According to a couple of new reports, American’s can pat themselves on the back as some of the biggest philanthropists in the world. 

While legitimate evidence for invading Iraq seems to be a non-issue in the media these days, a study by the Congressional Budget Office indicates that American’s are paying war contractors 25 percent of the total cost of the war in Iraq which is estimated at a rising $25 billion a month with a total value in the trillions. 

Meanwhile a recent report by the Government Office of Accountability states that 25 percent of large U.S. corporations –  defined as those with at least $250 million in assets or gross annual receipts of at least $50 million — reported that they owed no federal income tax for the year 2005.

To top it off, ExxonMobil recorded nearly $12 billion in its 2nd quarterly profits while U.S. tax payers gave the oil and gas industry $18 billion in tax breaks and incentives in recent years.

Colorado’s Gov. Bill Ritter is taking matters into his own hands by proposing an initiative to get rid of an oil and gas industry tax credit in his state.

It may not be a complete surprise that these windfalls come under the leadership of a President who once owned an oil company and a Vice-President who is a former defense contractor CEO.  While average Americans dutifully pay their taxes while struggling to make ends meet, the abysmal approval rating of Congress illustrates the surprise at the publicly elected officials who are supposed to be fighting for the interests of the average American.