Who likes Obamas idea of bringing the back windfall profit taxes on the oil companies?

[NNN0LHI]

I sure do.

Don

[bluestateguy]

1. I would refine it

The tax should only kick in on the basis of a formula that takes into account profits AND gas prices.

If the oil companies are making a lot of money and passing along some of those profits to us in lower prices, I would spare them the tax.

[Tandalayo_Scheisskopf]

3. Excellent idea. For the short term.

nt

[quiet.american]

10. Given the current state of things, I don't think that's going to happen. :)

Exxon, et al. have recorded the highest profits ever this quarter for an American company, and gas prices also remain at an all-time high, with no end in sight -- that is, unless the oil companies receive their extortion demand of being given yet thousands more drilling leases.

These folks get no benefit of the doubt from me. Tax the hell out of them.

[woodsprite]

2. Me - and everybody I know!

even if some of those jerks are still saying they'd rather vote for McCain. I'm working on 'em though.

[AndyA]

4. I think it would have to be accompanied by an investigation into price gouging at the same time.

To prevent it from happening, as well as to determine to what extent it's already been in play.

If not, there's nothing to prevent the oil companies from raising prices just to spite Congress for enacting this legislation.

I really thing oil is a necessity, and as such it should be regulated. We cannot trust industry, market conditions, or supply/demand to regulate prices any longer, very obviously that isn't working.

[rox63]

5. Me

The high fuel prices we are paying are the source of their record profits.

[Ganja Ninja]

6. Me

[Jack Rabbit]

7. !!

:hi:

[truebrit71]

8. I do. They make $1485 a minute last quarter...don't tell me that's not gouging...

...filthey rotten bastards...If they were being squeezed by the high price of oil their profits would be going DOWN not up...A point no-one in the M$M has been able to figure out yet...

[DailyGrind51]

9. It provides a disincentive for them to raise consumer prices,

because Obama plans to return the money back to consumers in the form of rebate checks.

[quiet.american]

11. I do. Get rid of at least one of the double-chins on these fat cats. nt

[ladjf]

12. Count me in.

[GreenPartyVoter]

13. I think they and all major businesses should be subject to this tax.

[davsand]

14. YES!!! Can't happen soon enough!

They have raped us all long enough with price fixing and market manipulation. I support it fully.



Laura

[Hubert Flottz]

15. A GREAT idea!

A Winner!

[Hidden Stillness]

16. Yes, I Also Love Sen. Byron Dorgan's Plan, and Have for Many Months

I have thought this was a great idea ever since hearing Sen. Byron Dorgan describe this plan--of putting on a windfall or excess profits tax, then giving the money to the American people as direct cash payment, to make up for the price-gouging, so that there would be no benefit at all for the oil/gas corporations--on the floor of the Senate about a year ago. This is like when Obama "discovered" great respect for treating returning wounded soldiers to improved medical care, some monmths after Hillary Clinton had said it hundreds of times first. The idea of giving the oil/gas windfall profits directly to the American people, was proposed over and over by Sen. Byron Dorgan, and I heard it many times.

[geek_sabre]

17. it didn't work before

it won't work now.

but it sounds good.

[NNN0LHI]

19. Oh, when has your family received a thousand dollar check from the proceeds of the tax before?

I usually have a pretty good memory but I don't remember that event.

When was that?

Don

[geek_sabre]

20. the OP wasn't about that bandaid rebate

it was about the windfall profit tax. I think its generally a bad idea for government to decide which types of companies should be subject to extra feel-good taxes, particularly when there are so many industries out there (food, alcohol, pharmaceutical) who make far higher profits.

When prescription drug prices get too high, will there be a windfall profit tax on drugs? Will we get $1000 rebates from the proceeds?

When the cost of a Big Mac doubles, will there be a windfall profit tax on burgers? Will we get $1000 rebates from the proceeds?

It simply isn't a long-term solution.

[NNN0LHI]

22. Oh, you didn't know about that part of his plan?

OK.

Don

[geek_sabre]

24. I didn't say I didn't know about it,

I said that I was referring to the windfall profit tax, which is what the OP asked about. This isn't a new or novel idea, and combining it with a one-time "rebate" doesn't make it any more effective.

[spanone]

18. yes!!!

[wvbygod]

21. I like the punitive action but it would just cost us more

They will just charge more to counter the higher taxes. If the government
give the money right back to us somehow it might work.

[On the Road]

23. Personally,

I don't like surtaxes, windfall profits taxes, taxes directed at a certain industry, etc. They give an impression that the government is going to go after the easiest target and get away with whatever taxes the political system can bear.

An alternative would be to create a somewhat more progressive corporate tax rate. Can't be too high, or corporations will start setting up shop overseas. And because different industries are so different, it's hard to figure a basis for taxation. Taxing on gross profit margin % penalizes capital intensive industries and benefits retailers like Walmart with high turnover but low margins per transaction. But it would be a more permanent and equitable approach.