2008 California Election Forum

In response to ExxonMobil’s record profits, Senator Hillary Clinton said she wanted to “take those profits and...put them in an alternative energy fund.”

Statements like that are:

• Antifamily: Since slowing economic growth will hurt families.
• Economic illiteracy: Since the facts don't connect with her statement.

Here are the facts from a profamily, progrowth, economic viewpoint:

1. Taking successful companies’ profits is exactly what socialist governments do. It’s what Hugo Chavez is doing in Venezuela. And it’s why socialist countries fail economically, put their citizens into poverty, show slow or no economic growth and lack innovation.
2. ExxonMobil paid $10.7 billion in taxes vs. $39.5 billion in profits. Over the past 25 years, federal and state governments took $397 billion from the largest oil companies. Plus $1.1 trillion in taxes from you and me at the pump.
   
   This is because there is a 35% corporate tax.
3. ExxonMobil had sales of $377.5 billion and a profit of $39.5 billion. That's a little over 10 cents on the dollar. This is well below the margins of ...Get the full story. Sign up for a FREE all-access membership by clicking here.