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 ...
Nothing lowers prices like raising costs.
Government maffs.
His handlers do. They just don’t want America to thrive.
and Hunter is the new Billy.
Even if Dems are massacred in the midterms they have until January to do more damage ("windfall tax."). And after that the GOP won't have enough congressional power to override any vetos to laws passed to undo it.
Good!
My electric bill is WAY too low now.
There you go ... combat high prices by increasing taxes on producers. Only a demonicRAT would think we're stupid enough to believe that.
Fedzilla does not fuel my vehicles or power my house. Oil companies do that. Big Government is far more "greedy" than Big Oil.
Yup.
Taxes are just another item in the list of things that are needed to produce a product for sale.
The Oil companies have no control at the retail level. How about a windfall tax on the drug companies? The Government created the problem and this is their solution and why the Oil companies will not invest in new refineries or anything else and those stockholders are lots of Americans that have direct stock or are in mutual funds, so yeah Joe hurt those you claim to want to help.
I own small amounts of Exxon and Chevron so I guess your after me!!!!!!!!!
Like, for example, all us little retail holders of XOM ... FJB!!!
instead of investing in production
FJB has spent the last two years trying to prevent them investing in production.
No. They're evil. They don't believe this hogwash. They think YOU might be stupid enough to buy it, though ...
The destruction is intentional.
If you lived in the 1970s, you have a serious case of deja vu. I cannot remember the last time I heard “windfall profit tax” in the news.
I went for a walk at a family friendly Halloween block party. I do not think it is a coincidence several houses went with a 70s disco theme.
If Biden can make things worse - he will.
Because only the wealthy can be shareholders (sarc)
“I don’t think you will find a single large oil company that has performed better than the S&P 500 average over the past five, ten or twenty years.”
————five year-————
CVX. Up 58% + higher dividends
S&P Up 49%
The liquidity to invest in production is quickly disappearing. The costs are large, government red tape expensive, and at the end Dark Brandon can just stop the effort, demand profits …. Why would anyone take risks on producing more with this BS occurring. It’s that simple. Are you being sarcastic or does your post imply that you think this is “big oil” fault?
Any tax on oil should be a 20% tariff on imported crude.
Mostly sarcastic. However, you are correct.
The Biden handlers have panicked. The attack on the oil producers will show in the end that they combined have more power than the President.
Only very foolish and panciked political incompetents can not see that they have already been gob smacked and severely damaged. The Saudi’s are getting blamed, but they are not alone at OPEC. The other Gulf Arabs are also OPEC.
Biden has ignored their interests and they have come for him. They actually injured him and his Democrat progressives where it hurts most. They got him in the pocketbooks of American women who must scrimp on groveries to buy gasoline.
It’s delusional to think taxing away (confiscation) money from an entity (individual or company) in the private sector and sending it to Washington is a better use of the money. Government is the most inefficient, ineffective, prone to corruption, wasteful, etc. entity every conceived by man.
Companies do not pay taxes. Their customers and shareholders do.
If a company has a bad year, it falls mostly on its shareholders. The company cannot pass it on to its customers without losing customers to it competitors, who did not have a bad year.
If, however, the government imposes a new or increased tax on an entire industry, it gets passed almost entirely to the customers, since all of the competing companies in the industry are in the same boat.
So the only effect that a “windfall profits” tax on the oil industry will have will be to increase the cost to the consumers of oil, gasoline, diesel, heating oil, and all other products made by the industry.
This is straight out of Economics 101, which most democrats either flunked or never took.
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