Rand Paul introduces amendment to lower gas prices (lobbyist, lobby, dollars)
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
And you are only looking at explicit taxes on gas.
You are ignoring the taxes paid by the oil companies, port fees, mineral rights, import charges, income taxes paid by their employees on wages, property taxes and more....
You are also ignoring the service provided by the oil companies which is highly capital intensive making them the largest companies in the world.[/quote]
No, I didn't ignore them as they were not part of the conversation. I was attempting to head-off corporate income taxes from being conflated with federal excise taxes. One goes to the general fund, while the other funds specific programs, such a the interstate highways. And as of right now, that tax has not kept up with inflation and is not properly funding our transportation systems.
Also, those other taxes you mentioned are levied by the states who build and maintain the infrastructure to bring the oil to and from markets. Port fees go to these efforts, extraction taxes go to many state general funds (Alaska anyone), and to fund environmental monitoring and clean-up.
Quote:
So, when the innumerate starting moaning about the total dollars of profit perhaps they can get a friend that passed 5th grade mathematics and divide the profits by the capital of the company. If you do, you will see a % for companies like Exxon that is much lower than that of many other US companies like GE, Apple, Garmin, McDonalds and so forth.
These capital expenditures and the taxes for payroll, income and extraction are all deductible to their corporate income taxes. So it's disingenuous to say that oil companies are overtaxed compared to other corporate entities.
Quote:
It's sad to see ignorant political axe grinding, you guys are really no better than the birthers.
I never stated that I disagreed with the assertion that taxes shouldn't be lower. I only disagreed with the idea of some self styled libertarian in the Senate can talk about ending crony capitalism while specifically calling out furthering tax-cuts to a specific industry, especially when that industry is experiencing record profits.
Poor poor big oil, they are laughing all the way to the bank with record profits quarter after quarter, while people are struggling at the pump. So let's reward them with even more government handouts and tax breaks, great idea Rand
Is that his big idea??? I didn't watch the video cause I'd rather read it then hear it.
How exactly is that supposed to make? Does he think the oil companies are gonna be like gosh we have all this money and handouts from the government so we really don't need that much from the customers? Yeah right
In the end the only solution is to start now to prodcue and place into the system crude at refineries at the lowest price. That includes raising the supply;then getting it to refineries and then to consumer at cheapest transport cost.There is no magic bullet but cost rise very day to do the same thing at cheaper price now and sooner it happens the lower the price overall for gasoline and other 13000 esential; products produced form crude.If one looks at the average per centage of profit from investment the oil companies are not that high on the list.If you beleive they are go full into investing in them and see.
Rand is right on target. Oil is the number one profiting industry. The Big Corp profits can be an issue, but you CANNOT leave out the major problem of the govt auctioning off and profiting big time.
There are so many ways the govt benefits besides taxes. You can track high cost to industries over and over by govt's percentage of involvement. Ultimately the govt creates a burden on everybody by its own greed.
Why would you keep handing over more and more money and "control" to people who manage it so poorly? The tax issue is constantly used as a red herring.
You are also ignoring the service provided by the oil companies which is highly capital intensive making them the largest companies in the world.
No, I didn't ignore them as they were not part of the conversation. I was attempting to head-off corporate income taxes from being conflated with federal excise taxes. One goes to the general fund, while the other funds specific programs, such a the interstate highways. And as of right now, that tax has not kept up with inflation and is not properly funding our transportation systems.
Also, those other taxes you mentioned are levied by the states who build and maintain the infrastructure to bring the oil to and from markets. Port fees go to these efforts, extraction taxes go to many state general funds (Alaska anyone), and to fund environmental monitoring and clean-up.
These capital expenditures and the taxes for payroll, income and extraction are all deductible to their corporate income taxes. So it's disingenuous to say that oil companies are overtaxed compared to other corporate entities.
I never stated that I disagreed with the assertion that taxes shouldn't be lower. I only disagreed with the idea of some self styled libertarian in the Senate can talk about ending crony capitalism while specifically calling out furthering tax-cuts to a specific industry, especially when that industry is experiencing record profits.[/quote]
Well, it seems you and I were trying to make two different points. I appreciate your well written response. I'm trying to point out that the oil companies aren't just gouging us and educate people about the other components of gas prices relative to what might be the profit margin in a gallon of gas.
This is especially important in that just blaming the oil companies leaves us ignorant to the REAL causes of the higher prices.
So continuing, and even expanding, tax breaks to a chosen industry isn't "crony capitalism?"
And yes, outside of nationalizing oil on the extraction and distribution end, there is no way for the government to control the price of gas. Dropping the corporate tax burden of oil companies will NOT equal a proportionate reduction in cost of vehicle fuel. The only thing that will is a drop in price of a barrel of oil.
I agree. They get the tax break but they wouldn't lower prices for anything at all.
Remember when a tax we paid on tickets expired for a short time? No airlines lowered their prices at all. The airlines just stuck it to us and stuck the cash in their pockets.
Rand is right on target. Oil is the number one profiting industry. The Big Corp profits can be an issue, but you CANNOT leave out the major problem of the govt auctioning off and profiting big time.
There are so many ways the govt benefits besides taxes. You can track high cost to industries over and over by govt's percentage of involvement. Ultimately the govt creates a burden on everybody by it's own greed.
Why would you keep handing over more and more money and "control" to people who manage it so poorly? The tax issue is constantly used as a red herring.
They profit off of oil which belongs to the American people, 100% of the profits should go to the US government/American people. Our budget deficit would decrease quite a bit
While everyone vilifies the evil oil companies nonstop who have created the superpower that is knows as the US we watch the Obama admin destroy it from within with their EPA regulations of everything they deem not green. It's no wonder the economy hasn't rebounded. Obama's entire economic plan is based on green energy and green jobs which is a complete fail.
It's no wonder the economy hasn't rebounded.
Not what papers and news services i read are saying. Wake up Dorothy!
I agree. They get the tax break but they wouldn't lower prices for anything at all.
Remember when a tax we paid on tickets expired for a short time? No airlines lowered their prices at all. The airlines just stuck it to us and stuck the cash in their pockets.
They are no fools. People who believe that however, are so far into foolishness that they wear the badge with pride.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
