Posted on 08/05/2008 9:42:35 AM PDT by Jabrown
Senator Obama continues to blame oil companies for the high price of oil as he continues to call for the imposition of a Windfall Profits Tax to redistribute oil company profits to American Workers.
Yesterday we examined the cost of Obama's radical new $500 per worker Energy Rebate proposal. The cost of the proposed rebates, to be paid through a Windfall Profits Tax on oil companies, would amount to $75 billion or about 62.5% of the combined $120 Billion net profit of the big 5 in 2007. Today, let's look at how Senator Obama's Windfall Profits Tax would be collected.
According to Obama's website...
(Excerpt) Read more at politicallydrunk.blogspot.com ...
Those who do not learn from history are doomed to repeat it.
if the oil companies made $120 billion in profit that means they paid approximately $360 billion in taxes, what did congress do with that money Mr obama?
I’m all for conservation and developing new energy technology, but, windfall profits taxes are not the way to accomplish anything. It’s feel good legislation that is intended to punish the oil companies.
And Obama wants to give $1,000 to families hard hit by high gas prices, out of the windfall? Does this remind anyone of McGovern in ‘72 wanting to give $1,000 tax rebates to everyone?
Does Obama want to re-distribute income?
As a small investor who has owned Exxon and now Exxon-Mobil stock since 1986 I am very concerned about the way the Democrats solution is to beat up the oil companies who are just one piece of the puzzle. Now my stock investment which pays me a good dividend is going to suffer from an idiot like Obama who changes his opinions faster then he changes socks.
Laura D’Andrea Tyson is Obama’s Economic Advisor. She is the Clinton EA who was the subject of Mrs. Tyson’s Fried Economics in national review back in 1993. Her plan was to tax employer contributions to 401k’s and retroactively tax them at 15% to make up for them NOT being taxed in the past.
Laura D’Andrea Tyson is Obama’s Economic Advisor. She is the Clinton EA who was the subject of Mrs. Tyson’s Fried Economics in national review back in 1993. Her plan was to tax employer contributions to 401k’s and retroactively tax them at 15% to make up for them NOT being taxed in the past.
He lied . He said it was $1000.
Why not just oulaw oil companies? Or would that leave him with less money to spend?
Produced where? I don't think the Feds have the authority to tax any oil produced outside the U.S. even if an American oil company produces it. (I could be wrong about that.) I certainly don't think the Feds have the authority to tax any foreign oil company producing oil on foreign land. The only result of this would be to end all domestic production if it makes oil significantly more costly to produce on U.S. soil. Am I wrong?
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