Posted on 06/10/2008 8:08:10 AM PDT by Jabrown
...Again let me conclude by reiterating that both Obama and Democratic leadership proposing this bill have stated that the WPT is not likely to reduce the cost of refined oil. Their solution is not designed to provide measures to reduce the cost at the pump, but rather to redistribute the tax revenues generated under the WPT. The WPT amounts to nothing more than collusion between the oil monopolies and our government. The WPT creates a policy by which oil companies are allowed to retain record profits so long as the government gets their cut. Today we have a government that provides us with a Social Security System headed for bankruptcy, a nationalized healthcare system called “Medicare” that is headed towards bankruptcy and the lengthiest and most complicated tax code in human history; and they now want to adopt an oil profit redistribution bureaucracy to the mix.
If we want congress to quickly develop and act upon genuine legislation aimed at price relief, then we should take away the paid flights and limousine service that they are provided and make them drive to work and across the campaign trail every day...
(Excerpt) Read more at politicallydrunk.blogspot.com ...
Windfall Profits Tax = Even more cash for Congress to waste = Higher Gas prices for Americans
No sh!te?
Windfall taxes will be one more cost passed on to the consumer.
What “windfall profits”?
8% ROI for Exxon? Compare and contrast with Google.
Moreover, will there be “windfall loss tax breaks” for 1999 when oil was $8.50 and I couldn’t lease a rig for a month?
Oil and gas is cyclical. It has highs and lows.
Nobody remembers the lows, except the people doing the work.
Politicians and the MSMS are such economic asshats.
Windfall? Windfall?
Try “excess government greed” tax. Truth in advertising, please.
The effect will be on the American corporations, which will be doing that much less work in the USA. It will have little effect worldwide.
Windfall Profits Tax = Even more cash for Congress to waste = Higher Gas prices for Americans
It's even worse. This is unlike a gas tax which goes back to the federal highways to maintain and improve our transportation infrastructure, (and need I mention that asphalt is oil? Think maintenance cost here.)
Instead this is a windfall profits tax that dumps money into the general fund to be spent however congress wants to spend it. Now how much would you pay? (answer: never ever enough)
Clearly someone has taken a 200 level economics course. That is when you learn corporations are tax collectors and not tax payers. The budget process each year includes a provision for income tax as a cost of doing business. Since all oil companies doing business in the U.S. will face the same increase in cost, there will be no problem passing the cost on to the customer.
You don’t understand. A windfall tax is about making the guy at the wrong end of the pump feel better. “Great” he’s expected to say, “sock it to those rich guys picking my pocket.” The fact that he pays more, not less, that the money is spent by the gov and does not end up in his 401k, mutual fund or pension, is never brought up in public. It’s class warfare and the only class that makes out are the politicos from the Left.
Two questions for the RATs in general and B-Hussein-O in particular:
1. You keep talking about “windfall profits”. Exactly how much profit constitutes a “windfall”??
2. You keep talking about tax cuts for the “middle class”. Exactly who makes up the middle class?? What are the wage parameters for lower, middle and upper class??
You got that right.
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