Congress Considers Windfall Tax On Oil Companies

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

Traveler wrote:

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

This is a correct post. Business do not pay taxes..........you IDIOTS pay the taxes..........through HIGHER PRICES (on everything you buy). Congress is playing a shell game with the fools in the public. The government makes MORE off each gallon of gasoline (via taxes) than do the oil companies. But you will NEVER heard a congressman SAY that, because they don't want anyone to know this. And they really do think that you are stupid, which most of you are.

As well, if you take the oil companies profits, they will just CUT PRODUCTION and then you will be lucky if you can even find a gallon of gasoline to buy (re: 1970's) And then you will have another Jimmy Carter, who told us not to turn on our Christmas lights, in order to "SAVE" on oil..........OMG what an idiot he is) and lines to get gasoline that go all the way around the block and just when you get to the pump, they tell you they are 'out of gasoline'. I have lived through this as an adult, and I can see this happening again if Obama is elected. He means to put the working class in a "world of hurt".

So.........go ahead and cut your throat with a dull butcher knife, if you must, you will regret the day that you let this bunch of Freeks in Congress get their hands in your pocketbook. They are goin to "rip you a new one" so to speak.

The oil companies are NOT the ones who should be being taxed with EXCESS profit tax. It is the BLOODSUCKING COMPANIES who are making BILLIONS in IRAQ and being paid by US TAXPAYERS!

An excess profits tax is a tax on any profit above a certain amount. A predominantly wartime fiscal instrument, the tax was designed primarily to capture wartime profits that exceeded normal peacetime profits....

http://en.wikipedia.org/wiki/Excess_profits_t...

Just Superb wrote:

The oil companies are NOT the ones who should be being taxed with EXCESS profit tax. It is the BLOODSUCKING COMPANIES who are making BILLIONS in IRAQ and being paid by US TAXPAYERS!
An excess profits tax is a tax on any profit above a certain amount. A predominantly wartime fiscal instrument, the tax was designed primarily to capture wartime profits that exceeded normal peacetime profits....
http://en.wikipedia.org/wiki/Excess_profits_t...

Just for future reference: Wikipedia is not a reliable source. It can be edited by anybody and their dog.

Traveler wrote:

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

All the Senators who are asking for this know that. They also know that the US oil company profits are appropriate. They are simply posturing for the ignorant.

The legislation was blocked by senate republicans.
Oilmen rule Washington.

Just Superb wrote:

The oil companies are NOT the ones who should be being taxed with EXCESS profit tax. It is the BLOODSUCKING COMPANIES who are making BILLIONS in IRAQ and being paid by US TAXPAYERS!
An excess profits tax is a tax on any profit above a certain amount. A predominantly wartime fiscal instrument, the tax was designed primarily to capture wartime profits that exceeded normal peacetime profits....
http://en.wikipedia.org/wiki/Excess_profits_t...

Whata joke, You and Chucky Shumer opening their collective mouths again, Doesn't know how to work, just tax the working man or woman. By the way Bunky, What is excess profit??? You are probably one who is against drilling our own oil.... Hope your bicycle tires are inflated...... By the way Bunky what kind of a profit does the company you work for make?? Huh???

Clearly, US oil corporations should help the fast deteriorating US economy with billions of dollars of their windfall profits.
However, this will not reduce oil price that is pushed by US dependency on its worst enemies.
There is no surprise that US economy is pushed ‘off the cliff’ by US Congress corrupt politicians that are getting millions of dollars from interest groups and lobbyists to keep US dependence on oil from its worst enemies. Congressmen like Hillary Clinton with Bill are collecting windfall of millions of dollars from Saudi Arabia and Dubai sheiks only to make sure that the American people will continue sending significant part of their paychecks to the radical Islamic sheiks of the Middle East including King Abdullah.
These US senators and representatives of the House are serving the selfish interests of environmental lunatic groups, socialists and America hater Marxist that seek the destruction of the capitalistic way of life in US. According to these Congressmen and Congresswomen, the best way to convert US to socialistic Stalinist country is to destroy the US corporations and small businesses first by running the oil price through the roof and make US automotive and transportations systems collapse.
Clearly, the worst thing that happened to America in the recent history is the rule of America hating US congressmen that force the American people to send their savings and paychecks to the worst enemies of America including Saudi-Arabia and its al Qaida Islamic terrorists, to Russia and Venezuela that support the Iranian nukes and dirty nuclear bombs against US and to oil rich countries like Qatar that finance Hamas and Hezbollah Islamic terrorists with Iran.
It is time for the American people to demand that each state like Alaska, Utah, North Dakota, Montana, Wyoming, Kansas, Colorado and others will be free to decide if they want to drill oil, oil shale, gas, coal, tar and convert it to low cost gasoline.
US oil-rich states should decide their own oil drilling policy and should never be dependent on lunatic congressmen that are ready to sacrifice the national security of 300,000,000 Americans only to protect the quality of life of 125 Caribou close to the North Pole in no man land.

How about windfall profits on oil traders? Take oil off the commodities trading market.

Jones wrote:

Clearly, US oil corporations should help the fast deteriorating US economy with billions of dollars of their windfall profits.
However, this will not reduce oil price that is pushed by US dependency on its worst enemies.
There is no surprise that US economy is pushed ‘off the cliff’ by US Congress corrupt politicians that are getting millions of dollars from interest groups and lobbyists to keep US dependence on oil from its worst enemies. Congressmen like Hillary Clinton with Bill are collecting windfall of millions of dollars from Saudi Arabia and Dubai sheiks only to make sure that the American people will continue sending significant part of their paychecks to the radical Islamic sheiks of the Middle East including King Abdullah.
These US senators and representatives of the House are serving the selfish interests of environmental lunatic groups, socialists and America hater Marxist that seek the destruction of the capitalistic way of life in US. According to these Congressmen and Congresswomen, the best way to convert US to socialistic Stalinist country is to destroy the US corporations and small businesses first by running the oil price through the roof and make US automotive and transportations systems collapse.
Clearly, the worst thing that happened to America in the recent history is the rule of America hating US congressmen that force the American people to send their savings and paychecks to the worst enemies of America including Saudi-Arabia and its al Qaida Islamic terrorists, to Russia and Venezuela that support the Iranian nukes and dirty nuclear bombs against US and to oil rich countries like Qatar that finance Hamas and Hezbollah Islamic terrorists with Iran.
It is time for the American people to demand that each state like Alaska, Utah, North Dakota, Montana, Wyoming, Kansas, Colorado and others will be free to decide if they want to drill oil, oil shale, gas, coal, tar and convert it to low cost gasoline.
US oil-rich states should decide their own oil drilling policy and should never be dependent on lunatic congressmen that are ready to sacrifice the national security of 300,000,000 Americans only to protect the quality of life of 125 Caribou close to the North Pole in no man land.

lunacy.

I think it mis about time for a revolution. Between the idiots in Washington, and The oil companies, were gonna be lucky if we are able to eat dog food by december.

The Republicans have BLOCKED this effort to help average Americans. Big surprise there.

---

McCain was heckled four times at his June 10th speech.

Why are people heckling McCain nearly everytime he gives a speech?

Well, not since George W. Bush's FATHER sent the ECONOMY IN TO THE TOILET have things been so bad! And attempts to improve the economy for average Americans face vetoes and veto threats from George W. Bush.

Bush-McCain-style “leadership” has given us gasoline at about $4.07 PER GALLON and eggs at $2.69/dozen, plus a huge increase in unemployment, the U.S. being caught up in TWO horrible wars, the stock market going "into the tank", and 900,000 homes in foreclosure right now.

(Meanwhile, sales of caviar and multi-million dollar yachts are better than ever!)

The Bush/McCain-style Republicans sent our troops to Iraq based on phony intelligence and without a good battle plan or even adequate armor for our tanks. Returning servicemen get substandard treatment at VA hospitals.

And McCain WANTS TO STAY IN IRAQ for years and years.

But if you ask Republicans, these things aren't really that important. They’ll tell you the real problem: it must be... wait for it... wait for it... gay people!(Or maybe the big issue is that someone you don’t know got an abortion.) They have even tried to CHEAPEN religion by using it for their own political purposes and their military agenda.

Let’s throw the do-nothing, incompetent, warmonger Republicans OUT in November.

No Copyright – OK to Repost Any or All

This bill would have DONE AWAY WITH BIG TAX BREAKS the oil companies have been receiving. It would NOT have “blocked extra taxes”.

The headline is totally inaccurate.

Mr.Jones told it like it is. The Congress put us in this mess because the Greens think they can kill America by not allowing the U.S. Companies to get oil here and make this Country independent of foreign oil.If this continues,they may get their wish.Problem is,we all go down the tubes.

Why can attorneys general go after gas station owners for gouging consumers at the pump - remember $4/gallon gas after 9/11 - but our government can't go after corporations for gouging the American public?

It's not just filling up your tank, people, that's on the rise. The high fuel prices are driving up the cost of food and other products.

The oil companies are single-handedly driving a wedge between Americans for whom high gas prices are a minor inconvenience and those who have to save every penny so they can drive to work AND pay the bills.

Let's look at it like this. If you're stuck in a low-paying job (let's say $10/hour) and you drive 20 miles one-way to work, you're spending about 10 percent ($8 out of $80) of your pre-tax wage on transportation. By the time you take out taxes and insurance, the percentage is likely 20 percent or more.

http://40-year-oldblog.blogspot.com/

Traveler wrote:

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

Agreed.

Give everyone the impression that the big boys are going to get it socked to them, but most average everyday dumbed-down Americans don't see the real ploy.

It's typical Washington, D.C. smoke and mirrors, and everybody buys it.

Your assessment is most correct, and it applies across the board for virtually =EVERY= business: Taxes are considered a valid cost of doing business, and as all businesses do, they pass those expenses onto the next person in the business pipeline.

In the end, it is the consumer of the product or service who PAYS =ALL= THE TAXES!

And then they have bloody nerve to tax our wages to boot, AND tax our property.

GOP CARCUS----- You need to study up on what is really going on and not depend on the Media or on the Democratic lying.Most of your post is off the page and lost in their rhetoric

Traveler wrote:

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

Reality 101.

The war in Iraq is costing us 3 Billion a week.

Traveler wrote:

Economics 101 - Businesses do NOT pay taxes. Any increase in taxes on a company are passes partially or in full to the comsumer. This is essentially a tax increase on the US consumer. The oil companies will continue to make their profits. The Congress is just trying to make themselves feel good. This will not do anything but raise fuel costs. Congress is a joke. No wonder their approval ratings are below the President's.

And why is it like that? Who makes that choice? The Business. It doesn't have to pass on to the consumer. They could just as easily give everyone on the board of directors a pay cut or accept a smaller profit margin (considering the oil companies are already seeing obscene profits). But will they do that? No. Because they are greedy and only care about getting more money.

There should be a tax increase coupled with a mandatory salary decrease for the members of the board of directors, especially CEOs. That way they won't be able to choose to pass the cost along to the consumers. The government will be telling them where they are going to pass the cost to.

Then, there should be price controls. To prevent them from undersupplying we should also have supply controls to make sure they supply enough for everyone who can affoard gas to buy it.

Vindictive taxes on oil companies aren't going to make them do anything but punish American consumers. It's ridiculous to think that taxing them will do anything but put them in a position where they pass that cost on to the American people. Worse, most of the big petroleum companies are foreign owned so they can just shift assets outside the country so that we lose availability to inventory and it just punishes our own oil companies making them infinitely less competitive, that is, if congress can impose such rules on foreign companies anyway. It's just propaganda for an inept congress.

As for the war, it was a mistake to initiate a war against Iraq (as opposed to Afghanistan, the Korea of our era) and we pursued reconstruction without the troops, equipment, or skill needed. But the situation is honestly improving (you just have to get past the journalists and to the soldiers) and if we pull out we will just be pouring money and men down the drain fighting the embittered people from Iraq who turn to terrorism in the years to come for revenge. Unfortunately that's our reality now. We're stuck with finishing the Iraq war and we have no choice but the stick out Afghanistan, which is actually far more violent and less stable these days. Bush's mantra of "fight them there so we don't have to here" has been made true by events and no amount of wishing will change that.