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He wants to end tax breaks for oil companies. Some smaller oil companies need these tax breaks to compete with major oil companies. This will put out of business tons of smaller, hard working Americans who work for these companies. Drillers, roughnecks, rig hands, truckers, suppliers... will all be affected.
This will destroy thousands of jobs across the country.
It will also hurt you and me. If you own any mutual funds-- then you probably own an oil company. I guarantee this will cause your retirement outlook to look more dismal by causing your mutual funds to go down in value. Some oil companies may have to cut their dividends. This will make shareholders (particularly seniors) have to struggle even more to pay their mortgages. Many seniors depend on oil company dividends to stay afloat...
This is just sickening-- why does this President want to hurt the economy, seniors, and good hard working Americans?
..."If you own any mutual funds-- then you probably own an oil company. I guarantee this will cause your retirement outlook to look more dismal by causing your mutual funds to go down in value. Some oil companies may have to cut their dividends. This will make shareholders (particularly seniors) have to struggle even more to pay their mortgages. Many seniors depend on oil company dividends to stay afloat..."
Boy, that tops my list of concerns.
Those wealthy enough to have Wall Street holdings might see their profits drop.
Everybody else should shut up, pay the $6.00 per gallon. and just sacrifice some more of their budget.
Them rich folk want budget cuts, but only on everybody else's back.
No need for subsidies to oil or ethanol or pharmaceutical companies. End them now.
And it's cute to call them "tax breaks" so that we can argue that the government is "raising taxes" on the companies when instead it is eliminating a welfare check to the companies for services they perform and do efficiently and effectively.
agree, those freeloaders, all they want is freebies from the government
..."If you own any mutual funds-- then you probably own an oil company. I guarantee this will cause your retirement outlook to look more dismal by causing your mutual funds to go down in value. Some oil companies may have to cut their dividends. This will make shareholders (particularly seniors) have to struggle even more to pay their mortgages. Many seniors depend on oil company dividends to stay afloat..."
Boy, that tops my list of concerns.
Those wealthy enough to have Wall Street holdings might see their profits drop.
Everybody else should shut up, pay the $6.00 per gallon. and just sacrifice some more of their budget.
Them rich folk want budget cuts, but only on everybody else's back.
SICK.
Marxist class warfare tripe, nothing more.
So you think anyone with a pension plan or a retirement account that may have holdings in oil stocks is "rich"? Are you ready to tell that to union members (teacher, law enforcement, fire, auto, etc...) whose pensions and retirement are invested? Do you think that those employed by the oil industry, including those working on the rigs and in the fields do not hold oil investments? Really?
As the price at the pump goes up the real profiteer is the federal government.
OK-- then end all tax breaks for all companies... I see no reason to single out the oil industry. End it for farmers, pharmaceutical companies, retail stores...etc. End it for individuals, small business owners....
^^ Probably wouldn't be a good engine for economic growth if you were to do that.
Fact is, oil companies provide jobs to millions of hard working Americans. They aren't full of "millionaires" flying around in private jets.
Thing is-- even though the title says "BIG OIL" this will affect "ALL OIL COMPANIES (even the small ones)"
You see that is what America doesn't get... Most oil companies are not raking in millions... But rather are small businesses hiring local workers WITHIN THEIR COMMUNITIES. Yet any tax breaks going away for them will certainly cause them to lay off employees.
How simple can I make this?
I. Don't. Care.
Quote:
Originally Posted by cyclone8570
You just don't get it. Cutting tax breaks for oil companies will almost doom your retirement portfolio. You probably own most of the major oil companies in your mutual funds. Cutting tax breaks for oil companies will put MILLIONS of Americans out of work-- oil companies support thousands of economies all across America (directly and indirectly)
I get it just fine, your hyperbole notwithstanding.
Remember, it's the Republicans who keep telling us that we ALL have to take some hits. Okay. I'll take my few hundred dollar loss in exchange for not dumping $4 BILLION dollars into an industry that is a) not long-term sustainable and b) doesn't need it. To say nothing of the fact that we can no longer afford it out of our already strapped budget.
The days of wine and roses are over. Get used to it.
He wants to end tax breaks for oil companies. Some smaller oil companies need these tax breaks to compete with major oil companies. This will put out of business tons of smaller, hard working Americans who work for these companies. Drillers, roughnecks, rig hands, truckers, suppliers... will all be affected.
This will destroy thousands of jobs across the country.
It will also hurt you and me. If you own any mutual funds-- then you probably own an oil company. I guarantee this will cause your retirement outlook to look more dismal by causing your mutual funds to go down in value. Some oil companies may have to cut their dividends. This will make shareholders (particularly seniors) have to struggle even more to pay their mortgages. Many seniors depend on oil company dividends to stay afloat...
This is just sickening-- why does this President want to hurt the economy, seniors, and good hard working Americans?
It's always nice to hear a consortium of oil companies viewpoint on justification for record profits + free govt. handouts.
Now we know how Exxon/BP/Shell feel about their freebies, thanks for updating us.
It's always nice to hear a consortium of oil companies viewpoint on justification for record profits + free govt. handouts.
Now we know how Exxon/BP/Shell feel about their freebies, thanks for updating us.
Obviously you missed the news this week that Shell spent 5 years and $4 Billion jumping through government regulatory hoops just to have their permits denied on the basis that their drilling it "might" affect air quality, albeit, below violation levels of EPA standards.
Marxists just want their way. Anything to crush capitalism. If it is good enough to cut the subsidies to oil it is good enough to cut all subsidies, period.
He wants to end tax breaks for oil companies. Some smaller oil companies need these tax breaks to compete with major oil companies. This will put out of business tons of smaller, hard working Americans who work for these companies. Drillers, roughnecks, rig hands, truckers, suppliers... will all be affected.
This will destroy thousands of jobs across the country.
It will also hurt you and me. If you own any mutual funds-- then you probably own an oil company. I guarantee this will cause your retirement outlook to look more dismal by causing your mutual funds to go down in value. Some oil companies may have to cut their dividends. This will make shareholders (particularly seniors) have to struggle even more to pay their mortgages. Many seniors depend on oil company dividends to stay afloat...
This is just sickening-- why does this President want to hurt the economy, seniors, and good hard working Americans?
I'm all for ending all forms of corporate welfare/crony capitalism. It's time that government got out of the business of picking winners and losers. But Obama singling out the oil companies suggests to me that this is not about ending corporate welfare. More of the same.
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