The real costs: Oil tax no windfall to retirement savings.(Frontlines)

Byline: Greg Crawford

Retirees and employees saving for retirement would bear the brunt of any windfall profits tax on oil companies, according to a study by Robert J. Shapiro, chairman of consulting firm Sonecon, and Nam Pham, an economic consultant to research firm NDP Group.

They estimate the windfall profit tax proposed in Congress would generate $18 billion to $104 billion in gross revenue between 2006 and 2010, based on oil prices of $45, $50, $55 and $60 per barrel for each successive year. But because corporate tax payments would be deductible, the net five-year revenue would be less than half that, ranging from $8.6 billion to $48.6 billion.

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