[KingKenrod]

We believe that there should be a windfall profits tax. See I personally think it's not right that Exxon makes $40 billion a year net profit and we give them subsidies."

Personally I think Harry is disappointed that Exxon makes $40 billion and doesn't get his cut. Those subsidies are for oil exploration and developing alternative energy sources, so eliminating the subsidies would produce less of what Reid wants.

[defenderSD]

"Windfall profits" taxes are insanity. That kind of tax is a harmful intervention into the free enterprise system that would discourage domestic oil production and lead to even more imported oil. So a "winfall profits" tax would generate the opposite results from what Reid says he wants and lead to greater dependence on foreign oil. That's exactly what happened in the 1970s under Carter's windfall profits tax.

I'll tell you what I think is wrong Harry: the federal Dept. of Education has a massive multi-billion dollar budget and yet it produces almost nothing of any value. Reid also forgot to mention that Exxon-Mobil is the biggest oil company in the world with revenues that will approach $400 billion this year, so their next profit margin is only going to be about 10%. IIRC, that's way below the net profit margin of Microsoft and many other US companies.

[LauraleeBraswell]

Harry is already getting his cut. Go to Edgar online and look at Exxons cash flow statement and see. For the nine months ended September 30th 2006. Exxon made $41.7 billion pre tax of which it paid $16.3 billion in income tax. Less than $5 billion went to the stockholder in the form of dividends less than a third of the governments cut. And good percentage of the dividends went to municipal pension funds which are a major shareholder group. Other shareholders include 401K plans and private pension plans, all of whoses distributions are subject to additional income tax. In addition to the $16.3 billion in income taxes, Exxon also paid $22.9 billion in excise taxes and $31.5 billion in other taxes and duties. By the way, about 70% of EXXONs income in made overseas. A windfall profits tax will only incentive foreign countries to institute their own and reduce what Exxon gives to the US.