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"I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills," the Illinois senator said.
First, the President doesn't create legislation or levy taxes. Only Congress is allowed to do that. As a Constitutional law scholar, Obama should know this.
Second, any tax levied against the oil companies will be passed on to the consumer. How does that help us? All it does is make people more dependent on the government for assistance.
The problem is that MOST PEOPLE WILL THINK THIS IS A GREAT MOVE!!! He is clearly playing politics for votes as no sane person (how many of those are in Washington or the USA is up in the air) would think this is a good thing. It's unfortunate we have many many people who won't understand the costs of this move.
It is the type of message that plays out well in the public as a "sound bite". However, the taxation for overseas activities is difficult, especially when large companies have foreign subsidiary organizations.
First, the President doesn't create legislation or levy taxes. Only Congress is allowed to do that. As a Constitutional law scholar, Obama should know this.
Second, any tax levied against the oil companies will be passed on to the consumer. How does that help us? All it does is make people more dependent on the government for assistance.
I dont know anything about XOM and their taxes but this article from Feb. and the comments after it are interesting.
He is playing on words. He is not saying tax oil company profits he is saying windfall profits which would have to be defined as excessive and without merit based on inputs.
An unexpected profit from a business or other source. The term connotes gaining huge profits without working for them — for example, when oil companies profit from a temporary scarcity of oil.
Clearly with the high cost of finding and producing the product along with the current equilibrium in supply and demand they are not windfall profits but normal market conditions. Thus he really isn't calling for taxes in the current envioronment.
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