U.S. Senate finance chair to propose tax on excess oil profits (Wyden)

Reuters ^ | 6-14-22 | David Shepardson

[dynachrome]

Capitalist pigs against the wall! Proletariat arise!

[frogjerk]

How does a tax bill originate in the Senate?

[kiryandil]

Bob's Little Oil & Submarine Sandwich Company wouldn't have these problems.

Of course, Bob wouldn't have any oil, either...

[kiryandil]

Bob's Little Oil & Submarine Sandwich Company wouldn't have these problems.

Of course, Bob wouldn't have any oil, either...

[Cboldt]

There’s too much oil, tax it so it will go away!

[E. Pluribus Unum]

Punish the innocent.

Reward the guilty.

It’s the Democrat/Communist way.

[frogjerk]

What is an excess profit? Whatever our overlords say it is. Wecome to Communism.

[JoSixChip]

That’s what we need, gas supply shortages. The longer you wait in line for gas, the less driving you will do.

[HighSierra5]

These assholes shouldn’t be in charge of a popsicle stand.

[ConservativeInPA]

Just another commie proposal.

[llevrok]

So if an oil company has earnings LESS than what is considered “acceptable”, will the oil company get a tax credit?

[The Iceman Cometh]

I’m sure that tax won’t get passed right along to the consumer. /sarc

[Cboldt]

-- How does a tax bill originate in the Senate? --

By gutting a House bill and substituting senate language to raise revenue. As a matter of law this is a house-originated proposal. Keep in mind that it is Congress and the courts who decide what the law is. Simply deem it a house bill, and legal fiction does its magic.

[DesertRhino]

How original. Mass inflation drives costs up, Democrats call that profit making, and raise taxes ensuring that prices rise even higher. Time to get another sack of rice.

[dynachrome]

Yup. I’m thinking this may be money that would have gone to drilling more and exploration, but that is not allowed. JoJo the circus boy is going to the saudis to beg them for more oil.

[plain talk]

Just corporation and rich bashing nonsense to distract the sheeple while Biden goes begging for oil from the Saudis.

[caver]

Is this jackass going to impose a tax on pharmaceutical excess profits?

[glorgau]

Simple response is that the oil company accountants will ensure there is never more than a 10% profit.

[fhayek]

Why not just nationalize the petroleum industry? Then you can have ALL the profits.

By the way, that's what oil-rich Venezuela did. Idiots ended up having to import gasoline.

[snakechopper]

When you tax something you get less of it. It’s unlikely this goes anywhere, but if it does, gas and diesel prices will go up.