Lynn A. Westmoreland: “I would like to quote some figures, Mr. Speaker, for you and for the American people to hear because one of the things…”

“I would like to quote some figures, Mr. Speaker, for you and for the American people to hear because one of the things, I guess, that is part of this secret plan for our energy is to tax oil companies. Somehow the majority has got in their mind by taxing companies, the price of their product is going to come down. I don't understand that, and I know that most of the people in the Third Congressional District of Georgia do not understand that, and I am sure there are probably people all over the world that don't understand that. But that seems to be their answer to everything, is to raise taxes. When you talk about, Mr. Speaker, domestic oil and gas production, in 2006 the top 27 U.S. energy producing companies paid $81.5 billion in corporate Federal income taxes. That is $81.5 billion in corporate taxes, an 81 percent increase over 2004. In addition, they paid $3.1 billion in State and local government taxes. Those 27 companies paid 21 percent of the total corporate income taxes collected by this Federal Government in 2006. These 27 companies paid 21 percent of all the corporate taxes paid into the Federal Government. Yet these 27 companies make up one one-thousandth of the domestic corporate filers. And yet they paid 21 percent of all the total corporate Federal taxes paid into our treasury.”