How about a windfall tax on big tech? Windfall tax on big banks?
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Posted on 10/31/2022 10:12:11 AM PDT by SeekAndFind
President Joe Biden on Monday will raise the possibility of imposing a ‘windfall tax’ on energy companies, as his administration aims to combat high gas prices just days before the midterm elections.
The White House said Biden will deliver remarks to respond ”to reports over recent days of major oil companies making record-setting profits even as they refuse to help lower prices at the pump for the American people." A person familiar with the matter said Biden will float imposing a tax on the profits of energy companies, as he seeks to pressure them to lower prices for consumers. The person spoke on the condition of anonymity to preview Biden's remarks.
“Oil companies made billions in profits this quarter,” Biden tweeted on Saturday. “They’re using these record profits to pay out their wealthy shareholders instead of investing in production and lowering costs for Americans. It’s unacceptable. It’s time for these companies to bring down prices at the pump."
High prices at the pump have exacerbated inflation and have taken a toll on Biden and Democrats' standing among voters.
Congress would have to approve any additional taxes on the energy producers — which would be a tall order in the current Congress where Democrats have narrow control of the House and Senate, and even less likely should Republicans retake one or both chambers on Nov. 8.
(Excerpt) Read more at msn.com ...
Jimmy Carter Returns
not all stock holders are wealthy....and....they buy gas too.
Of that will surely make the retail cost of energy less, right??? /sarc
Last week begging them for oil next week stealing their profits. This will certainly bring down the price of oil.
This fu**ing a$$h*le just does not get it. When he goes after gas/fuel/energy companies and their ability to produce, the cost goes up, but it goes up for EVERYTHING. Gawd help us. And by now if you are voting for this next week, YOU are the problem.
Fascists do fascist things.
You mean all of the wealthy public school teachers that have these oil companies stocks and mutual funds in their retirement plans?
Yes all those widows’ pension funds full of OXY and COP.
They will only drill new wells to replace wells that are no longer producing economically.
Do that, and oil prices will easily go to $200/barrel.
As nobody learns in Economics 101, government seizure of money from the private sector invariably reverses inflation.
Production cut back in 3,...2,.... If it wasn’t for mis-steps, there wouldn’t be no steps at all.
I’m all for windfall profits on Big Pharma and social media. And Wall Street.
I've lived and worked all over the world - China, Vietnam, South Africa, even some visits to the former E. Germany long ago
We are doing the same failed and corrupt things those countries do (or did). Sometimes its only a matter of degree - but Fed.gov is really NO DIFFERENT from them. And after we crash it all, we'll end up in the same place too
The Crooked "Big Guy's" solution to every problem is
MORE TAXES!
“More money than God”
Biden will be neutered next week. Bumbling mumbling old pedo throwing shit at the wall trying to get it to stick.
They broke everything in 2 years and with a week before election make insane promises.
Ted Kennedy from 1980.
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