Posted on 12/03/2008 2:53:42 PM PST by NRG1973
President-elect Barack Obama is not planning to implement a windfall profit tax on oil companies because prices have dropped below $80 a barrel, an aide said on Tuesday.
"President-elect Obama announced the policy during the campaign because oil prices were above $80 per barrel," an aide on Obama's transition team said. "They are currently below that now and expected to stay below that."
Oil prices have fallen from a record $147 a barrel in July to under $50 this week.
Obama, who signaled early in his campaign for the White House that he would take an active approach to oil markets as president, had planned to use the revenue from a windfall profits tax to fund a tax rebate for low- and middle-income families struggling with high energy prices.
(Excerpt) Read more at reuters.com ...
“If oil prices continue to decline, there may not be any windfall profits to tax.”
Then...we will have to BAIL THEM OUT...
Is it too late for a recall? How about if it's deemed he's not a Natural Born Citizen -- can he be recalled then??
Does any idiot in Washington or the states for that matter, realize that taxes get passed on to the customer?
And I suppose we ae supposed to feel grateful?
EFF YOU OBAMA!
America deserves NO NEW TAXES!
Stuff it Obama, you Commie maggot!
Wind Fall indeed.Since when does HE decide what is profit and what is too much profit? Its none of his bloody business.
Stinkin' Commie
There were plenty of taxes already on the recent profits.
“Does any idiot in Washington or the states for that matter, realize that taxes get passed on to the customer?”
Actually, I think that is a myth. It really isn’t possible to pass on costs, since raising prices results in a decrease in demand. Asw I understand it, businesses pass increased costs back to the origin of production. That is, they produce less, which makes our economy less efficient.
If the oil companies deserved blame back when prices were high, shouldn’t we be thanking them now? Instead of a windfall profits tax, Obama should sign an executive order thanking them for their patriotism.
In the second place, a show of hands please of how many people believe anything Barry says....
Hmmmm. I thought so.
Please help me to understand something about that graph. How is that Exxon paid more in taxes than they made in profits? Is the cost of leasing and royalties included as taxes?
He doesn’t have to do anything and he can say all he wants about taxes. Its pelosi and stinky reid we have to worry about. I’m sure Obama will sign anything they get to him to put his sig on.
You’re confusing profits with revenue. In layman’s terms, think of it as a pie. The whole pie is total revenue. Each slice is an expense of some sort. That big slice that your fat cousin ate at the Thanksgiving dinner is what they pay in taxes. That little sliver that your aunt who’s always on a diet asks for is the profit, at least in Obama’s economy.
“Please help me to understand something about that graph. How is that Exxon paid more in taxes than they made in profits?”
Those are probably after-tax profits. Oil companies (just like you) pay many taxes that are not taxes on income. You may be in the 36% tax bracket for Federal taxes, but if you add up all the taxes you pay (property, sales, gasoline, mass transit, environmental, state, capital gains etc.), you may be paying over 50% of your income in taxes.
If you look at your household as a business, your costs of living, eating, shelter, transportation, insurance and so on are not profit. Profit is what’s left over after all expenses. So, you pay taxes, and yet often have less money at the end of a year. You made no profit, you took a loss for the year, and you also paid taxes.
Just remember, to a socialist:
Money is evil.
Success must be punished because it’s only possible through exploitation.
Since the US Public knows what $4 gas (at least) is like, it’s more likely we’ll see it again, not because of a rise in oil, but of a new tax that makes up the difference.
When he breaks bad promises, I will not complain.
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