If we tax the profits of oil companies what would happen to the gas prices?

Question

when those taxes affect the oil company profits?

Why don't the losses incurred from bankruptcies on medicial bills affect health care prices in the same manner?

I am speaking the extra tax that was proposed only a couple months ago that was proposed

aren't you going to bother to answer the rest of the quest Gman?

aren't you going to bother to answer the rest of the question Gman?

I am referring to the aregument on the extra tax proposed on the higher profits that was proposed only a couple months ago.

I will state this agin just for you Lillian, I am referring to the extra tax that was proposed only a couple months ago on oil companies record profits. You know the one people were claiming it would do nothing but raise gas prices?

not many people really keep up on government proposals do they?
David M, I will state it again just for you...
I am referring to the proposal a couple months ago to tax the higher revenues of oil companies at a higher bracket.

Marley's Ghost, that would seem like the sensible way to go when that is what businesses do to all other employees when something affects profits huh?
But I am really wondering why so many right-wingers cried about an extra tax on oil comapnies would cause higher gas prices to make up their lost profit, but people think health care providers don't raise their prices after suffering losses from bankruptcies.

David_the_Great, now try answering the rest of the question.

witwwats not sure exactly what you are talking about with changing positions, but how will you proposals change the fact that more and more middle class Americans are filing bankruptcy on medicial bills, causing losses to their providers, and causing those providers to raise costs to offset those losses?

witwwats, actually I like to make my decisions by looking at all the possibilities. In this case, I am assuming that right-winger defending oil companies are correct about raising taxes on oil company extra profits would raise gas prices. If this is true, which it very well may be, why are they taking an opposing view to a similar situation?

Thanks Carpanone Kid, short an sweet!

Answer 1

Of course, both things raise prices. That's business. There is no such thing as a tax on a corporation, the consumers pay it.

Answer 2

Just think if they had done what i told them to do and taxed each gallon of gas a dime back in 1997 we would have so much cashola, what a wonderful deal, but alas they didi not. Now in the old days the oil compnaies used to have a "margin" and add say a nickle to a gallon of gas, then it went to the bulk plants, who put a certain amount on it and then to the gas station that put twenty cents a gallon for full service and then a dime on self.

Now most of the stations are company owned so they have a free hand. What three different jobbers have told me is they use a precentage not. So if gas is a buck and they add 20% it's $1.20, if gas is $3, then it's $3.60, but i am not sure what it is. They tell me the more a galon cost the more they make, which is crazy, but that's the system and they make banner profits. Also they would just pass on the taxes plus the percentage and make cash off of that. People need to not drive as much and think.

The medical profession has a deal worked out with the insurance companies. it's like a menu. If you get a hernia operation, they will only pay lte medical place a certain amount. ON the other hand if a person walks in of the street without medical insurance they stick it to them. The smae operation for $1,500, it the person has insurance would be $20,000 to someone without insurance. It's not fair, but they can write it off.

You would think the congress would pass a law to make it the same for all, even though the medical folks do make money off of it, but it would give someone a chance to pay for something like that. even a week stay in the place would run $10,000 vs $1,200 with insurance. Go figure.

It's funny about the bankruptcy deal, the big corporations get off with a slap and the average preson is drug through the mud, Go figure again. Lobbyist. Take care.

Answer 3

The Government does tax the profits. In fact the taxes that the Government collects from gasoline exceeds the amount of profits taken by the oil companies by billions. No matter what form of energy is developed the politicians will be taking a large cut of the profits and will be taxing the consumer. I don't believe we will ever have "cheap" fuel. The Congress needs the revenue to waste on pork. As to the Medical bankruptcies, look at all the hospitals that are closing from the un-reimbursed E.R. visits from the illegals. That affects health care if you have to go another 50 miles for emergency care.You know when an insurance company has to pay out on a mal-practice suit it passes along the loss to the consumer.

Answer 4

it really is a answer from a widespread baby-kisser. this is on par with Obama's brainstorm of letting the board voice opinion on the pay of CEO's (which sounds large except that those evaluations might want to be omitted so it would not settle on some thing it basically sounds sturdy to voters) although, there is data to educate that oil businesses do have a thanks to inflate the fee on the pump (examine out what number refineries were offered and at modern-day closed by ability of oil businesses). it may account for decrease than some pennies in line with gallon yet once you consider the quantity of gallons served, it promises up. the concept is to characteristic a deterrent to the greed and manipulation of the marketplace yet there are a good number of approaches round those deterrents. We (the U. S.) had an immigrant enter the rustic contained in the 40s who had invented an engine that ran off of water (it produced this is personal hydrogen). the guy even ran a deliver with it for 12 hours instantly or some thing... yet examine out the position that technologies went? Into the suppression pile. it would want to serve each and each of the applicants better efficient to go back out providing heavy federal funding into lifelike options like hydrogen-depending engines and to end letting those options be swept lower than the rug.

Answer 5

You've changed positions to often for me to figure what you are doing so I figure you are just jerking people around.

Any tax on oil anywhere will raise prices at the pump. Raise taxes 2% and they will raise prices 3% (thanks for the opportunity to screw the public)

Healthcare prices are as high as they are because people refuse to pay for insurance, and then refuse to hold insurance companies responsible to fulfill the contract.

Price controls don't work.

The only answer would be to increase competition by having a Government sponsored program to graduate new doctors that would then have to work in Govt. hospitals for 7 years at a normal wage, before they could open a private practice.

Raise the number of doctors, the prices will go down.

As a condition of the patent, eliminate all development charges from medications purchased by the US Government for use in these hospitals.

Soon, people would go to the Government care, which they could afford, and business would drop in the private sector.

End of issue.

Answer 6

What do you mean "tax the profits"? Profits are what's left over after taxes and other overhead are already assessed. So you are talking double taxation. That would not be legal.

It has been stated that businesses don't pay taxes. All expenses get passed on to the consumer.

There are hundreds of "proposals" and no I don't sit in congress or watch them on TV all day as I have a job. Why don't you provide a link to what you are talking about like most intelligent people do?

Answer 7

If you increase the tax on the profits of oil companies, the price of gas will increase. The reason is that the consumers pay for it.

Answer 8

Nothing, or more likely they would go up, because the oil companies would attempt to make up their losses.

Answer 9

We do tax profit right now. If you look at how the money is divided you will see the great amount goes to the government right now and very little actually goes to the oil companies.

Answer 10

Shouldn't be any change at all. All they have to do is stop giving their CEO's rediculous payments Like Lee Raymond received.
"Lee Raymond's retirement package -- worth nearly $400 million"

Lillian - Where do you get that idea?