13rin
Member
+977|6449
And the sheep will chant "Obahahahma!"

http://www.reuters.com/article/topNews/ … mp;sp=true

Reuters wrote:

RALEIGH, North Carolina (Reuters) - Democratic presidential candidate Barack Obama said on Monday he would impose a windfall profits tax on U.S. oil companies as he sought political gain from Americans' pain over high gasoline prices.

Launching a two-week focus on the economy after clinching the Democratic presidential nomination, Obama drew a sharp contrast between his economic policies and those of John McCain, his Republican rival in the November election.

"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.

Obama charged that McCain's support for extending President George W. Bush's tax cuts means he is in favor of $2 trillion in corporate tax breaks, including $1.2 billion for Exxon Mobil Corp.

"If John McCain's policies were implemented, they would add $5.7 trillion to the national debt over the next decade. That isn't fiscal conservatism, that's what George Bush has done over the last eight years," Obama said.
Think the gas prices will go up even more?
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
topthrill05
Member
+125|6547|Rochester NY USA
Yeah I would say it's 100% better then McCain's and I doubt it will effect prices that much, but I really don't know.

I still chant Obama and am still a human not a sheep.
BN
smells like wee wee
+159|6737
nothing wrong with tax
Turquoise
O Canada
+1,596|6375|North Carolina
Brinson, this will probably catch you off guard, but I agree with you.  A windfall profits tax on oil companies is NOT a good idea.  The solution to high gas prices is regulating the oil speculative market.

Last edited by Turquoise (2008-06-09 16:36:31)

logitech487
Member
+16|6373|From The State Of Taxes
I agree , its the stock market  thats causing the high prices . Taxing the oil companies will do nothing but increase the price of gas .
paul386
Member
+22|6215
They are both idiots (McCain and Obama). Sometimes I wish I was stupid. Ignorance is bliss you know.
13rin
Member
+977|6449

Turquoise wrote:

Brinson, this will probably catch you off guard, but I agree with you.  A windfall profits tax on oil companies is NOT a good idea.  The solution to high gas prices is regulating the oil speculative market.
You may agree, but I fear it's for different reasons.  I want that hand let alone, while you want to add another just in a different place.
I stood in line for four hours. They better give me a Wal-Mart gift card, or something.  - Rodney Booker, Job Fair attendee.
Turquoise
O Canada
+1,596|6375|North Carolina

DBBrinson1 wrote:

Turquoise wrote:

Brinson, this will probably catch you off guard, but I agree with you.  A windfall profits tax on oil companies is NOT a good idea.  The solution to high gas prices is regulating the oil speculative market.
You may agree, but I fear it's for different reasons.  I want that hand let alone, while you want to add another just in a different place.
Regulating oil speculation is the only way oil prices have a hope of returning to normal.  What's currently happening in the oil futures market is very similar to what happened in the stock market before 1929.  Speculators are buying oil futures "on margin" by borrowing the vast majority of the funds to make their purchases.  If we mandated that they at least have to put up 50% of their own money for these contracts, then the price of oil won't rise so fast.
logitech487
Member
+16|6373|From The State Of Taxes
But that's Obamas answer for everything taxes , If you make over 90.000 higher tax rate , universal heath care more taxes . By the time he's  done 'll be taking home .40 cents on the dollar.
Stingray24
Proud member of the vast right-wing conspiracy
+1,060|6415|The Land of Scott Walker

logitech487 wrote:

But that's Obamas answer for everything taxes , If you make over 90.000 higher tax rate , universal heath care more taxes . By the time he's  done 'll be taking home .40 cents on the dollar.
That and his ridiculous idea to jack up the capital gains tax ... vote no on Obama.
Turquoise
O Canada
+1,596|6375|North Carolina

logitech487 wrote:

But that's Obamas answer for everything taxes , If you make over 90.000 higher tax rate , universal heath care more taxes . By the time he's  done 'll be taking home .40 cents on the dollar.
I've mentioned before that I only agree with Obama about half of the time, but you're making a lot of assumptions here.

Even if we assume that Obama wins the presidency and Democrats widen their margin in both houses, if they do what you just said in combination, then there will be another Republican Revolution in 2010.  I think they know this, or at least...  they should.

Essentially, if they have learned at all from their mistakes, the Democrats will have to come up with a tax plan that doesn't totally piss off the rich when it comes to funding universal healthcare, so a more likely method of doing this will involve getting out of Iraq and cutting various other parts of the federal budget.

Also, know that many Democrats are of the Lou Dobbs variety, and they generally put border security ahead of universal healthcare when it comes to priorities.  Most Democrats of this persuasion are in the South, in border states, and/or are more conservative than Obama by a longshot.

Anything is possible though....
logitech487
Member
+16|6373|From The State Of Taxes
.Whether Democrat or a Republican you will find these statistics enlightening and amazing.
  www.taxfoundation.org/publications/show/151.html
Taxes under Clinton 1999                   Taxes under Bush 2008
Single making 30K - tax $8,400           Single making 30K - tax $4,500
Single making 50K - tax $14,000         Single making 50K - tax $12,500
Single making 75K - tax $23,250         Single making 75K - tax $18,750
Married making 60K - tax $16,800       Married making 60K- tax $9,000
Married making 75K - tax $21,000       Married making 75K - tax $18,750
Married making 125K - tax $38,750     Married making 125K - tax $31,250   
Both democratic candidates will return to the higher tax rates
It is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts
Turquoise
O Canada
+1,596|6375|North Carolina

logitech487 wrote:

.Whether Democrat or a Republican you will find these statistics enlightening and amazing.
  www.taxfoundation.org/publications/show/151.html
Taxes under Clinton 1999                   Taxes under Bush 2008
Single making 30K - tax $8,400           Single making 30K - tax $4,500
Single making 50K - tax $14,000         Single making 50K - tax $12,500
Single making 75K - tax $23,250         Single making 75K - tax $18,750
Married making 60K - tax $16,800       Married making 60K- tax $9,000
Married making 75K - tax $21,000       Married making 75K - tax $18,750
Married making 125K - tax $38,750     Married making 125K - tax $31,250   
Both democratic candidates will return to the higher tax rates
It is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts
Bush's tax cut plan is one of the few things I support that he was involved in.  He was actually a decent president until he decided to invade Iraq.
logitech487
Member
+16|6373|From The State Of Taxes
I think he was lead down the wrong road by some of his advisers , Guess who ?
Turquoise
O Canada
+1,596|6375|North Carolina

logitech487 wrote:

I think he was lead down the wrong road by some of his advisers , Guess who ?
Rumsfeld and Lieberman (although he wasn't really an advisor).
AutralianChainsaw
Member
+65|6168

Turquoise wrote:

logitech487 wrote:

I think he was lead down the wrong road by some of his advisers , Guess who ?
Rumsfeld and Lieberman (although he wasn't really an advisor).
You forgot Wolfowitz, Richard Perle, Douglas Feith etc...

Omg what all these guys have in common?
Turquoise
O Canada
+1,596|6375|North Carolina

AutralianChainsaw wrote:

Turquoise wrote:

logitech487 wrote:

I think he was lead down the wrong road by some of his advisers , Guess who ?
Rumsfeld and Lieberman (although he wasn't really an advisor).
You forgot Wolfowitz, Richard Perle, Douglas Feith etc...

Omg what all these guys have in common?
Very true...  William Kristol, Karl Rove, Negroponte, Cheney....
topthrill05
Member
+125|6547|Rochester NY USA
I don't see how tax cuts are good when your debt is in the trillions and this debt causes the value of the dollar to drop and wa la your paying more anyway.

I'm sure McCain's pork barrel bull shit will balance the budget....
Protecus
Prophet of Certain Certainties
+28|6491

Turquoise wrote:

logitech487 wrote:

.Whether Democrat or a Republican you will find these statistics enlightening and amazing.
  www.taxfoundation.org/publications/show/151.html
Taxes under Clinton 1999                   Taxes under Bush 2008
Single making 30K - tax $8,400           Single making 30K - tax $4,500
Single making 50K - tax $14,000         Single making 50K - tax $12,500
Single making 75K - tax $23,250         Single making 75K - tax $18,750
Married making 60K - tax $16,800       Married making 60K- tax $9,000
Married making 75K - tax $21,000       Married making 75K - tax $18,750
Married making 125K - tax $38,750     Married making 125K - tax $31,250   
Both democratic candidates will return to the higher tax rates
It is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts
Bush's tax cut plan is one of the few things I support that he was involved in.  He was actually a decent president until he decided to invade Iraq.
Bush's tax plan had potential, but he blew it all on Iraq.

We've spent wasted so much money on this epic example of a failed endeavour that raising taxes may be the only way to get us back to square one. 

There is no way merely cutting back on Medicare/Medicaid is going to get us anywhere near what Iraq has drained us.

I'm really interested to see what happens in 10-15 years when all the babyboomers start retiring and Social Secuirty goes belly up. May be the first time ever people yell for tax increases.
Turquoise
O Canada
+1,596|6375|North Carolina

topthrill05 wrote:

I don't see how tax cuts are good when your debt is in the trillions and this debt causes the value of the dollar to drop and wa la your paying more anyway.

I'm sure McCain's pork barrel bull shit will balance the budget....
Well, cutting down pork is something I agree with McCain on.  The catch is that I consider nation building to also be pork -- but that's pork he apparently supports.

The reason why Bush's tax cut plan was good was because cutting taxes can sometimes result in a net gain of tax revenue.  Protecus explained how Bush fucked it up in his post above.

Last edited by Turquoise (2008-06-09 18:06:50)

Turquoise
O Canada
+1,596|6375|North Carolina

Protecus wrote:

Turquoise wrote:

logitech487 wrote:

.Whether Democrat or a Republican you will find these statistics enlightening and amazing.
  www.taxfoundation.org/publications/show/151.html
Taxes under Clinton 1999                   Taxes under Bush 2008
Single making 30K - tax $8,400           Single making 30K - tax $4,500
Single making 50K - tax $14,000         Single making 50K - tax $12,500
Single making 75K - tax $23,250         Single making 75K - tax $18,750
Married making 60K - tax $16,800       Married making 60K- tax $9,000
Married making 75K - tax $21,000       Married making 75K - tax $18,750
Married making 125K - tax $38,750     Married making 125K - tax $31,250   
Both democratic candidates will return to the higher tax rates
It is amazing how many people that fall into the categories above think Bush is screwing them and Bill Clinton was the greatest President ever. If Obama or Hillary are elected, they both say they will repeal the Bush tax cuts
Bush's tax cut plan is one of the few things I support that he was involved in.  He was actually a decent president until he decided to invade Iraq.
Bush's tax plan had potential, but he blew it all on Iraq.

We've spent wasted so much money on this epic example of a failed endeavour that raising taxes may be the only way to get us back to square one. 

There is no way merely cutting back on Medicare/Medicaid is going to get us anywhere near what Iraq has drained us.

I'm really interested to see what happens in 10-15 years when all the babyboomers start retiring and Social Secuirty goes belly up. May be the first time ever people yell for tax increases.
I personally support privatizing SS, but I agree that cutting spending on it won't fix things by itself.  We've got to cut a lot of things -- corporate welfare should be up first.
SealXo
Member
+309|6505
This is what they say in corporate law.

"Corporations do not become taxed, the consumers become taxed"

So what its saying is if they become taxed theyll just hike that shit into the stratosphere
KEN-JENNINGS
I am all that is MOD!
+2,973|6601|949

DBBrinson1 wrote:

Turquoise wrote:

Brinson, this will probably catch you off guard, but I agree with you.  A windfall profits tax on oil companies is NOT a good idea.  The solution to high gas prices is regulating the oil speculative market.
You may agree, but I fear it's for different reasons.  I want that hand let alone, while you want to add another just in a different place.
There is no invisible hand.  Sorry Adam Smith.

I read your post, and the link, and couldn't find where it says Obama wanted to implement (a larger) tax on gas.  Could you please point me to it?
Kmar
Truth is my Bitch
+5,695|6570|132 and Bush

Turquoise wrote:

We've got to cut a lot of things -- corporate welfare should be up first.
Come down too hard and corporation will just base themselves in another country. One that is more conducive for economic growth.

That being said .. reading over this thread I can't help but wonder how many people actually know what a windfall tax is.
Xbone Stormsurgezz
Turquoise
O Canada
+1,596|6375|North Carolina

Kmarion wrote:

Turquoise wrote:

We've got to cut a lot of things -- corporate welfare should be up first.
Come down too hard and corporation will just base themselves in another country. One that is more conducive for economic growth.

That being said .. reading over this thread I can't help but wonder how many people actually know what a windfall tax is.
Ending all government subsidies of big business is a good thing -- even the CATO Institute agrees.

I'm not saying we should increase taxes on corporations -- I'm just against funding them with tax dollars unless it's actually the government purchasing something from them.

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