Wealth Tax on Oil Company Profits?

[Maximillion]

The U.S. is actually considering a special tax on the wealth of the oil Companies??

I thought only Socialist Europe did that??

French Fries anyone??

 

[astromeria]

I'd prefer a special tax on the CEO's retirement package! How about XOM offers to increase the dividend instead...mmm...dividends 

 

[Cut-Throat]

I'd just like to see them break up the U.S. cartel of Oil Companies. This is not a free market! We need some competition!

 

[MasterBlaster]

The oil companies profits are taxed.

What the media and others are discussing is extrodinary extra taxes.

Taxing profits (more) won't help induce companies to invest more in exploration and production. Extra taxes will actually inhibit behavior that is needed.

Extra taxes just get in the way of what supply and demand will do naturally.

Let the markets work.

 

[grumpy]

Don't like the oil companies making big profits? Buy some of their stock. I get a very nice dividend check from XOM every quarter. Makes the high gas prices at the pump a little easier to take.

Grumpy

 

[laurence]

Dropped off my Volvo for it's free 15k check this morning, and as the curtesy shuttle is taking me to work, I see the Ford, Dodge, and Chevy dealers all have their biggest trucks parked on the front lawn of the dealerships, rows and rows of them, with stickers saying, "$4,000 rebate!". Now granted these trucks probably start at 30k (we're talking RAM 2500 Mega Cabs etc.), but you can see where these high oil prices are having a market effect. Truck and SUV sales have tanked, meanwhile Honda can't keep any civic, hybrid or not, on the lot (we looked when we were shopping, they had one left at the local dealer, 2 grand ABOVE MSRP).

If a tax gets passed, you think the oil companies won't "pass the savings on to the consumer"?

 

[eridanus]

Don't like the oil companies making big profits? Buy some of their stock.

Take the bus, buy a hybrid or sub-compact (yeah, yeah, you NEED the F350), work closer to where you live, or retire early.

Or keep complaining about the free market. Commies.

 

[razztazz]

The U.S. is actually considering a special tax on the wealth of the oil Companies??

I thought only Socialist Europe did that??

Actually it was one of Adam Smith's favorite taxes as well as one of the preferred tax systems of the original Libertarians. Land and natural resource taxes. Hirstorically it's been referred to as The Single Tax, not to be confused with a regressive single rate income tax.

 

[Lazarus]

I did a little math last night to see how much the increased gas prices might be costing me. I commute about 10,000 miles a year. I get 18 mpg so 10,000 miles divided by 18 mpg is 555 gallons. At $2.00 a gallon thats $1,111 per year. At $3.00 a gallon thats $1,666 per year. A $555 a year difference.

If I went to a 30 mpg car instead of my F150 it would cost $1000 at $3.00 per gallon.

Seems to me that people who are trading just to get better milage probably will not get a payout.

I would say buy a car that fits your needs first and worry about the mileage second. Forget about the status entirely.

In retirement my mileage per year will drop a lot. My Dad drives about 3,000 per year. I think you can not worry about mileage in that case. His medical expenses far exceed any money he can save by having a high mileage car.

 

[dusk_to_dawn]

Is there more profit in a gallon of gas or more tax? I know it would depend on the state, but it would be interesting to know how the 3.00/gal gets split up.

 

[REWahoo]

Is there more profit in a gallon of gas or more tax? I know it would depend on the state, but I it would be interesting to know how the 3.00/gal gets split up.

According to The California Engergy Commisssion:

Distribution Costs, Marketing Costs and Profits $0.00
Crude Oil Cost $1.63
Refinery Cost and Profits $0.69
State and Local Sales Tax $0.21
State Excise Tax $0.18
Federal Excise Tax $0.18
Retail prices $2.90

 

[boots]

If you want to figure the cost of running your current auto. . Or are thinking about a new purchase. See attached site by the US gov nice database

http://www.fueleconomy.gov/