* President Joe Biden will work with Congress on a 'windfall tax' on energy companies
* 'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House
* 'Their profits are a windfall of war,' he said
* Such a tax is unlikely to be approved by Congress if Republicans take power in November
* Last week Exxon Mobil broke records with its profits in the third quarter, raking in $19.66 billion in net income, and Chevron had $11.23 billion in profits
* A 'windfall profits tax' would fall on the profits of energy firms that are in excess of their typical annual profits
* Biden trying to lower gas prices ahead of midterm election * Congress would have to approve any new tax
* Biden making remarks on energy prices at White House Monday afternoon
President Joe Biden railed against Big Oil's exorbitant profits as he called on Congress to impose a 'windfall tax' on energy companies in a speech Monday.
'Oil companies' record profits today are not because they're doing something new or innovative,' Biden said in remarks at the White House. 'Their profits are a windfall of war. The windfall from the brutal conflict is ravaging Ukraine and hurting tens of millions of people around the globe.'
Biden announced that he would work with Congress on a tax targeted at what he deems 'excess' profits, but did not lay out the details.
Read more ....
WNU Editor: Diesel and home heating oil prices at record highs. Gas prices now rising. President Biden and the Democrats must blame someone for a situation that many Americans are now suffering from. This is most unfortunate. The focus should be on how to increase US oil and energy production, not taxing those who produce it.
U.S. President Biden Accuses Oil Companies Of ‘War Profiteering’. Threatens Windfall Tax
Biden paints oil firms as war profiteers, talks windfall tax -- AP
Biden Warns Oil Firms He'll Seek to Tax Their 'Windfall' Profits -- Bloomberg
Biden threatens higher taxes on oil companies if they do not work to lower gas prices -- CNBC
Biden bashes oil sector for ‘war profiteering,’ warns of windfall tax on profits -- Politico
Biden threatens oil companies with ‘higher tax’ if they don’t increase production -- The Hill
Biden Accuses Oil Companies of ‘War Profiteering’ and Threatens Windfall Tax -- New York Times
Biden, days before midterms, accuses oil companies of 'war profiteering' on gas prices -- ABC News
Biden floats new taxes while accusing Big Oil of "windfall of war" -- Axios
Oil companies or any other companies do not pay taxes. They pass those costs to the consumer. Biden's sop to his base and doners will cost the rest of us another .75 cents per gallon.
ReplyDeleteAgree with you gents
ReplyDeleteIf costs $10 to produce 1 barrel of oil and the markup or profit is 10%, then the profit before taxes will be $1.
ReplyDeleteIf costs $100 to produce 1 barrel of oil and the markup or profit is 10%, then the profit before taxes will be $10.
The difference between $1 and $10, which is $9 is not a windfall. It is the same exact profit margin.
Is the oil industry supposed to have declining profit margins unlike other sectors of the economy?
I should not be subjected to such specious reasoning from people in government, who have a 4 year degree and likely have another.
Basically, what they are arguing is "That is a BIG #!" Well gee, when you have 330 million people, the taxes collected is a BIG number, the population is a BIG number, the taxes collected per gallon collected is a BIG number.
All Biden et al are, are grifters going from one emergency to another, where they set the condition for the emergencies themselves.
Biden and company are Putin level stupid. Here is an example of Putin level stupidity. Putin wants Russians to stay in eastern Siberia and prosper. So the Russian misgovernment offers people a free 1 acre to farm. Now 1 acre is not enough to farm and earn a living. It has not been in the US since forever. Usually the figure given is a few thousand acres for wheat farming (since the 80s). Maybe the economics is somewhat different in Mother Russia. They can't be that different. Probably the best bet for 1 acre is to try to add some land through private funds and/or accumulate capital and build a greenhouse for year round production of vegetables. Point is Putin pretended to care about the little people and threw a sop. Joe Biden does the same thing.
Joe actually created the energy crisis in the US and now the rancid MFER is blaming oil companies.
Liberals in particular suffer from a curious malady: an inability to distinguish right from wrong, victim from perpetrator, and darkness from light, often mistaking one for the other.
ReplyDeleteNext week he’s gonna wonder who’s printing all this money.
ReplyDeleteOil companies rake in huge profits amid consumer squeeze
ReplyDelete1:49 is a progandizing Goebbels dude or stupid MFer (Probably a no account, scrubby English major)
ReplyDeleteWhat 1:49 does give us is the ROI, ROIC or ROA.
Why do they not give the ROA or ROI when making the case for a tax on so called windfall profits. Either they were never good at division from 4th grade on up or they are lying.
I am leaning toward the idea that they are a professional liar.
Holy fuck the amount of oil company love here is crazy. Why do you cunts love large corporations so much? Especially the ones killing our planet and raising prices just to satisfy share holders...holy fuck. Wish more companies would support Americans instead of shafting them with any excuse.
ReplyDelete4:04
ReplyDeleteWould you invest $ 100 in Apple and get a $4 dividend for the year
and also
invest $ 100 in Shell Oil company and get a $4 dividend for the year, but call the Shell dividend evil or too much profit?
You are either a knee jerk liberal, stupid brainless liberal or a Russian instigator trying to sow division.
Come on dude, you utterly dumb fucker, Apple makes their iPhones out of plastic nit Bakelite or cellulose.
4:04 do you even know what Bakelite is?
A cunt such as yourself should not be able to own anything unless it is made out of iron, clay, cotton,, flax, hemp or wood.
Also everything unless is it a small mon and pop shop is a corporation. that includes and government agency. You either work for corporation or a corporation cuts you your welfare check.
Now shut the fuck up!
/warning: triggered low IQ economic illiterate on aisle 4:04.
ReplyDelete4:04 is the first person with an iPhone made out of Bakelite and not plastic.
ReplyDeletePlastic evil!
Bakelite good!
https://www.quora.com/What-did-people-use-before-plastic
It is hard to believe a person could be that stupid. Some of these stupid posts have to be trolling.