last year, while Chevron made $11.6 billion. Together, BP, Chevron, ExxonMobil, Shell, and TotalEnergies are expected to announce $60 billion in profits for the past three months. They plan to spend much of the profit not on reinvesting in their businesses, but on stock buybacks, which drives up the price of the stock.
While not the highest in the world, American consumers are paying the high gas prices. Gas price increases are half of the inflation number.
Democrats are proposing the Inflation Reduction Act. Among other things, it includes a 15 percent minimum tax on corporations with profits over $1 billion. For years, tax cuts have benefited corporations. It’s about time we have fairness in taxing.
Suz Rittenhouse
Polson
