Our President rejects proposals for taxes on oil companies because he's probably making a good profit himself. Just what in the heck does his "inclination and instincts"(MSNBC, Bush rejects calls for tax on oil company profits, http://www.msnbc.msn.com/id/12532264/) do for us? A windfall tax would make oil companies lower gas prices in a heartbeat. I'd like to see people getting $400 million as part of a retirement package once a windfall tax is passed. Exxon Mobil's $8 billion profit in the first quarter is outrageous. Still Bush claims he doesn't have evidence of price gouging? Why would he reject the windfall profit tax if he isn't making a nice profit himself?
President Bush Rejecting Tax on Oil Company Profits
- Thread starter lahunter
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Caustic Burno
Well-known member
lahunter":2bmlqwi4 said:
The companies are not in business to supply you with cheap fuel but return to there shareholders just like Wal-Mart I think we call it free enterprise.
The American consumer thinks T-bones and hamburger is to high maybe the government should tax us for that its the same thing.
rk
Well-known member
What percentage of their sales is profits? With higher prices for crude (and domestic companies don't determine crude prices to any significant degree), at the same percentage profit margin, they'll make more money....they'll have to to stay in business. It may sound like a lot, but what is it from a margin perspective?
Also, you'd rather tax them and give that money to the government??? Do you believe the government will spend it wisely??? Or would you rather the oil companies have it to
re-invest in exploration, etc?
Also, you'd rather tax them and give that money to the government??? Do you believe the government will spend it wisely??? Or would you rather the oil companies have it to
re-invest in exploration, etc?
backhoeboogie
Well-known member
Oil companies are making something like 9 cents a gallon. Looking at those billions of profit, what is the government's take? They are making 5 times as much money. Your taxes are way more than 9 cents a gallon.
Do you vote? Are you a U.S. citizen? If so, YOUR government is taking 5 times the profit (or more depending on your state) than the oil conglomerates.
If you are so concerned with price gouging, why not sell your cows for 10 cents a pound so that hungry children can afford to be fed? Food is much more important than fuel. Kids gotta eat. You aren't going to be taking advantage of hungry kids are you? You are worse than the oil companies.
As for me, I guess I am greedy. My steers brought a buck thirty a pound average and I was tickled. I wasn't even considering hungry kids at that time.
Do you vote? Are you a U.S. citizen? If so, YOUR government is taking 5 times the profit (or more depending on your state) than the oil conglomerates.
If you are so concerned with price gouging, why not sell your cows for 10 cents a pound so that hungry children can afford to be fed? Food is much more important than fuel. Kids gotta eat. You aren't going to be taking advantage of hungry kids are you? You are worse than the oil companies.
As for me, I guess I am greedy. My steers brought a buck thirty a pound average and I was tickled. I wasn't even considering hungry kids at that time.
J
Well-known member
Your absolutely right backhoeboogie, the figure I heard was 9 cents profit for the oil companies and 50 cents a gallon is taxes.
This was an exchange on Your world with Neil Cavuto:
CAVUTO: Senator, do you know how much, out of curiosity, is built into a gallon of gasoline, the profits of the oil companies? Do you know what's the average?
DURBIN: Well, let me see. ExxonMobil, what did they make in three months? It was $10 billion, if I'm not mistaken, the largest corporate profits in the history of the United States.
CAVUTO: Maybe you could answer my question. It's about 9 cents. Do you know how much taxes are, Senator? About 50 cents.
Seems to me if durbin is right about that $10 billion made by ExxonMobil, what was brought in by the govt? The math ain't that hard to do on this one.... lets just say the oil company profits was 10 cents, just for mathmatical purposes, .......that means the govt. made 5 times that $10 billion... right? Is that $50 billion??????? Did I do that right?
YUP I double checked my math and thats right $50 billion. Now what?
This was an exchange on Your world with Neil Cavuto:
CAVUTO: Senator, do you know how much, out of curiosity, is built into a gallon of gasoline, the profits of the oil companies? Do you know what's the average?
DURBIN: Well, let me see. ExxonMobil, what did they make in three months? It was $10 billion, if I'm not mistaken, the largest corporate profits in the history of the United States.
CAVUTO: Maybe you could answer my question. It's about 9 cents. Do you know how much taxes are, Senator? About 50 cents.
Seems to me if durbin is right about that $10 billion made by ExxonMobil, what was brought in by the govt? The math ain't that hard to do on this one.... lets just say the oil company profits was 10 cents, just for mathmatical purposes, .......that means the govt. made 5 times that $10 billion... right? Is that $50 billion??????? Did I do that right?
YUP I double checked my math and thats right $50 billion. Now what?
From USATODAY:
"While drivers have been painfully paying up at the pump, oil companies have been racking up eye-popping profits.
Thursday, ExxonMobil (XOM) became the most stark example yet of how much big oil companies benefited from the huge run-up in oil prices during the third quarter even as two major hurricanes ripped through the industry's Gulf Coast infrastructure. Exxon reported:
• Net income up 75% to $9.92 billion. That is the most a U.S. company has earned from operations in a three-month period and greater than the annual gross domestic product of entire nations including Cameroon and Zimbabwe.
• Revenue up 32% to $100.7 billion. That is greater than the annual GDP of all but just 38 of the world's economies.
Exxon illustrates the energy's sector's tremendous profit amid record-high energy prices. The industry is on pace to earn $96 billion this year — more than what the USA's industrial and telecom companies will earn, combined, says Standard & Poor's based on members of the S&P 500 index."
"While drivers have been painfully paying up at the pump, oil companies have been racking up eye-popping profits.
Thursday, ExxonMobil (XOM) became the most stark example yet of how much big oil companies benefited from the huge run-up in oil prices during the third quarter even as two major hurricanes ripped through the industry's Gulf Coast infrastructure. Exxon reported:
• Net income up 75% to $9.92 billion. That is the most a U.S. company has earned from operations in a three-month period and greater than the annual gross domestic product of entire nations including Cameroon and Zimbabwe.
• Revenue up 32% to $100.7 billion. That is greater than the annual GDP of all but just 38 of the world's economies.
Exxon illustrates the energy's sector's tremendous profit amid record-high energy prices. The industry is on pace to earn $96 billion this year — more than what the USA's industrial and telecom companies will earn, combined, says Standard & Poor's based on members of the S&P 500 index."
Frankie":3j9muyyh said:
Revenue doesn;t really mean squat! It's the profit that is the important number. The yellow press bandys around the terms as if they're interchangable. Last time I checked they weren't
dun
backhoeboogie
Well-known member
Dun,
You are right again. All kind of revenue can be generated without any profit. Fact is, revenue can be generated and companies go bankrupt, happens all the time.
You are right again. All kind of revenue can be generated without any profit. Fact is, revenue can be generated and companies go bankrupt, happens all the time.
Tod Dague
Well-known member
So lets say you have corn. You've been doing ok most years but this year there is a shortage in corn do to a sudden increased demand all over the world and many areas hit by drought. The price of corn more than doubles in a short time. Should the Gov create another tax just for the corn farmers insuring that you never have a good year like this one again? How exactly does that lower the price of corn? Does that in-courage you to buy new more efficient equipment or look into way to increase your yield knowing that when ever you increase your return you may be penalized?
And don't tell me that the Gov. is going to return those windfall taxes to the man buying at the pump. If that were the case they would lower the taxes at the pump.
And don't tell me that the Gov. is going to return those windfall taxes to the man buying at the pump. If that were the case they would lower the taxes at the pump.
VanC
Well-known member
Tod Dague":3lwgtnr6 said:
BINGO!!
Oldtimer
Well-known member
Must not be much profit in the oil business- Exxon could only afford a $400 million retirement package for its retiring CEO ;-)
Caustic Burno
Well-known member
I say keep making profit I love my 30 % return on capital invested over the last 3 years. I dang sure aint spending anywhere close to that for fuel.
Tod Dague
Well-known member
Exactly!Caustic Burno":2pha1ksi said:
Instead of every gripping about the prices of gas they should climb on board and invest. The price doesn't hurt as much when you have a vested interest.
