Biden slams oil company profits, threatens windfall taxes as penalty

PaoliLion

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Lion84

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So taxing Oil Companies more will reduce the price of gas at the pump - I guess he slept through ECON 101 - it will be passed along and RAISE the price of gas for everyone. Maybe letting a few more Oil Leases out might help or finishing the Keystone Pipeline - it seems the children are running DC.
 

Sullivan

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You support the transfer of hundreds of billions in wealth from Americans to international oil companies?

Given the large amount of production in the U.S., it's pretty much revenue neutral to the U.S.

It's wealth distribution from you to me :)
 

PaoliLion

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Given the large amount of production in the U.S., it's pretty much revenue neutral to the U.S.

It's wealth distribution from you to me :)

It’s wealth redistribution from the middle class to the wealthy.

You could provide every driver a $1K tax rebate if you taxed the excess profits. Republicans LOVE tax handouts.
 

bdgan

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So taxing Oil Companies more will reduce the price of gas at the pump - I guess he slept through ECON 101 - it will be passed along and RAISE the price of gas for everyone. Maybe letting a few more Oil Leases out might help or finishing the Keystone Pipeline - it seems the children are running DC.
Sadly I don't think there's a quick fix. It's taken a few years to get where we are and it will take a few years to turn things around. Refineries have been closed and existing refineries are running at 95% of capacity. Pipelines have been cancelled and permits have been stalled. Taxes and regulations have been imposed. Turning things around will take a couple of years.
 
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KnightWhoSaysNit

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Americans have never come to grips with the fact that their labor is not worth what they think it is worth. Trade is international. The world is smaller. Workers need to compete across national boundaries. Unless one has special skills, real (after inflation) incomes will decline as the reality of high debt/GDP grips the nation. So there is a drain in the base case. That said ...

The only way to lower inflation is to increase supply and/or lower demand. Taxing corporations does not increase supply. It lowers supply. That's true of any company, not just those big bad oil companies.

Taxing individuals, on the other hand, lowers demand. This can be done through inflation, thereby taxing many of the people who don't even pay (IRS) income tax, or it can be done by taxing through the IRS, which can direct taxes at upper income groups.

For much of the previous (20th) century upper incomes were taxed at extreme rates. The US government could get away with it because the world was wrecked by WW2 while there was also higher barriers for international trade. The world was "larger" than it is today. We are going to need to return to that unless extreme cuts can be made in government spending. But a return to higher taxation, on people that already pay the bulk of our taxes, will just drive them away in today's relatively peaceful world of free flowing capital. Another world war could change that, but it won't lead to prosperity. That will lead to austerity. Still, lower real incomes for all.

I see no good ways to restore prosperity short of spending cuts with higher workforce participation. It is what it is. As much as democrats would like a return to the genie in a bottle, you can't put the genie back in the bottle. 30+ trillion was spent in excess, with even a lot more than that "promised." The books do not add up, and I think the world is done with subsidizing American living standards. In other words, the US dollar is pretty much at a peak.

Step 1: Backtrack every last energy policy that occurred since the Dems took over. That would be a start, but there is much, much more to do after that, and it isn't pretty.
 
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Sullivan

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It’s wealth redistribution from the middle class to the wealthy.

You could provide every driver a $1K tax rebate if you taxed the excess profits. Republicans LOVE tax handouts.

Thank you!

And what is this tax handout that you're referring to? I pay a ton of taxes.
 
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m.knox

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You support the transfer of hundreds of billions in wealth from Americans to international oil companies?

Of course. These international oil companies create a product we want and need. The problem here is the left's hate of free market capitalism and shitty policies.
 
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junior1

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Of course. These international oil companies create a product we want and need. The problem here is the left's hate of free market capitalism and shitty policies.
don't forget Biden's ability to piss off the folks who produce oil...OPEC+ and venezuela. It hasn't been reported as such by the MSM, but Biden was lobbying the saudis to INCREASE oil production right before the election. And, according to the all knowing, anonymous source, thought they had a deal. But, as we know instead of the expected INCREASE, OPEC+ DECREASED production. How about that for a poke in the eye?
 
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m.knox

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don't forget Biden's ability to piss off the folks who produce oil...OPEC+ and venezuela. It hasn't been reported as such by the MSM, but Biden was lobbying the saudis to INCREASE oil production right before the election. And, according to the all knowing, anonymous source, thought they had a deal. But, as we know instead of the expected INCREASE, OPEC+ DECREASED production. How about that for a poke in the eye?

Joe Biden's Motto?

MAWA. Making America Weak Again.