Obama taxing oil companies

[MtnBiker]

So, when gasoline reach 4 dollars a gallon on a national average, will Obama impose a windfall profits tax on oil companies? He made such a claim when he was candidate Obama.


Democratic presidential candidate Barack Obama said on Monday he would impose a windfall profits tax on U.S. oil companies as he sought political gain from Americans' pain over high gasoline prices.Launching a two-week focus on the economy after clinching the Democratic presidential nomination, Obama drew a sharp contrast between his economic policies and those of John McCain, his Republican rival in the November election.
"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.

http://www.reuters.com/article/2008/06/09/us-usa-politics-obama-idUSWAT00963020080609

Does he know that it actually the congress that imposes tax?

[SassyLady]

So, when gasoline reach 4 dollars a gallon on a national average, will Obama impose a windfall profits tax on oil companies? He made such a claim when he was candidate Obama.



http://www.reuters.com/article/2008/06/09/us-usa-politics-obama-idUSWAT00963020080609

Does he know that it actually the congress that imposes tax?

I don't think he cares whether he has the power to do this....after all, he's done things without Congress in the past.

[LuvRPgrl]

So, when gasoline reach 4 dollars a gallon on a national average, will Obama impose a windfall profits tax on oil companies? He made such a claim when he was candidate Obama.



http://www.reuters.com/article/2008/06/09/us-usa-politics-obama-idUSWAT00963020080609

Does he know that it actually the congress that imposes tax?

I heard him in a speech this morning and he said the high cost of gas is a product of the tax breaks the oil companies are getting and he is going to close the loopholes and end the tax breaks for the oil companies.

SO WHEN DOES INCREASING COSTS TO A COMPANY CAUSE THE PRICES OF ITS PRODUCT TO GO DOWN?

NO WONDER our economy is in such a mess with leadership thinking like that, of course
thats the same kind of logic you have to use to arrive at almost any posistion that liberals support

[logroller]

I heard him in a speech this morning and he said the high cost of gas is a product of the tax breaks the oil companies are getting and he is going to close the loopholes and end the tax breaks for the oil companies.

SO WHEN DOES INCREASING COSTS TO A COMPANY CAUSE THE PRICES OF ITS PRODUCT TO GO DOWN?

NO WONDER our economy is in such a mess with leadership thinking like that, of course
thats the same kind of logic you have to use to arrive at almost any posistion that liberals support

Well, yea, but that's not really what's going on here...cause its not as though lowering the effective tax on oil companies would bring down price. Say the companies could sell less oil and make just as much profit,they would. Being taxed on the profit plays no part in price setting.

The high cost of gas is due to a lot of things, most revolve around the fact oil is an exhaustible product and there's a strategic interest in conserving it. But people don't want to hear that, they want to hear drill more or tax the rich. :dunno:

[LuvRPgrl]

Well, yea, but that's not really what's going on here...cause its not as though lowering the effective tax on oil companies would bring down price. Say the companies could sell less oil and make just as much profit,they would. Being taxed on the profit plays no part in price setting.

The high cost of gas is due to a lot of things, most revolve around the fact oil is an exhaustible product and there's a strategic interest in conserving it. But people don't want to hear that, they want to hear drill more or tax the rich. :dunno:

well, ;yea, of course the price of oil has lots of complexities to it, but just in and of itself, raising taxes on a product would never lower the price, its just counter intuitive,

and as for joe citizen, and how they perceive things in a simpleton way, telling them; raising the taxes on the oil companies is going to lower the price, what sense does that make?