4% of the entire fund gets paid out each year. Nobody claims that the Harvard endowment isn't a boon to Harvard just because they stick most of their large donations there instead of spending them immediately.
But that's financial* income. I interpreted the parent as implying that the reason taxes are so low is because of oil, which is not necessarily true, and at least harder to prove than you would think.
*The fund is composed of 60% global shares, 35% bonds and 5% real estate.
If I strike oil and make a million dollars, then put that money into bonds, I wouldn't say the income I get from the bonds is "bond money" rather than "oil money".
That said, I certainly agree that wise application of that oil income has as much of an impact on the country's financial well-being as the income itself.
