Obama made one of his typically socialist statements this week. He was urging an end for tax breaks the oil companies get. Obama, the socialist, is offended with the “P” word.
Of course Obama wants to take a shot at two things he hates. First is the oil industry. Since coming into office, Obama and his regime, have done everything they can to make war on the domestic oil industry. From the “permitatorium” in the Gulf, to designating a lizard as an endangered species so it will put an end to West Texas oil production to the whole bureaucracy that kept Shell oil from drilling for new American oil off the coast of Alaska, Obama and his band of socialists in Washington have been trying to kill the American oil industry.
Obama, like any other socialist hates profit, except of course, for himself. He is offended and outraged that oil companies are making a profit. Of course, what has Obama done his entire life? He has been a community organizer and a government employee who has lived off of the wealth of others. His only claim to real work has been his two books, the first of which was probably written by Bill Ayers and he has still never explained how an unknown author got a major advance to write a memoir.
Obama wants to cut off tax breaks for oil companies. Of course, he thinks that anyone who refused to work should get a tax refund for taxes they never paid. This is Obama world.
There is something out of this that we should pay attention to.
To say the tax code is screwed up is like saying Obama is left of center. The tax code is a disaster that needs to be completely rewritten. Conservatives will argue over what is the best method. One possibility is a flat income tax. As Ray Stevens once sang, “If ten percent is good enough for God, it is good enough for Uncle Sam.” Another possibility is a consumption or a fair tax. Those have merit and would be better than any tax on income, however before we talk about doing that, the Sixteenth Amendment must be repealed, otherwise we will get what Obama dreams of: more taxes.
When the tax code is rewritten, however it is rewritten, one thing conservatives must remember is that the purpose of the tax code is not to promote one policy or another.
We must remember that the purpose of taxes is not to soak the rich. It is not to provide subsidies for poverty. The purpose of taxes is to provide revenues for the government.
We conservatives all agree government is bloated and way too big. Government must be shrunk. However, what government that is left must be funded. Our military must be funded. There are certain other departments that must be funded. That is the purpose of taxes and the tax code.
After 2012, when conservatives take over and hopefully we start working on a new tax code, we will need to remember, the more you tax of something, the less of it you will have. Perhaps, as the tax code is being rewritten, we can find a way to tax liberals.
I am not sure what percentage of the $4 per gallon is tax to the government, but I know if is significant. SO now if the companies have to pay more taxes, their portion of the price per gallon will increase to cover the additional expense. And we all get to pay more limiting whatever descretionary spending we may have, thus the downward spiral!!
I would like to lock up the entire mob of ruling elites until they read Atlas Shrugged. If they still cling to their communism, their idol and ignorance after that, then they need to move to Venezuela, Cuba or my fav, Iran.
Several years ago my ex-friend told me that the problem with our country was that all the greedy bosses get too much profit, (on the backs of the workers, like her, a single woman)...I went into the common sense mode and commented: 'Yea, greed is bad thing, but if there were no profits, you wouldn't get a paycheck!' She's college educated but as dumb as a box of rocks; she's the authority on everything, that's why she said I was opinionated, full of anger, hatred and fear, (because I had joined the TEA Party), when she ended our nearly 50 year relationship with finality. I'm thankful, she did what I didn't have the guts to do.
Al, this whole thread has been filled with comments about "oil company subsidies", "oil company profits", and "oil company greed".
Having accepted those wrong assumptions, the comments have escalated from those assumptions into the rarified thin air of the nonsense stratosphere.
It turns out that oil companies pay plenty of taxes, get no direct subsidies, get the same tax treatment as other "mining" companies which get a "depletion allowance" to cover the fact that their supply of product will eventually run out.
If the Tea Party is to retain its good reputation, it has to be careful not to jump to conclusions. The statement that oil companies receive some special subsidy or strange tax treatment are just plain not true.
Judson wrote: "......the more you tax of something, the less of it you will have."
So, if we adopt the Fair Tax, we will be taxing consumption. Thus, people will tend to resist consumption, and either save more or spend their money in the "second-hand market" which is not taxed.
Since the Fair Tax puts a tax on new houses, the construction business will suffer greatly as people buy "used" houses to escape having to pay the whole tax due on the house price at the closing, even if they buy it on a 30 year mortgage.
The Fair Tax proponents have not done a good job of structuring the idea to take care of the people who will resort to Barter, to escape the onerous Fair Tax percentages.
There's one oil company that Obama loves, Petrobras. He went to Brazil to make a deal with them. I'm sure he loves the "profit" that he's making with them. Them being Eike Batista and George Soros. So much so that they have a deep water permit in the Gulf of Mexico when our domestic companies are not allowed. Excuse me, Petrobras USA is now in Houston.
Sometimes I wonder if the BP oil disaster was really an equipment failure or something else....
You go girl. It's god to see someone is thinking out there.
Phil near Augusta
Let's support the Flat Tax or better yet, a Fair Tax. I believe we sould give 10% to God then 10% of the remainder to the State/Fed. Let's abolish all other taxes. I pay $500 a month in county taxes the majority of which is school tax. My son lives over two hours away and his mom & I are retired. Fact is we've never had a child in the public school system here in Columbia County.
Insurance has just gone up 50% (THANK YOU Mr. O). Also SSA has rejected my disability claim for the second time so we are forced to put our house on the market and likely sell at a loss. I tried to go back to work, but kept forgetting things and that's why I'd retired early in the first place. thanks for listening Phil King, near Augusta