Obama calls for end to big oil entitlements during record profits

[Steeplerot]

Over the last five years, Mr. Obama said, the five largest oil companies each earned between $75 billion and $125 billion. An array of tax breaks equal to 5 billion dollars in tax monies are going into their pockets.

link


Anyone seeing a reason for big oil to charge us at the pump while living high on the hog from taxmonies?

I am curious how the Republican fiscal rhetoric will match up with action. Somehow I doubt it.

 

[charrison]

The only problem is that they are not oil industry specific subsidies, they are just part of the tax code. Fix the tax code. OF course removing these subsidies will not make gas cost any less as it will only increase costs....



while he is at it.....


http://mjperry.blogspot.com/2011/05/heres-weekly-address-id-like-to-see.html

 

[Steeplerot]

The only problem is that they are not oil industry specific subsidies, they are just part of the tax code. Fix the tax code

President Obama renewed his call on Friday to close tax loopholes for large oil companies, declaring, “If you’re already paying them at the gas pump, we don’t need to pay them through the tax code.”

This hopefully will be a bipartisan thing as I said.

 

[charrison]

President Obama renewed his call on Friday to close tax loopholes for large oil companies, declaring, “If you’re already paying them at the gas pump, we don’t need to pay them through the tax code.”

This hopefully will be a bipartisan thing as I said.

Repeat after me, there are no tax loopholes that exist just for oil companies. You want to clean up the tax code, I am all for that. Not much a fan of this kind of rhetoric.


And tell me how increasing costs of oil production is going to make prices at the pump better.

 

[Freshgeardude]

President Obama renewed his call on Friday to close tax loopholes for large oil companies, declaring, ?If you?re already paying them at the gas pump, we don?t need to pay them through the tax code.?

This hopefully will be a bipartisan thing as I said.

This.

I agree with Obama on this one

 

[charrison]

This.

I agree with Obama on this one

I agree with him on this as well. I dont agree with him only calling out a single industry on it.

 

[Steeplerot]

I agree with him on this as well. I dont agree with him only calling out a single industry on it.

For one they pay almost nothing and two oil has a massive affect on the working person in countless ways who are providing them with bigger profits then ever.

If you are going to single any of them oil would be the one GW Bush was waaaay to cushy with them. Time for a bit of capitalism for them.

 

[NoStateofMind]

Ha! IIRC Exxon mobile makes .07 cents a gallon profit. However the government itself makes anywhere from .40-80 cents a gallon in TAXES depending on which state. But go ahead and pump up gas prices because they "made too much money".

 

[Anarchist420]

What PC Surgeon said. Oil is only profitable for governments, via taxes as in the U.S. and via water socialism (OPEC controlling its production and costs).

I don't get why we just don't repeal the corporate tax. It needs to go. It will have loopholes as long as it exists.

 

[matt0611]

Ha! IIRC Exxon mobile makes .07 cents a gallon profit. However the government itself makes anywhere from .40-80 cents a gallon in TAXES depending on which state. But go ahead and pump up gas prices because they "made too much money".

This.

I am all for streamlining the corporate tax code but I don't see why oil companies should be singled out and vilified though.

 

[Gonad the Barbarian]

I'd like to see clean energy and such subsidies remain, but with an income cap you have to be below to qualify. I know, OMG Socialism yadda yadda yadda, but it would spur innovation and competition. We need subsides to offset the high entrance and implementation costs with these new technologies while we stop throwing money at the folks with a vested interest in never changing our energy infrastructure.

 

[cubby1223]

Obama - good luck with your plans!

http://articles.chicagotribune.com/...506_1_tax-credit-package-pat-quinn-quinn-sign

Is this just because attacking "Big Oil" is the easy target?

 

[IBMer]

Ha! IIRC Exxon mobile makes .07 cents a gallon profit. However the government itself makes anywhere from .40-80 cents a gallon in TAXES depending on which state. But go ahead and pump up gas prices because they "made too much money".

When you put it like this it makes it seem like they are not making much money at all. Funny how Exxon has set the record for profits of any company EVER with that .07 cents a gallon. There profits are up what 30-40 percent right now when everyone is getting gouged out at the pump because of speculation.

 

[sandorski]

When you put it like this it makes it seem like they are not making much money at all. Funny how Exxon has set the record for profits of any company EVER with that .07 cents a gallon. There profits are up what 30-40 percent right now when everyone is getting gouged out at the pump because of speculation.

It's probably because the bulk of their Sales, or at least Profits, involve Selling Crude Oil and Refined to other Nations, Oil Corps, and not at your local Gas Station.

 

[cubby1223]

When you put it like this it makes it seem like they are not making much money at all. Funny how Exxon has set the record for profits of any company EVER with that .07 cents a gallon. There profits are up what 30-40 percent right now when everyone is getting gouged out at the pump because of speculation.

Aren't you "Mr. Doesn't-Get-The-Point".

The gov't can tax "Big Oil" @ 100% profit, but it won't do much of anything other than to *temporarily* please "the left".

The gov't can remove "tax loopholes" and bring in $1b from oil companies, which will reduce *our* tax burden by $3 per person per year. Or in other words, won't do much of anything other than to *temporarily* please "the left".

 

[Londo_Jowo]

The bulk of all the major US oil companies profits are made from sales overseas. They're taxed for those profits in the countries where the profits were made. Taking the tax breaks from the oil companies will not result in reduced prices at the pumps, the companies will have less to invest in exploration and clean energy projects.

 

[Jaskalas]

Obama - good luck with your plans!

http://articles.chicagotribune.com/...506_1_tax-credit-package-pat-quinn-quinn-sign

Is this just because attacking "Big Oil" is the easy target?

Money is to government as red flags are to bulls.

In this case a simple tax code would remove all the BS that allows corporations to play games.

 

[bfdd]

Aren't you "Mr. Doesn't-Get-The-Point".

The gov't can tax "Big Oil" @ 100% profit, but it won't do much of anything other than to *temporarily* please "the left".

The gov't can remove "tax loopholes" and bring in $1b from oil companies, which will reduce *our* tax burden by $3 per person per year. Or in other words, won't do much of anything other than to *temporarily* please "the left".

There are far far less than 300 million tax payers. Cato has an article up too saying Obama got this one right.

 

[wuliheron]

Money is to government as red flags are to bulls.

In this case a simple tax code would remove all the BS that allows corporations to play games.

Simple solutions for simple-minded people.

Corporations have been playing games with everything from labor laws to imports and exports for a hundred years now. Without a serious concerted effort to reign in corporate power on every front all a simplified tax code will do is make them shift from one money making scam to another. Hell, 60% of corporations today are tax exempt including a number of corporations that just make sure they spend all their profits just before the start of the new year.

 

[bfdd]

Simple solutions for simple-minded people.

Corporations have been playing games with everything from labor laws to imports and exports for a hundred years now. Without a serious concerted effort to reign in corporate power on every front all a simplified tax code will do is make them shift from one money making scam to another. Hell, 60% of corporations today are tax exempt including a number of corporations that just make sure they spend all their profits just before the start of the new year.

All of these problems stem from the government not doing its job to protect our basic most rights which are layer out in the bill of rights. Never would have had the big union issues of the early 1900s if Tue feds just protected our 1st amendment rights. The key to winning isn't more rules it's making sure everyone plays inside the wrules we already have. Except by now we have stacked so much bullshit no one really kñows what the rules are.

 

[BladeVenom]

And what about ethanol? How much subsidies go into that? Same for other alternative sources of power?

 

[charrison]

For one they pay almost nothing and two oil has a massive affect on the working person in countless ways who are providing them with bigger profits then ever.

If you are going to single any of them oil would be the one GW Bush was waaaay to cushy with them. Time for a bit of capitalism for them.

They pay almost nothing? really?

http://mjperry.blogspot.com/2011/04/exxonmobil-paid-almost-1m-per-hr-in.html#links

 

[Schadenfroh]

Oil companies should get zero subsidies or tax breaks. Want to develop renewable alternatives? Look to universities or start-ups that are not influenced by oil companies.

 

[charrison]

Oil companies should get zero subsidies or tax breaks. Want to develop renewable alternatives? Look to universities or start-ups that are not influenced by oil companies.

Or influenced by by big govt either. Ethanol subsidies have not worked out that well either.

 

[DCal430]

Gas/Oil is a necessity in todays society. It is not something that should be in the hands of private industry. The government should be the one who produces it and sells it to the people at a reasonable price. Necessities should never be in the hand of private companies.