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With BP, Exxon-Mobil, and Shell reporting record profits, the Tax Foundation reminds us in its latest Fiscal Fact that the biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry:
High gas prices and strong oil company earnings have generated a rash of new tax proposals in recent months. Some lawmakers have called for new “windfall profits” taxes—similar to the one signed into federal law in 1980 by President Jimmy Carter—that would tax the profits of major oil companies at a rate of 50%. Meanwhile, many commentators have voiced support for the idea of increasing gas taxes to keep the price of gasoline at post-Katrina highs, thereby reducing gas consumption. However, often ignored in this debate is the fact that oil industry profits are highly cyclical, making them just as prone to “busts” as to “booms.” Additionally, tax collections on the production and import of gasoline by state and federal governments are already near historic highs. In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits....
[F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned by major U.S. oil companies during the same period:
They're all crooks, ones not better than the other. I do think this idea of 50% tax on oil companies profits is a freakin' joke. All that will do is force the oil companies to raise the price to increase profits and the consumer will pick up the tab.
They're all crooks, ones not better than the other. I do think this idea of 50% tax on oil companies profits is a freakin' joke. All that will do is force the oil companies to raise the price to increase profits and the consumer will pick up the tab.
AND???
That the fasest way to reduce gas consumption.
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5 wins - 11 losses
Record of The New England Patriots' before their first SuperBowl!
Really??? The fastest way huh? Have you seen Americans slow down in the past 5...10 years? No, you have not AND the price has doubled and so have profits. So now you're telling me that the government stepping in and charging a 50% tax on their profits is going to reduce our usage? BS!!! It won't do anything but increase the amount the government collects. The oil companies will charge more and the consumer will pay it, just as they have all along. If people are willing to drive those big stupid trucks getting 8-10mpg, why on earth do you believe charging them another .10 cents a gallon to continue their same profits will suddenly wake them up to enviromental or fuel consumption issues?
Fastest way to reduce consumption. Rationing. Will it happen. Hell no. Raise taxes to reduce consumption. Screw the people over, why don't you. Lifestyle change is the shortcut. Will it happen. Hell no. People are greedy.
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In politics, nothing happens by accident. If it happens, you can bet it was planned that way.
Franklin D. Roosevelt
"Those who can make you believe absurdities can make you commit atrocities." --Voltaire
With BP, Exxon-Mobil, and Shell reporting record profits, the Tax Foundation reminds us in its latest Fiscal Fact that the biggest beneficiaries of gasoline sales are federal and state governments, not the oil industry:
High gas prices and strong oil company earnings have generated a rash of new tax proposals in recent months. Some lawmakers have called for new “windfall profits” taxes—similar to the one signed into federal law in 1980 by President Jimmy Carter—that would tax the profits of major oil companies at a rate of 50%. Meanwhile, many commentators have voiced support for the idea of increasing gas taxes to keep the price of gasoline at post-Katrina highs, thereby reducing gas consumption. However, often ignored in this debate is the fact that oil industry profits are highly cyclical, making them just as prone to “busts” as to “booms.” Additionally, tax collections on the production and import of gasoline by state and federal governments are already near historic highs. In fact, in recent decades governments have collected far more revenue from gasoline taxes than the largest U.S. oil companies have collectively earned in domestic profits....
[F]ederal and state taxes on gasoline production and imports have been climbing steadily since the late 1970s and now total roughly $58.4 billion. Due in part to substantial hikes in the federal gasoline excise tax in 1983, 1990, and 1993, annual tax revenues have continued to grow. Since 1977, governments collected more than $1.34 trillion, after adjusting for inflation, in gasoline tax revenues—more than twice the amount of domestic profits earned by major U.S. oil companies during the same period:
All you need to do is bust the collusion that is big oil, they'll eat each other alive if you simply bust the collusion that sits down on new refineries.
We've created this mess due to NIMBY thinking on refineries, people sue, the permits are impossible to obtain, no one wants them near them, it goes on and on and on.
Designate the sufficient space for refineries, allow their construction and watch the fools clamor over themselves to outbuild the other in a greed rush, you bust collusion by making it just a bit too enticing to cooperate.
They have game theory down to a science, you simply have to unbalance the balance they've achieved and make it fight or die again and they'll build the stupid refineries who's lack of contributes the most to our gas prices.
You can't claim every little animal on the planet is precious, which I believe and then whine your gas costs too much, the two aren't both solvable without a bigger cost.
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At what point then is the approach of danger to be expected? I answer, if it ever reach us, it must spring up amongst us. It cannot come from abroad. If destruction be our lot, we must ourselves be its author and finisher. As a nation of freemen, we must live through all time, or die by suicide.
All you need to do is bust the collusion that is big oil, they'll eat each other alive if you simply bust the collusion that sits down on new refineries.
We've created this mess due to NIMBY thinking on refineries, people sue, the permits are impossible to obtain, no one wants them near them, it goes on and on and on.
Designate the sufficient space for refineries, allow their construction and watch the fools clamor over themselves to outbuild the other in a greed rush, you bust collusion by making it just a bit too enticing to cooperate.
They have game theory down to a science, you simply have to unbalance the balance they've achieved and make it fight or die again and they'll build the stupid refineries who's lack of contributes the most to our gas prices.
You can't claim every little animal on the planet is precious, which I believe and then whine your gas costs too much, the two aren't both solvable without a bigger cost.
Why not simply reopen refineries that were systematically closed in the 90's?
Cosmic Defender Champion!
anything to justify and deflect from the crookedness and complicitness of big oil...
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