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Started By
Message
re: FedGov weighs 21% oil profit tax....to blunt inflation.
Posted on 6/14/22 at 3:28 pm to member12
Posted on 6/14/22 at 3:28 pm to member12
quote:
oil companies face federal taxes of as much as 42% on profits considered excessive
fricking ridiculous. Who gets to decide whose profit is "excessive" and whose isnt? I would consider Microsoft and Google and Facebook profits as excessive since they are sitting in the 30%+ profit margin area.
And hes over the finance committee? Good lord.
1
Posted on 6/14/22 at 3:29 pm to PaperTiger
That’s exactly what we need. The government decides what’s excessive when it comes to how much money we can make. It almost sounds socialistic although the money will be distributed outside of our country
This post was edited on 6/14/22 at 3:34 pm
Posted on 6/14/22 at 3:45 pm to doubleb
quote:
Why a 21% tax? Let’s really curb inflation, and start levying a 100% tax. That will show Exxon not to be greedy.
I wish the oil and gas companies would come out and threaten to cut production if that shite is enacted. frick those Assholes
Posted on 6/14/22 at 3:53 pm to member12
This administration is like letting the perverts run the porn shop.
Posted on 6/14/22 at 3:58 pm to TJG210
Oil companies need to open the spigot
=
We need to raise taxes on oil companies!
Since when does higher tax spur investment in additional supply?
I don’t think politicians are that dumb, they just think you’re dumb enough to believe it.
=
We need to raise taxes on oil companies!
Since when does higher tax spur investment in additional supply?
I don’t think politicians are that dumb, they just think you’re dumb enough to believe it.
Posted on 6/14/22 at 4:12 pm to Klark Kent
quote:
the only positive i can find with this potential tax is that we would almost overnight be free of Oweo from the OT.
quote:
Want to make a bet? If gas hits $6 in either Louisiana or Alabama I will stop posting for good.
If the mods allow him to post after that ban bet, they better at the very least put him on a word limit. Because given oweos shameful history of failing to honor ban bets we have to get something out of it.
Posted on 6/14/22 at 4:27 pm to tigerpimpbot
This would be comical if it weren't sad and so dishonest. What's most jarring about it all is what they won't say...OIL COMPANIES DO NOT SET THE PRICE OF OIL. Oil is a commodity and the companies that pull it out of the ground are price takers, not price makers.
So what we have is an administration that has implemented such terrible policy that signaled to the market they were hostile, and reduced supply, that drove prices significantly higher, which lead to the industry they hate more than anything making massive profits
So now they've going be dishonest about how it all works and the impact of their policies, vilify the industry further, and hope no one calls them on their bullshite.
And then at the same time Biden will be going to our enemies asking them to pump more oil because it's politically damaging for him to do it here (so at the end of the day worse for the earth because it's dirty production and it still needs to be shipped over here).
Un. fricking. Real.
So what we have is an administration that has implemented such terrible policy that signaled to the market they were hostile, and reduced supply, that drove prices significantly higher, which lead to the industry they hate more than anything making massive profits
So now they've going be dishonest about how it all works and the impact of their policies, vilify the industry further, and hope no one calls them on their bullshite.
And then at the same time Biden will be going to our enemies asking them to pump more oil because it's politically damaging for him to do it here (so at the end of the day worse for the earth because it's dirty production and it still needs to be shipped over here).
Un. fricking. Real.
This post was edited on 6/14/22 at 4:32 pm
Posted on 6/14/22 at 4:43 pm to member12
I’m usually one of the first ones pointing that while politicians do impact the price of oil, the impact is not nearly as big as people think.
And I’m here to say that this is the most asinine fricking idea of “energy policy” that I’ve seen in years. If passed, this would 100% become the most detrimental single thing the federal government has done to the US oil & gas industry in decades. It’s so obviously stupid that I am honestly shocked anyone would even seriously propose it.
Investors are already wary of companies over-spending in this bubble. Trying to force them to spend their way down to 10% profit is just going to cause pain - either the companies stay the course and take a huge margin hit, or they spend the money and become riskier investments. Either way, investors likely flee.
This would be a huge gift to OPEC.
And I’m here to say that this is the most asinine fricking idea of “energy policy” that I’ve seen in years. If passed, this would 100% become the most detrimental single thing the federal government has done to the US oil & gas industry in decades. It’s so obviously stupid that I am honestly shocked anyone would even seriously propose it.
Investors are already wary of companies over-spending in this bubble. Trying to force them to spend their way down to 10% profit is just going to cause pain - either the companies stay the course and take a huge margin hit, or they spend the money and become riskier investments. Either way, investors likely flee.
This would be a huge gift to OPEC.
This post was edited on 6/14/22 at 4:45 pm
Posted on 6/14/22 at 4:46 pm to Scruffy
quote:
I have an honest question for our resident OT Democrats. This isn’t a troll. I honestly want to hear your thoughts. What I want y’all to help me understand is how this tax on oil profits will bring down inflation. Walk me through the thought process that leads to this tax bringing down inflation.
quote:
Not a single progressive (The Spleen, mmmmbeer, OweO, HHTM, etc.) will enter this thread to answer your question.
They voted for this.
I posted that question just over an hour and a half ago. So far, nothing. That’s sucks. I really want them to help me wrap my mind around how anyone with anything resembling common sense and a grasp of the most basic concepts of economics would conclude that raising taxes on oil companies would somehow lower inflation.
I know it won’t work. I know it will do the opposite. I know it’s tantamount to throwing gas on a burning house in an effort to put out the fire.
I just want to hear them lay out their case. I want to see what passes for logic in their addled minds.
Posted on 6/14/22 at 4:51 pm to member12
quote:
Exxon made more money than God last year,” Biden said.
Guess Exxon will make more money than Exxon this year.
Posted on 6/14/22 at 4:51 pm to Chucktown_Badger
I agree. It is a commodity but as supply and demand goes so does the commodity price. A swing in one and not the other will effect the commodity price but typically oil companies are the second cousins to actual oil prices, but the majority of the populace don’t see that. The president vilified exxon for making profits off of the conditions he created. Apple, TSLA, and most of the medical industry have higher profit margins than big oil. Their answer is to go to the first trillion dollar company in saudi aramco and make them…… richer? Fukin assholes
Posted on 6/14/22 at 4:52 pm to Darth_Vader
quote:
I really want them to help me wrap my mind around how anyone with anything resembling common sense and a grasp of the most basic concepts of economics would conclude that raising taxes on oil companies would somehow lower inflation.
IDK who could defend that.
Posted on 6/14/22 at 5:52 pm to member12
I thought the price of gas was excluded from inflation numbers that are reported… if that’s so, wrong dog wrong tree
Posted on 6/14/22 at 5:53 pm to member12
quote:
The proposal by Senator Ron Wyden, an Oregon Democrat
Tax Portland an extra 21% first for 6 months and see how they like it.
Posted on 6/14/22 at 6:04 pm to LSUintheNW
quote:
Tax Portland an extra 21% first for 6 months and see how they like it.
They'll accept it and brag about it to their friends.
Posted on 6/14/22 at 6:05 pm to TDsngumbo
quote:
Why are Democrats so stupid? It's like they all slept through economics class.
They aren't stupid at all, they're doing this shite on purpose. They want gas prices high so it helps convince people to buy into their Green New Deal.
Posted on 6/14/22 at 6:09 pm to TDsngumbo
quote:
Why are Democrats so stupid? It's like they all slept through economics class.
They're not. You have to understand the democrat voting base is now two classes of people:
1. Wealthy technocrats that will never feel the pains of inflation or a bear market.
2. Government leeches that will never feel the pains of inflation or a bear market, because their SNAP benefits just got bumped 25% to cover inflation.
This post was edited on 6/14/22 at 6:10 pm
Posted on 6/14/22 at 6:10 pm to member12
Since when is it ok for the federal government to decide that an industry is making too much profit and confiscate some of it? How stupid can a political party get?
Posted on 6/14/22 at 6:13 pm to cbree88
Extremely stupid or in space balls terms ludicrous stupid
Posted on 6/14/22 at 6:14 pm to member12
Dems aren’t going to do this. Matthew Yglesias had a column on it yesterday. His point was that a windfalls tax would suppress production and make the shortages even worse, thus hurting his boy Biden.
Yglessias went on to propose a poorly thought out windfalls tax that only applied to some O&G income, but not to the incremental profit. He thinks this would not deter investment because new investment yields incremental profit. This is the kind of wonkish plans that arrogant leftists cook up and ends up biting them, and us, because of the unforeseen consequences. Anyway, good luck getting Joe Manchin to vote for that.
Yglessias went on to propose a poorly thought out windfalls tax that only applied to some O&G income, but not to the incremental profit. He thinks this would not deter investment because new investment yields incremental profit. This is the kind of wonkish plans that arrogant leftists cook up and ends up biting them, and us, because of the unforeseen consequences. Anyway, good luck getting Joe Manchin to vote for that.
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