This is good news right? Well, you need to look at the second part of this provision. They plan on making up the lost revenue by shifting the tax onto the oil companies, which will create a saving to the public of 0, nothing, nada.
What people don't seem to realize, and what the government hopes you won't figure out, is that companies do not pay taxes, consumers pay taxes.
Oh, yeah, companies fill out tax forms and write checks to the government, but you have to remember where the company got the money in the first place. They got it from you, the consumer. When you bought their product, the price of whatever tax they were going to have to pay was already figured in.
So, after they pass this boondogle and you try to figure out why the price doesn't go down, don't blame the oil companies, think about it and blame congress. If you can't see through this, you are as easily fooled as they think you are.
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