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Biden Ally Floats 21% Surtax on Oil Profits ... to Blunt Inflation
Posted on 6/14/22 at 1:25 pm
Posted on 6/14/22 at 1:25 pm
No danger of this BS passing, but good Lord these people are friggin IDIOTS!
quote:
Biden Ally Floats 21% Surtax on Oil Profits to Blunt Inflation
By Nancy Cook and Laura Davison
June 14, 2022
• White House weighs oil profit tax but wary of supply impact
• Oregon senator’s proposal faces likely united GOP opposition
Oil companies that record a profit margin better than 10% would face a new federal surtax under a plan developed by a key senator, as Democrats and the White House struggle to curb US energy costs and broader inflation.
The proposal by Senator Ron Wyden, an Oregon Democrat who chairs the tax-writing Finance Committee, would mean oil companies face federal taxes of as much as 42% on profits considered excessive -- the 21% US corporate tax plus a new 21% surtax, according to two people briefed on the proposal.
LINK
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Posted on 6/14/22 at 1:27 pm to NC_Tigah
quote:
oil companies face federal taxes of as much as 42% on profits considered excessive
Considered excessive by who?
Posted on 6/14/22 at 1:28 pm to NC_Tigah
It's like none of them passed high school economics.
Posted on 6/14/22 at 1:28 pm to NC_Tigah
quote:
Oil companies that record a profit margin better than 10% would face a new federal surtax under a plan developed by a key senator, as Democrats and the White House struggle to curb US energy costs and broader inflation.
This is stupid. Why the hell would they even bother doing anything at all if they couldn't make 10% or more?
Posted on 6/14/22 at 1:28 pm to NC_Tigah
that'll get the prices down. I swear my kids 2nd grade class could come up with better options than these dolts.
Posted on 6/14/22 at 1:28 pm to NC_Tigah
Dims are dumber than a bag of rocks.
Posted on 6/14/22 at 1:29 pm to NC_Tigah
how exactly do increased corporate taxes blunt inflation. Explain it to me like I'm a small child, or a golden retriever.
Posted on 6/14/22 at 1:29 pm to NC_Tigah
WFP Tax talk everywhere in the media today.
Posted on 6/14/22 at 1:30 pm to NC_Tigah
That reads counter intuitive on the face of it. The only possible explanation is they are banking on the price going so high that the demand is less. That's all I got.
Posted on 6/14/22 at 1:30 pm to NC_Tigah
These are the same people that tell Cabinet makers how to build them because they studied Cabinetry in school but have never built one.
Posted on 6/14/22 at 1:31 pm to jamboybarry
quote:
Considered excessive by who?
exactly, most business get 33% markups and profits from the things they sell.
IIRC the last number i saw on oil companies was around 6-9% profit which is the lowest profit margin of any company in america, or for the rest of the world for that matter
Posted on 6/14/22 at 1:35 pm to NC_Tigah
quote:
Oil companies that record a profit margin better than 10% would face a new federal surtax under a plan developed by a key senator, as Democrats
Why stop there. Next do Tech Companies, and then Pharma companies. I doubt that suggestion will be looked at by the same Senator.
This post was edited on 6/14/22 at 1:38 pm
Posted on 6/14/22 at 1:36 pm to NC_Tigah
If you’re a freaking idiot.
Posted on 6/14/22 at 1:37 pm to NC_Tigah
As one oil executive stated, match oil profits margins against tech margins and see the disparity. I’m not saying to do tech instead but we could live better without them altogether
Posted on 6/14/22 at 1:37 pm to NC_Tigah
When folks say Biden is to blame for high gasoline prices, this is what they're talking about.
A political environment that is unfriendly to a particular sector will see that sector decline. Period.
Why risk any sort of shareholder money if you're going to be treated this way? Pay dividends. Pay big bonuses, write everything off as possible as losses and hunker down.
Expanding refinery capacity? frick all that in this environment. Increase production? Just enough to keep from drowning.
A political environment that is unfriendly to a particular sector will see that sector decline. Period.
Why risk any sort of shareholder money if you're going to be treated this way? Pay dividends. Pay big bonuses, write everything off as possible as losses and hunker down.
Expanding refinery capacity? frick all that in this environment. Increase production? Just enough to keep from drowning.
Posted on 6/14/22 at 1:37 pm to NC_Tigah
To blunt inflation, they need to send SEAL teams into the Fed buildings and do major demo.
This post was edited on 6/14/22 at 1:38 pm
Posted on 6/14/22 at 1:48 pm to NC_Tigah
10% is a pretty stout profit number. How often do they think these companies are bringing in big profit margins over 10%? Here is ExxonMobile over the last 5 years:
2017 - 7.6%
2018 - 10.7%
2019 - 7.6%
2020 - Loss (Covid Year)
2021 - 10.9%
This is all stupid. Do they really think that if they are looking at being over the 10% they won't just make the 10%? Come on. What a waste of time and shows they really have no idea what to do.
And what would they do with that extra 21%? Interest rates going up. Even if they did the responsible thing and paid it on the debt, it would most likely just go towards interest and would not help inflation in any way. It's all really ridiculous.
2017 - 7.6%
2018 - 10.7%
2019 - 7.6%
2020 - Loss (Covid Year)
2021 - 10.9%
This is all stupid. Do they really think that if they are looking at being over the 10% they won't just make the 10%? Come on. What a waste of time and shows they really have no idea what to do.
And what would they do with that extra 21%? Interest rates going up. Even if they did the responsible thing and paid it on the debt, it would most likely just go towards interest and would not help inflation in any way. It's all really ridiculous.
Posted on 6/14/22 at 2:00 pm to NC_Tigah
quote:
Senator Ron Wyden
is a throbbing, AIDS-infected penis
Posted on 6/14/22 at 2:14 pm to NC_Tigah
So oil and gas companies don’t invest enough and then you want to tax them even more?
These libs man…
These libs man…
Posted on 6/14/22 at 2:20 pm to NC_Tigah
quote:
Biden Ally Floats 21% Surtax on Oil Profits ... to Blunt Inflation
I'm going to lick this uranium to cure my cancer.
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