Page 2 of 15 FirstFirst 123412 ... LastLast
Results 11 to 20 of 143

Thread: Democrats propose further tax hike on offshore oil

  1. #11
    Guru
    Crunch's Avatar
    Join Date
    Mar 2009
    Last Seen
    12-21-10 @ 05:24 PM
    Gender
    Lean
    Conservative
    Posts
    4,063

    Re: Democrats propose further tax hike on offshore oil

    Of course the next argument we will hear from the libs is, the Oil Companies make too much money and don't pay enough taxes..... so I thought I'd nip that right in the bud.

    Before rushing to create a new federal tax, lawmakers should ask two questions:

    (1) Do oil companies currently pay too little in taxes compared to profits?
    (2) What was the effect of the last windfall profits tax enacted in 1980?

    The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.

    These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.

    The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1
    The Tax Foundation - Oil Company Profits and Tax Collections: Does the U.S. Need a New Windfall Profits Tax?
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

  2. #12
    Advisor
    Join Date
    May 2010
    Last Seen
    10-28-17 @ 10:53 PM
    Gender
    Lean
    Other
    Posts
    488

    Re: Democrats propose further tax hike on offshore oil

    Macro-economic mental midgets, libs.

  3. #13
    Banned
    Join Date
    Dec 2009
    Location
    virginia
    Last Seen
    04-01-13 @ 03:46 PM
    Gender
    Lean
    Private
    Posts
    16,881
    Blog Entries
    19

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Moon View Post
    Exactly. The oil companies will pass any tax increase onto their customers, us. I wish more people understood that using taxes as a way to punish companies really doesn't work.
    Hey, let them tax the oil companies and I'll ride my bike more and save money. Hell, I'll even do the unmentionable by an American. I'll walk. **** the oil barons.

  4. #14
    Sage
    Dittohead not!'s Avatar
    Join Date
    Dec 2009
    Location
    The Golden State
    Last Seen
    Yesterday @ 08:40 PM
    Gender
    Lean
    Libertarian
    Posts
    41,596

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by webrockk View Post
    Macro-economic mental midgets, libs.
    "Lib" being a technical term for anyone who doesn't agree with your point of view.

    This tax amounts to about $4.50 per person per year. If it affects the price of gas at all, it will be less than a penny a gallon. It isn't a big deal.

    It isn't a big effing deal, not even in Biden's book.

    Of course, it's possible that the federal government will use it for other things once it is passed, but wouldn't it be a good idea to have a contingency fund, paid for by the oil companies, for just such a disaster as is happening now?

    or is it only "libs" who would like to see some preparation instead of waiting for disaster, then pointing fingers of blame and expecting the taxpayers to bail out the company that created the disaster through their own poor planning?
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

  5. #15
    Advisor
    Join Date
    May 2010
    Last Seen
    10-28-17 @ 10:53 PM
    Gender
    Lean
    Other
    Posts
    488

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Dittohead not! View Post
    "Lib" being a technical term for anyone who doesn't agree with your point of view.

    This tax amounts to about $4.50 per person per year. If it affects the price of gas at all, it will be less than a penny a gallon. It isn't a big deal.

    It isn't a big effing deal, not even in Biden's book.

    Of course, it's possible that the federal government will use it for other things once it is passed, but wouldn't it be a good idea to have a contingency fund, paid for by the oil companies, for just such a disaster as is happening now?

    or is it only "libs" who would like to see some preparation instead of waiting for disaster, then pointing fingers of blame and expecting the taxpayers to bail out the company that created the disaster through their own poor planning?
    Within the EPA, there is a "funded" emergency contigency plan for oil spill disasters. It was enacted in 1994. The good Rev has provided the particulars in another thread. No...this is simply an indirect tax that will find its way into the general fund and rerouted to some social program.

    On edit: I have no problem with a contingency fund mandated through government regulation and monetized by oil companies...the problem l have is government stewardship of it.
    Last edited by webrockk; 06-08-10 at 05:23 PM.

  6. #16
    Outer space potato man

    Join Date
    Feb 2010
    Last Seen
    12-16-17 @ 11:29 PM
    Gender
    Lean
    Undisclosed
    Posts
    51,849

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Moon View Post
    Exactly. The oil companies will pass any tax increase onto their customers, us. I wish more people understood that using taxes as a way to punish companies really doesn't work.
    The customer is the consumer. We're not blameless in this energy situation, you know.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

  7. #17
    Guru
    Crunch's Avatar
    Join Date
    Mar 2009
    Last Seen
    12-21-10 @ 05:24 PM
    Gender
    Lean
    Conservative
    Posts
    4,063

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Deuce View Post
    The customer is the consumer. We're not blameless in this energy situation, you know.
    Did you **** up the oil platform?..... I know I am totally blameless, but you seem to have a guilty conscience.
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

  8. #18
    Outer space potato man

    Join Date
    Feb 2010
    Last Seen
    12-16-17 @ 11:29 PM
    Gender
    Lean
    Undisclosed
    Posts
    51,849

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Crunch View Post
    Did you **** up the oil platform?..... I know I am totally blameless, but you seem to have a guilty conscience.
    Reread my post. You may notice I didn't mention the oil platform.
    Last edited by Deuce; 06-08-10 at 06:26 PM.
    He touched her over her bra and underpants, she says, and guided her hand to touch him over his underwear
    Quote Originally Posted by Lutherf View Post
    We’ll say what? Something like “nothing happened” ... Yeah, we might say something like that.

  9. #19
    Guru
    Crunch's Avatar
    Join Date
    Mar 2009
    Last Seen
    12-21-10 @ 05:24 PM
    Gender
    Lean
    Conservative
    Posts
    4,063

    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Deuce View Post
    Reread my post. You may notice I didn't mention the oil platform.
    So what are you feeling guilty about?
    There is no such thing as a “Natural Born Dual-Citizen“.

    Originally Posted by PogueMoran
    I didnt have to read the article to tell you that you cant read.

  10. #20
    Pragmatic Idealist
    upsideguy's Avatar
    Join Date
    Nov 2009
    Location
    Rocky Mtn. High
    Last Seen
    Today @ 01:54 AM
    Gender
    Lean
    Progressive
    Posts
    10,145

    Re: Democrats propose further tax hike on offshore oil

    Companies can not simply pass a tax along. The concept of incidence of tax is a fundamental concept of economics. Sometimes the taxes can be passed along 100%, sometimes the company eats 100% of the tax. Almost always the taxes are shared in same ratio reflective to the elasticity of the price of the underlying product. A tax can only be fully passed along when you have products with a high degree of price inelasticity, which so happens to be the case with gasoline.
    Last edited by upsideguy; 06-08-10 at 08:00 PM.

Page 2 of 15 FirstFirst 123412 ... LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •