Record profits put oil firms on tax alert

[True_Blue]

The government will come under further pressure this week to hit oil companies with a windfall tax as the industry reveals gushing profits.

American group ExxonMobil will start the ball rolling today when it is expected to announce profits of $24bn - the biggest in American corporate history.

It will be followed by Shell on Thursday and next week by BP. Though estimates for the two companies' earnings vary, they are expected to be at the top end of earnings records.

Last week senior Shell executives sought to head off calls for a windfall tax, arguing that such a move would dent confidence in the sector and could lead to job cuts.
more....
http://www.guardian.co.uk/oil/story/0,11319,1402310,00.html

[genieroze]

1. I wouldn't hold my breath on * taxing his buddies. eom

[kysrsoze]

2. Name one other business where the price of raw materials skyrockets...

and so do the profits. $25 billion profit in one year for one company? This is fucking disgusting.

[Erika]

3. Blackmail via job cuts?

Hit the CEO's with a windfall tax and they threaten the loss of jobs. Sounds like corrupt corporatism/Bushism/Fascism. Oh, that's America today.

[Erika]

4. Maybe Bush's buddies could share their profits

with the families of troops who died or were wounded. No, that would cut into corporate profits. That is a big sin in Bush's world.

[President Jesus]

5. People! R E A D the story (for once!) before commenting

you look like idiots.

The article is talking about the British government.

[Erika]

6. Are the companies British firms?

[Erika]

7. Other than BP, they are American firms

Maybe you should think before you post. American firms affect American workers and the American bottom line.

[President Jesus]

11. Jeez, you have absolutely no idea what you are talking about.

Please, please, read the article. I really hate it when people on our side sound stupid.

These are multinational compaines that pay taxes in every country they do business in, at least in theory. The article is talking about a British tax (called a 'windfall tax') that is apparently levied against companies that have gouged consumers.

There is no such thing as a 'windfall tax' in the US.

If it's not too much trouble and you actually want to learn a little bit more on this, here's a related article that explains it better: http://www.guardian.co.uk/oil/story/0,11319,1398707,00.html

[Erika]

12. I read the article.

Big business is big business. Why do you choose to call other posters idiots? To deny the treatment of corporatists in one country does not affect stockholders in another country is naive.

But to call posters idiots? That's crossing the line.

[leveymg]

14. Actually windfall taxes operate in reverse in US - Govt buys at inflated

costs from Chevron-Texaco and other producers to fill the Strategic Petroleum Reserve. That's been going on since BushCo came to town, has cost the U.S. taxpayers tens of billions, and has coincided with the steepest rise in oil prices in two decades. Bush has refused to release any of the SPR, a move that might drive domestic gas and heating oil prices down.

Now, that's what I call a welfare program! The "backward" Brits are still concerned with compensating consumers for price gouging from profits from sales of privatized North Sea oil that used to belong to the UK Gov't.

Are we really so ignorant, Prez J?

[papau]

10. but the Brits do not tax worldwide income - only in country- the USA NEEDS

a windfall tax on that income, or the effect will be that the oil companies pay the additional Brit tax by paying less to the US.

of course lower US corporate taxes is what Bush wants .....

:-(

[BadGimp]

8. I wanna scream

but nobody wil hear me


WASS

[Erika]

9. I should add that the British lost ten troops in Iraq in 24 hours

View at www.icasualties.org. But bottom line profits are just that, right? Stockholders shouldn't have a 2nd thought about the kids who died in the unnecessary war by this administration, right? Which resulted in corporatism profits, right?

[SoCalDem]

13. Amazing, isn't it? They have "record profits" while we get "record prices"

No one ever said it was because of a shortage either.. Just "might be a shortage", and then proces rose and rose and rose.. Not because the raw materials were costing them that much extra..just because they wanted to gouge us.

The $60 barrel oil seemed to cost us exactly what the $45 barrel oil cost..and yet the oil companies are swimming in cash.. and no one sees any ambiguity here??

[LynnTheDem]

15. Oil for blood; they're just raking in the profits, thanks to bushit wars!

Now pay your taxes like good little war-profiteers!