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Leave it to a liberal to call a tax break a subsidy.
WASHINGTON – President Barack Obama says oil companies are profiting from rising pump prices and he wants Congress to end $4 billion in annual tax breaks for the oil and gas industry.
"These tax giveaways aren't right," Obama said in his weekly radio and Internet address Saturday. "They aren't smart. And we need to end them."
Drivers in 22 states are paying more than the national average of $3.91 per gallon. In Alaska, California and Connecticut, it's $4.20 or more.
The price jump has slowed economic growth and hurt Obama's public approval ratings.
Exxon Mobil Corp. this week reported nearly $11 billion in profits for the first quarter of this year. Compe ors also had huge gains.
http://news.yahoo.com/s/ap/us_obama
Leave it to a liberal to call a tax break a subsidy.
Going up...
Gas economics for Democrats:
Start needless war for oil...pay for war by printing billions of dollars and putting the rest on the world's credit card, including our own kids....
Value of dollars go way down because too many dollars...price of barrel of oil go way up because greedy Arabs want return for useless investment in US securities to finance war.....so, price of barrel of oil go way up...price of gas go way, way up...
http://spurstalk.com/forums/showpost.php?p=2315277&postcount=198
a tax break is a TAX EXPENDITURE, of which there are $1.1T every year.
"Gas economics for Democrats:"
no mention of commodities traders/speculators betting on oil UP and DOWN? As the rest of your ideology, your economics sucks hind on a boar hog.
Speculation does have a minor effect. However, it does not match the supply and demand aspect. The US currency value among others also makes a difference.
Though this one is a few years old, consider the effect:
How Far Has the Dollar Actually Fallen?
Last edited by Wild Cobra; 04-30-2011 at 11:37 AM.
What does that article have to do with removing tax breaks? First of all refineries do not have an effect on oil prices. Just gas prices. Notice how it said forign markets will pay a premium? Well guess what. The higher sales will occur first, reducing the supply of gasoline, and raising prices.
Now consider the 81% operational capacity. That could easily be due to not getting as much quality oil as they need. US refineries I think are geared up for sweet crude oil. Not all of the oil supply is that quality.
There are several factors. You cannot pick only one and invalidate something for just one idea when other apply. Now before you try picking apart my logic on this, understand the relevance of when -AND- or -OR- apply.
So there is no need for the tax breaks.
OK.
I don't know what the purpose of the tax breaks are for. I an not against tax breaks to the extent I am against subsidies. The two are entirely different of how they are calculated for tax purposes.
I am against the 35% corporate tax rate. It is way too high, and makes corporations want to employ people in nations that are cheaper to do business in. I would rather have very low or no corporate tax rates, and remove all tax breaks and all subsidies.
We should tax companies who employ outside the US at an even greater rate.
So there is no need for the tax breaks.
OK.
That's your problem and why you are a total asshole.
You twist peoples words to you liking. Maybe I should just put you on IGNORE again since you don't contribute to the conversation in any meaningful way.
But you can't do that. They would leave the USA all together and get no tax revenue from them.
We need to ins ute real tariffs again, based on protecting US based production, jobs, and revenue. The free world traders wouldn't like it,but tariffs are a better way tom go I think.
Some would. Good riddance.
Other businesses would take their place here.and get no tax revenue from them.
Back to the OP...
Exxon's $10.65 billion earning is after paying taxes of $8,004 million in taxes. First quarter 2010 was $5,493 million. The taxes are already more than $3.5 billion more. Obama wants another $4 billion from all, when this is just Exxon? The IRS is probably already collecting almost 10 billion more combined.
Something else to consider. This $10.65 billion in earnings is only 99.3% the average of the last two years of the Bush presidency, but 71.3% more than the first two year average of the Obama presidency.
Why are liberals against profit? Look at the estimated quarterly release. The biggest increase is in natural gas production. That doesn't change the pump price much, which is what lib s are crying about.
EXXON MOBIL CORPORATION ANNOUNCES ESTIMATED FIRST QUARTER 2011 RESULTS
Not likely. In a world economy, why would they? The businesses that are not beholded to a "must operate" in the USA are mostly leaving, one by one.
We need more tax payers, not less.
To add, the closing stock price for 3/31 was $84.13 The earnings were $2.14 per share. That's only 2.54% of the stock price.
Whoop-t-do...
This is really excessive... NOT!
Why do you liberals hate the types of stocks that go into people's retirement packages?
How low do you think the tax rate should be? What are the tax rates in the other countries that they reside in? And wouldn't we need to make the tax rate even LOWER in the US to make up for the higher wages here?
You guys sure ditch the "God Bless America, best country on earth" meme pretty easily when it suits your purpose, don't you?
From post#9:
Can't research well known facts yourself? Maybe this will help:I would rather have very low or no corporate tax rates
US CORPORATE TAX RATES: 2nd HIGHEST IN WORLD
Huh?
Elaborate please.
Last edited by Wild Cobra; 04-30-2011 at 01:12 PM.
nonsequiter...
For comparision:
BP first quarter 2011
Chevron first quarter 2011
So again, there's no need for the tax breaks.
At a town hall meeting a few days later House Budget Committee Chairman Rep. Paul Ryan (R) of Wisconsin said federal oil subsidies should be eliminated as part of deficit-reduction.
“We’re talking about reforming the safety net, the welfare system; we also want to get rid of corporate welfare,” Ryan said. “And corporate welfare goes to agribusiness companies, energy companies, financial services companies, so we propose to repeal all that.”
The Senate could take up the issue as soon as this coming week. Expect more sparks to fly.
http://www.csmonitor.com/USA/Politic...ig-Oil-s-fault
We should be thankful the oil companies provide us with such a great resource. Why make it harder for them to keep their operations going without going bankrupt from all the taxes? Next thing you know, the liberal monkeys will tell us: "if you don't like gas prices, ride a bike."
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