Is a higher tax on the Oil Company's great?

Question

Think about it,try to think smart for once.Liberals and Dems trash the oil ind.for their high profits,their record profits in order to get the public to think they are evil and they want you to cheer for a tax increase to punish the evil oil giants,so How does that help you?Where does that tax money go? Does the oil price go down?NO.You pay more at the pump for fuel because they pass the taxes on to you and the Goverment gets the tax money that they are taxing from the oil company's. Is it all about feeling good?

Answer 1

The $14 billion they repealed is a drop in the bucket to oil companies. They shouldn't pass the tax onto consumers, because their profit margin is already large enough, not to warrant it. If they do pass it on, how can you give the government grief for practicing some fiscal responsibility? Shouldn't you give the oil companies grief for wanting to stick it to their customers so much so that they pass the buck to us? I mean if they've got a tidy profit, they're the ones who should be tisked tisked for trying to stick us with the bill.

Not that this means anything to me (I refuse to drive a car). The higher the gas prices the better America will be for it. We're funding both sides of the War on Terror. When you fill up your tank a nice chunk of that money will probably go to a country that wants us wiped off the map.

I pray for $10/gallon gas. That's the only way American's will give up financing terrorist regimes.

As for where the money goes, it goes to the places it needs to. In case you haven't caught the news, we're borrowing quite a bit from other countries and our debt is pretty massive.

Answer 2

I'm inclined to agree with most of what you are saying. Just some other somewhat related comments and questions I'd like to throw out there.
Does anyone honestly know how much the price of gas has increased say the last ten years? 20 years? 50 years? etc as compared to inflation, housing prices, food prices, etc(seems like my cable bill has doubled in about 5 years); is it really that outrageous as compared to the inflation of other things in general- especially when you consider all the hidden taxes the local, state, and Federal government hide in the price of gas? I honestly don't know but I can't imagine gas prices are really that out of line with the inflation in general (seems like home prices have gone through the roof much more than gas and noone says much about that and how home builders/sellers/etc need the government to come in and regulate the housing market).
If people are upset with these "windfall profits," why don't they simple invest their money in these publicly traded companies so they benefit as well? The reason these companies make such nice profits is that we use so much of it- who forces us to buy their product?
Why do people complain about the price of oil and gas, yet waste so much of it on their SUV's, heating their ever larger homes, living so far from their work, etc.; maybe these people should make some lifestyle changes where they don't need to use as much oil/gas. If these people would use less oil and gas, the decreased demand would lead to lower prices as well.
Thanks, I just felt like venting a little. Gas had dropped like 30 cents a gallon the last month or so in Michigan (I actually saw it for $1.76/gallon this morning but it seemed to jump up about 13 cents for some reason by this evening). Instead of hearing any coverage about the dropping prices, the story I heard a couple days ago- I think it was while I was flipping through NBC or CNBC (no surprise) - was why weren't prices dropping more. It just drives me nuts.

Answer 3

The U.S. government over the next five years will give a windfall of $7 billion to oil companies -- yes, the same oil companies that reported record profits last year. But wait, it gets worse: If one oil company that is suing the government succeeds, that windfall could hit nearly $35 billion. Oh, and one more thing: There appears to be little anyone can do about it. Think about that the next time you pay a small fortune to fill your tank.

Answer 4

Exactly. When it costs a company more to do business, they pass it on in the form of price increases.

Companies never pay taxes, only people. Learn this and you will understand that liberals are clueless on economics.

Answer 5

Bush dropped the taxes to basically nothing...

sorry we want them to actually pay their taxes... when they are making all time record profits...

maybe they would take it out of their all time record profits instead of passing it on?

no, they are far too greedy to do that right?

why don't we just cut all the taxes on the rich, since they just pass them on anyway, and just tax the poor 150 percent of their earnings?

why don't republicans care that oil companies only care about money and would rather pass it on than actually pay it when they CLEARLY HAVE THE MONEY?

what ever happened to social responsibility?

Answer 6

True... actually corprations don't pay taxes.... consumers pay the tax through higher prices.... Go for the Fair Tax (national sales tax) and take that power to bribe or punish by tax brakes from congress.

Answer 7

No a higher tax is not great. I can barely afford to fill up my car to get to work as is. I'm still trying to figure out why these privately owned oil companies are making up their own rules as they go and charging whatever they feel like charging. I think the price should be regulated by the government. And not by taxing the company.

Answer 8

It's all about the look

Big Oil would spend million$ on Tax attorneys before they will pay a cent.

Go big Red Go

Answer 9

Feeling good my butt. The oil giants enjoy tax breaks from our present President and you think it's alright that they get all the breaks and no one else does? If the government gets the tax money they should from the oil companies, our taxes might go down considerably. Regardless, why should they get the breaks? Every company should pay the same...

Answer 10

I usually dont like gov't to get involved in things like private business but oil profits and gas prices has gotten out of hand!! Its time for the Gov't to step in and do something about it!! Will they?? Hell no...too much money being given into campaign contributions!!