4/25/2013

The U.S. government continues to seek higher taxes on the oil and natural gas industry even though it pays more taxes compared to other sectors and has a smaller profit margin, the American Petroleum Institute said. From 2007 to 2012, the industry had an effective tax rate of 44.6%, compared to 34.9% for health care, 29.3% for banks and insurance firms and 30% for industrials, API's data showed. The industry "sends about $85 million in revenue to the federal government every day. It receives no subsidies and is the federal government's biggest taxpayer," said John Felmy, API's chief economist.

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