Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

Skip to comments.

Obama's WPT Based Upon Production Not Profits
PDOP ^ | 08/05/2008 | Jarid Brown

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 ...


TOPICS: Business/Economy; Government; Military/Veterans; Politics
KEYWORDS: economicpolicy; energy; energyprices; mccain; obama; oil; windfallprofitstax

1 posted on 08/05/2008 9:42:36 AM PDT by Jabrown
[ Post Reply | Private Reply | View Replies]

To: Jabrown

Those who do not learn from history are doomed to repeat it.


2 posted on 08/05/2008 9:48:46 AM PDT by scooter2 (The greatest threat to the security of the United States is the Democratic Party.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jabrown
of the combined $120 Billion net profit of the big 5 in 2007
3 posted on 08/05/2008 9:54:34 AM PDT by edzo4
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jabrown
of the combined $120 Billion net profit of the big 5 in 2007

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?

4 posted on 08/05/2008 9:54:59 AM PDT by edzo4
[ Post Reply | Private Reply | To 1 | View Replies]

To: scooter2

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?


5 posted on 08/05/2008 9:55:14 AM PDT by Dilbert San Diego
[ Post Reply | Private Reply | To 2 | View Replies]

To: Jabrown

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.


6 posted on 08/05/2008 10:11:44 AM PDT by ncfool (Barack show us the birth certificate. Obama the Manchurian Candidate .)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jabrown

7 posted on 08/05/2008 10:19:43 AM PDT by End_Clintonism_Now (Hitler: "Into The Truck!"..... Obama: "Under The Bus!")
[ Post Reply | Private Reply | To 1 | View Replies]

To: Dilbert San Diego

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.


8 posted on 08/05/2008 10:29:39 AM PDT by massgopguy (I owe everything to George Bailey)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Dilbert San Diego

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.


9 posted on 08/05/2008 10:29:39 AM PDT by massgopguy (I owe everything to George Bailey)
[ Post Reply | Private Reply | To 5 | View Replies]

To: Jabrown

He lied . He said it was $1000.


10 posted on 08/05/2008 11:31:05 AM PDT by PghBaldy (Obama is hiding something about his birth, parents or name- but what?)
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jabrown

Why not just oulaw oil companies? Or would that leave him with less money to spend?


11 posted on 08/05/2008 11:34:02 AM PDT by Dog Gone
[ Post Reply | Private Reply | To 1 | View Replies]

To: Jabrown
Obama's plan would tax each barrel of oil that is produced, ...

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?

12 posted on 08/05/2008 11:41:51 AM PDT by TigersEye (Berlin '36 ... Olympics for murdering regimes. ... Beijing '08)
[ Post Reply | Private Reply | To 1 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Bloggers & Personal
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson