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 ...
So what are they supposed to do with the excess funds they have since drilling has been curtailed by President Kumquat?
Yes, but otherwise they wouldn't be dems.
Pass The Buck
That should encourage them to produce more.
Tax and regulate, harass and prohibit and suppress. It’s all they know how to do; it’s their answer for every problem.
It costs a fixed amount to pump already found oil. When the price of oil goes up, their profits go up. They do not control the price of the oil.
And who will pay for these new taxes? Hint: not the companies that pass on added costs.
Pfizer and Moderna earned windfall profits during the pandemic. Government paid for the vaccine R&D, government bought the production, government forced consumers to use the product. Shouldn’t Biden also be pushing windfall profits tax for Big Pharma?
He’s marking off all the boxes on the “how to destroy America” checklist.
Folks, we all have to remember this : Biden can float any tax he wants, but the constitution DOES NOT grant him the power to tax.
Only Congress has that power and hopefully next year after the Republicans take over Congress, this stupid idea will be shelved.
That means he has 2 months to do it. I doubt he'd get it through the Senate.
After 1-20-23 Americans will have a chance to “float a stupid tax” on Biden/Harris, and replace them with the GOP Speaker. (choose wisely grasshopper)
Some of the stock holders are members of unions.
Joe’s handlers should be reminded of that.
Government greed knows no bounds.
Right after a like tax is also imposed on the corrupt, criminal Pfizer collection of assassins, right?
Oh, thought so.
Not to worry, they will be dealt with appropriately in due time, and I hope to watch (with popcorn).
The only thing Dotard Joe should be floating is another turd in his diaper.
If someone does not call him out on this crap, I’m going to lose my mind..Biden has crushed investment in production and what’s worse is Biden is selling production we do have to China and others. Then pulls out of the reserve to tamp down prices which causes Saudi’s to drop their production. Stupid and demonic approach to energy.
...instead of investing in production and lowering costs for Americans...
“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.”
They have done this intentionally, first to suit their ideology, and second to make the successor Pub Admin spend all of their years in the majority trying to fix all the damage done by the Biden regime, allowing little time or money to do anything else.
In all seriousness, how stupid do you have to be to think that raising costs will result in lowering of prices?
A practical lesson in the truism is coming that no corporation ever pays taxes, they just collect it from their customers for the government
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