Clubfoothead Posted June 12, 2008 Share Posted June 12, 2008 The US Agriculture Industry had record profits this last year. They also receive huge Federal subsidies. Food prices are soaring in lock-step with gas prices. Should the wind-fall profits tax also apply to Big-Ag? Seems to me you are saying that Big-Ag is able to make it's profit in spite of rising fuel costs not because of them. I'm no fan of what I percieve to be Big-Ag but from what I hear aren't they claiming their rising costs are due to increased transportation costs due to gas price increases? Quote Link to comment Share on other sites More sharing options...
I Like Soup Posted June 12, 2008 Share Posted June 12, 2008 I don't think the oil companies should pay a windfall tax on profits. I do think they should absolutely not be subsidized. Would nationalizing oil bring the price down? Quote Link to comment Share on other sites More sharing options...
CaP'N GRuNGe Posted June 12, 2008 Share Posted June 12, 2008 I think we could raise some tax money by slapping a windfall profits tax on individuals who purchase a Mercedes Benz. Quote Link to comment Share on other sites More sharing options...
Beaumont Posted June 12, 2008 Share Posted June 12, 2008 I don't have a problem with a windfall profits tax, so long as its capped at the value of the tax credits and other corporate welfare the federal government has bestowed on the oil industry. If their making record profits, they don't exactly *need* my tax dollars to keep the doors open. These days, I think me and my family need the money *I* earned more than Exxon does. At a minimum, I'd rather have my tax dollars go to national infrastructure, reducing federal debt, etc., rather than increasing a some oil exec's bonus. Quote Link to comment Share on other sites More sharing options...
Beaumont Posted June 12, 2008 Share Posted June 12, 2008 I own Exxon stock. There are no dividends, and the stock worth is not keeping up w/ the price of oil/gas. F' them! All they are doing is socking it away! Patience my oil-stock holding brother ... the market is slow to realize the tremendous value of energy stocks ... they will track the price of oil (MORE OR LESS) over time ... Quote Link to comment Share on other sites More sharing options...
Kid Cid Posted June 12, 2008 Share Posted June 12, 2008 It is the job of a corporation to bring profits to their shareholders. The logic of a windfall tax is that when a company is doing it's job, the government steps in and takes that money away from share holders. As was mentioned, it is a punishment on success. By that logic though, ther reverse should also be true. In times of struggle, the the tax burden should be lessened so as to ease the suffereing of the shareholder. You don't see anyone rushing to push that idea forward though, do you? Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 12, 2008 Share Posted June 12, 2008 (edited) everybody keeps talking about these special tax breaks that the big oil companies receive. I'd like to see what they are for, how much, etc. but if the problem is those tax breaks, then the solution is ending those tax breaks. the solution is not imposing some arbitrary back-end tax tied to the market price of oil (which the oil companies have very little control over). the windfall crap is just political pandering, pure and simple -- and all it would do as a functional matter is make gas prices higher. great f'n idea Edited June 12, 2008 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
yo mama Posted June 12, 2008 Share Posted June 12, 2008 (edited) everybody keeps talking about these special tax breaks that the big oil companies receive. I'd like to see what they are for, how much, etc. but if the problem is those tax breaks, then the solution is ending those tax breaks. the solution is not imposing some arbitrary back-end tax tied to the market price of oil (which the oil companies have very little control over). the windfall crap is just political pandering, pure and simple -- and all it would do as a functional matter is make gas prices higher. great f'n idea That's not pandering. You need to check the definition: pander Edited June 12, 2008 by yo mama Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted June 12, 2008 Share Posted June 12, 2008 Here Quote Link to comment Share on other sites More sharing options...
loyalboyd Posted June 12, 2008 Share Posted June 12, 2008 Here Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 12, 2008 Share Posted June 12, 2008 Government directly subsidizes oil consumption through preferential treatment in tax codes. A multitude of federal corporate income tax credits and deductions results in an effective income tax rate of 11% for the oil industry, compared to the non-oil industry average of 18%. If the oil industry paid the industrywide average tax rate (including oil) of 17%, they would have paid an additional $2.0 billion in 1991. Our results are consistent with a report by the Alliance to Save Energy that estimated the benefits of individual federal corporate income tax provisions. Their results showed that in 1989 preferential treatment yielded $1.8 billion to $4.6 billion in individual income tax benefits to the oil industry (Koplow, 1993). of course I'd want to see the other side of the argument, but on its face that looks like a good reason to change the way corporate income is taxed for that industry. I don't see how it's a good argument to tax their profits based on the market price of a commodity like crude oil. Quote Link to comment Share on other sites More sharing options...
Randall Posted June 12, 2008 Share Posted June 12, 2008 No don't call it a tax. Remove oil company subsidies. No way we should pay them to find oil. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted June 12, 2008 Share Posted June 12, 2008 of course I'd want to see the other side of the argument, but on its face that looks like a good reason to change the way corporate income is taxed for that industry. I don't see how it's a good argument to tax their profits based on the market price of a commodity like crude oil. I am not an expert on this legislation...so if I speak out of turn...I am sure people will let me know, but it is my understanding that this legislation, while calling a windfall profits tax....is actually a controlled rollback of the subsidies based upon the price of a barrel of oil. I am not an economist....myabe wiegie could help....but I think the legislations actual impact would have been a stepped reduction of subsidies...... Quote Link to comment Share on other sites More sharing options...
muck Posted June 12, 2008 Share Posted June 12, 2008 I am not an expert on this legislation...so if I speak out of turn...I am sure people will let me know, but it is my understanding that this legislation, while calling a windfall profits tax....is actually a controlled rollback of the subsidies based upon the price of a barrel of oil. I am not an economist....myabe wiegie could help....but I think the legislations actual impact would have been a stepped reduction of subsidies...... What you describe is not a windfall tax. Quote Link to comment Share on other sites More sharing options...
yo mama Posted June 12, 2008 Share Posted June 12, 2008 No don't call it a tax. Remove oil company subsidies. No way we should pay them to find oil. Its a very capital-intensive field to enter. The tax credits and other subsidies help encourage entry into that market, which everyone benefits from. However, once a company is up, running, and profitable I don't see why we shouldn't terminate the benefits just like we terminate unemployment checks to someone after they find a job. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted June 12, 2008 Share Posted June 12, 2008 What you describe is not a windfall tax. I don't know what it is.......but I think that is how I read it...to a certain extent. Quote Link to comment Share on other sites More sharing options...
H8tank Posted June 12, 2008 Author Share Posted June 12, 2008 I don't know what it is.......but I think that is how I read it...to a certain extent. You must have gone to an Islamic school with those textbooks they use with all this amazing 'knowledge' you seem to have. Quote Link to comment Share on other sites More sharing options...
TheShiznit Posted June 12, 2008 Share Posted June 12, 2008 (edited) You must have gone to an Islamic school with those textbooks they use with all this amazing 'knowledge' you seem to have. And yet you're still ghey? NTTIAWWT Edited June 12, 2008 by TheShiznit Quote Link to comment Share on other sites More sharing options...
Squeegiebo Posted June 12, 2008 Share Posted June 12, 2008 What you describe is not a windfall tax. Who is calling the proposed legislation a "windfall tax"? The same people who call estate taxes the "death tax"? Quote Link to comment Share on other sites More sharing options...
yo mama Posted June 12, 2008 Share Posted June 12, 2008 (edited) Who is calling the proposed legislation a "windfall tax"? The same people who call estate taxes the "death tax"? Nah, different euphemisms from different A-holes. Edited June 12, 2008 by yo mama Quote Link to comment Share on other sites More sharing options...
Azazello1313 Posted June 12, 2008 Share Posted June 12, 2008 (edited) Who is calling the proposed legislation a "windfall tax"? The same people who call estate taxes the "death tax"? Obama: "I have strongly called for a windfall profits tax" Obama: Yes. You know, I've already introduced legislation or been a co-sponsor of legislation to repeal some of these tax breaks for these oil companies. But I want to do more than that. I also want to go after their windfall profits, take a segment of those profits, make sure that they're reinvested in refinery capacity. Edited June 12, 2008 by Azazello1313 Quote Link to comment Share on other sites More sharing options...
H8tank Posted June 12, 2008 Author Share Posted June 12, 2008 Obama: "I have strongly called for a windfall profits tax" Oh SNAP! Quote Link to comment Share on other sites More sharing options...
AtomicCEO Posted June 13, 2008 Share Posted June 13, 2008 Obama: Yes. You know, I've already introduced legislation or been a co-sponsor of legislation to repeal some of these tax breaks for these oil companies. But I want to do more than that. I also want to go after their windfall profits, take a segment of those profits, make sure that they're reinvested in refinery capacity. Investing in refinery capacity sounds like an excellent idea. Quote Link to comment Share on other sites More sharing options...
Squeegiebo Posted June 13, 2008 Share Posted June 13, 2008 Obama: Yes. You know, I've already introduced legislation or been a co-sponsor of legislation to repeal some of these tax breaks for these oil companies. But I want to do more than that. I also want to go after their windfall profits, take a segment of those profits, make sure that they're reinvested in refinery capacity. Touche. Tax breaks should be repealed when the oil companies are making record profits; I don't see how anyone can disagree with that. As for taking a segment of profits and making sure they are reinvested, doesn't sound like such a bad idea either. But, then again, I am a socialist, Quote Link to comment Share on other sites More sharing options...
Clubfoothead Posted June 13, 2008 Share Posted June 13, 2008 I get it, the federal government should protect Exxon's right to make however much it wants in profits no matter what price Americans must pay to ensure those profits. The argument that Exxon would have passed on a $30,000,000,000.00 profit in 2007 because it would have had had to pay 25% windfall tax on the $40,000,000,000.00 it made does not compute. Quote Link to comment Share on other sites More sharing options...
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