Obama: Windfall Tax to pay for $1000 rebate

And about time, too!

The profits made by the friends of George Bush and his latent clone, John McCain, are hideously high.

They are not utilising the land leases they have now, they are not investing in new technology, they are not bringing prices down for the consumer – they are just making profit and that profit is what is hurting the American people – but it is also the same around the world. These companies love the high price and laugh at those who have to pay at the checkout and pump. We pay for those profits so we’re entitled to get some of it back.

I want the world to get away from oil – we do have the technology to do it. And we should do it quickly.

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About Bolshy

Blogging in the ether to see if that elusive literary agent or publisher wants some new talent.
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0 Responses to Obama: Windfall Tax to pay for $1000 rebate

  1. Ghazala Khan says:

    Interview Request

    Hello Dear and Respected,
    I hope you are fine and carrying on the great work you have been doing for the Internet surfers. I am Ghazala Khan from The Pakistani Spectator (TPS), We at TPS throw a candid look on everything happening in and for Pakistan in the world. We are trying to contribute our humble share in the webosphere. Our aim is to foster peace, progress and harmony with passion.

    We at TPS are carrying out a new series of interviews with the notable passionate bloggers, writers, and webmasters. In that regard, we would like to interview you, if you don’t mind. Please send us your approval for your interview at my email address “ghazala.khi at gmail.com”, so that I could send you the Interview questions. We would be extremely grateful.

    regards.

    Ghazala Khan
    The Pakistani Spectator
    http://www.pakspectator.com

  2. Matt says:

    Brilliant. The economy is a shambles and we are going to take money from the companies that are making money.

    Typical democrat policy, play on fear and emotion to put unfair policies into place.

    Pay off the American Voter.

    In the end, the oil companies get the money anyway as we all spend our kick-back on fuel.

    Most people are correct in suggesting Obama is a closet Marxist, only now he is beginning to come out of he closet.

    After November, he will become an ‘in your face’ Marxist as he and his goosestepping acolytes in Congress destroy this great country.

  3. Matt says:

    Another Matt, eh? I’ll have to start signing mine differently, or sign up for a blog so I can get a special name…

    Anyway, interesting food for thought here:
    http://www.opensecrets.org/industries/mems.php

    Contributions to Congress by industry, with percentage breakdown by party, and the person who received most in each category.

  4. Tony says:

    Please, this is a stupid idea! How do you think the oil companies are gonna try to make up the money that would have to be paid for this tax? They’ll increase the prices again. Gas prices are going down finally and this yahoo wants to put another tax on gas. Yeah brilliant idea! Typical government thinking. “what we have a problem? well we need a new tax!”

  5. Joe says:

    Who is the government to say how much money a private corporation can make? I wasn’t aware that Sen. Obama knew the appropriate level of profits for an oil company.

    It makes me sick to think that American corporations will be punished for making money off of forces (supply/demand, weak dollar) that they have NO control over. Obama wishes to take money from some and give it to others. Who gives him that right?

    Sure people are struggling. I will not debate that point. But what I will do is defend the founding ideals of this country, among which is a abiding faith in self-determination and a right to keep what you earn, whether those earnings were from hard work or favorable market conditions.

    You say “They are not utilising the land leases they have now, they are not investing in new technology, they are not bringing prices down for the consumer”. What you miss is that THEY DON’T HAVE TO! They are private companies and can do what they want within the law. When the government begins dictating the business decision of private companies, tyranny is not far away.

  6. Matt says:

    I hope Obama realizes that it’s a strategic reserve of oil, not gasoline. You still have to refine it and sell it. That’s the point where oil companies make their profit, not in drilling the oil out of the ground…So unless they’re getting the oil deeply discounted, and their refineries aren’t operating at near-full capacity, oil companies aren’t going to be able/willing to produce gas any cheaper than they are now.

  7. MNSlim says:

    Why ‘profit’ being treated as a four-letter word? Does it really make sense to discourage large profits by taxing them heavily? Sounds like the DFL wants to jump-start the economy by taking money away from successful companies. Draw me a picture of how that’s supposed to work. While you’re at it, do the same for “Do More With Less” and “Fighting For Peace”.

  8. Ty says:

    …Crickets

  9. MNSlim says:

    That’s what I thought.

  10. Asad_Babyl says:

    hahaha that’s great. Typical “insightful” commentary worthy of the BBC blog. I can see why the libs on there like you so much.

    After glancing over this “article”, all I hear is typical liberal “Blame George Bush!” rhetoric.

    How about you comment on the fact the Dems are now in control of Congress. What have they done? 9% approval rating for a reason Will. Grow up.

  11. Thanks second matt for the link. Informative stuff. Just as food for thought:
    Taking Exxon as an example… when they reported those recorded profits in 2006, they also paid $27.9 billion in US taxes. That was more than what half of the US population paid in taxes ($27.4 billion) and it was left with $39.5 billion in after-tax income.
    From 2003-2007, Exxon paid $64.7 billion in US tax which actually exceeded their after-tax profits by more than $19 billion.

    It really can be frustrating to see how some American citizens think, and how uninformed and uneducated they are. And sadly, they all get to vote…

    And we should tax them more and give $1,000 rebates to citizens? Can someone google me a good definition of socialism?

  12. Will Rhodes says:

    Nice for you to call over to this blog, Asad.

    The Dems are in control of Congress, but they lack the majority to actually force legislation through which won’t be vetoed by – guess who?

    If you have a frame of government unable to actually DO anything you find that the popularity does fall. Hopefully in November the Dems will have that majority AND a Democrat as president – Congress’ rating will then go much, much higher.

  13. Will Rhodes says:

    dz – did you see the part where Exxon et al have tax breaks like no other company in the US – so, when you look at the bottom line the tax paid was written off, or most of it was.

  14. WR…no, when i say they paid $29.7 billion in a year, that’s actually what they paid. that’s money that they didn’t keep…

  15. wait, sorry. some googling … and i see that over the next 5 years, estimated 7 billion tax breaks for all oil companies combined. still seems very minute compared to what they pay annually (which is usually over 51%)

  16. Matt says:

    How about we really make a change and nationalize the oil and gas industry? Keep the executives on at a reduced pay and start drilling at home where land leases are already in play. We’ll probably have to do this with the aviation industry, and possibly others, so let’s start where it makes the biggest difference. Some people might call it socialism, but…well, I guess I am for some aspects of socialism.

  17. Julie P says:

    You are absolutely correct about Congress, the Administrative Branch and the Consitution. Congress doesn’t have enough of a majority to override vetos by Bush, so nothing is getting done. However, people are too think to wrap their minds around this fact. Often times when I blog I include links for people who do not or cannot understand basic principles, like their own Constitution, so I’m providing one to the US Constitution.

    http://www.usconstitution.net/const.html

  18. Matt says:

    Matt:

    Tell me you’re kidding: you want to force a company to pay people lower salaries? Wow.

  19. Will Rhodes says:

    Tell me you’re kidding: you want to force a company to pay people lower salaries? Wow.

    Nothing like Schwarzenegger lowing the wages of people who work for the Californian government, is it, Matt?

    Erm…isn’t he a Republican?

  20. Will Rhodes says:

    Julie – tut!

    Don’t mention facts when some people are posting! LOL

  21. Matt says:

    I hate when our side brings up the “Congress’ approval rating sucks, and the Democrats have a majority in Congress” argument, because it makes our side appear stupid (no offense Asad). All Democrats have to do to prove you wrong is cite any number of polls that show a generic Democrat running for Congress leads a generic Republican running for Congress by about 12 points. So quit using that stupid argument!

    And Julie, there’s no such thing as the “Administrative Branch”, so I’m hoping that’s just a typo, considering you provided a link to the document that lays out the three branches 😉

  22. Matt says:

    Apples and oranges, Will. Exxon Mobil isn’t using taxpayer money to pay it’s executives…

  23. MNSlim says:

    Matt:

    Unfortunately, the nationalization of industry on a broad scale has already been attempted, with rather dismal results. For details, see Defunct: Union of Soviet Socialist Republics. Rather than embarking on an exercise in futility, why don’t we try something that has proven rather stable over the last century or two. I propose we allow successful companies to profit from their success, and tax them at a fair rate. In this manner success is rewarded, and the public interest is still well-served

  24. Julie P says:

    Will, I’ll try to avoid facts from here on out, just don’t turn up on my blog. I am so gracious I provide links to the dictionary for big words like jingoism, and megalomania since people clearly do not know the meanings of the words when applied. I even provide mini-bios on people like Joseph McCarthy and Joseph Goebbels. 🙂

  25. eksith says:

    Anyone remember this picture?

    Seems like the same thing is happening here. There’s only one set of facts, folks. And only one reality here. But you guys seem to see completely different things in what should be a simple and obvious fact.

    Can we all just stop seeing what we want to see and hear what we want to hear?

    Here’s the simple breakdown that, I think, everyone can accept with reasonable comfort.

    The world runs on oil as of 2008. It has been this way for a century and will continue for the next few years if not decades. Our oil supply will not last forever as even industry insiders like the API is estimating the last few drops to be squeezed out by 2062-2094.

    I’ll be 79 in 2062, which means my grandkids would have to do without it as oil would be impossible to extract or prohibitively expensive. Wouldn’t it be easier to make a transition now or at least start the transition now?

    I don’t know a whole lot about oil markets, but I do know about computer markets. And I know when Windows XP was declared End Of Life, people started rushing to get Vista. This was a mistake.
    Others decided to abandon Vista altogether and stick with XP. This is also a mistake.
    The sensible thing was to wait until Vista SP1 where a lot of the bugs were fixed and introduce a changeover to make sure applications ran on both platforms.

    Well, we’re doing that right now with hybrids, and I say keep it going until we don’t need the old system any more. It doesn’t have to be painful last minute changeover with a mess of an energy crisis.

    W can all yell, “tomorrow”, “tomorrow”, “tomorrow”, but the sensible of us will realise that “tomorrow” will eventually be “today”. You don’t want to tax the oil companies? Fine. Then help lower prices for those who really need the oil by getting off this needy bandwagon.

    And yes, it is possible to create products and build without excesses. Every new home being constructed helps save the occupants energy costs in the long run. Newer cars are becoming more efficient and more comfortable as well as more intelligent. Even computers consume less power per MIPS than they did a decade ago. So we’re already doing “less with more”.

    I don’t understand why people think they would have to sacrifice their quality of life in the process. The technology is here, today, that invalidates that myth. What have you got to lose except a century old ball and chain?

    I’ve posted this before, but Personal Responsibility will fix a lot of the world’s problems.

    Forget congress. You can say they “should” this and “ought” that, but, in the end, you can control them only so far as you can control your own neighbours. What can we do today to make this a better place to live?

  26. Will Rhodes says:

    […]which means my grandkids would have to do without it as oil would be impossible to extract or prohibitively expensive. Wouldn’t it be easier to make a transition now or at least start the transition now?

    Applauds!

  27. MNSlim says:

    Re: eksith

    I am sincerely humbled. You are quite correct in everything you say. Voting with our wallets is definitely the way to cause change. The recent decline in the Big 3 automakers’ stock is proof of that.

  28. eksith says:

    Thanks!

    Ack.. I meant to say :
    We can all yell…” .
    and “more with less”
    and “doesn’t have to be a painful” …

    Yeah, I have a tough time with typos 😉

    I hope no one considers that I’m attacking their positions or offending their sensibilities or intelligence for that matter. I just think we’re being far too petty about minor details when we can all agree on one common theme.

    The oil road is a dead end no matter how well we maintain it. Patches for the short term are nice, but they are still patches and it’s still only short term. Yes, a few decades is short term. Especially when we approach retiring age.

    If anyone thinks mother nature can fend for herself, then at least think of your own wallets.

    Once again, I don’t mean to offend anyone. I’m just trying to point out that we agree on far too many issues already to have the discussion degenerate into petty bickering.

  29. dz says:

    eksith – i agree. it’s gonna be a loooong slow process to change away from oil, and the sooner we start the better. there’s still problems tho. i don’t trust todays hybrids. there’s no good research on the batteries in them and as an EE i don’t trust them to last anything over 5 years. and replacements are expensive not to mention the cars, which don’t make them feasible for many americans. automakers are currently having a hard time with sales, and putting more restrictions on how many miles their cars have to get isn’t going to help the companies until people start buying cars again. another problem, is i don’t think anyone has a clue how long it will be until alternative energy can phase out oil. think of our military. try and get that away from oil. think of our roads, of all the trucks pulling trailers. you can’t get that kind of HP out of hydrogen and electric cars. or diesel trucks, you just can’t replace that. not any time in the near future. and to support those oil consumers, you still need gas stations all across the country. which means we will still need to ship oil all over the country and keep refining it all over the country. and as long as there’s oil all over the country, i think the general population is going to want to consume it.

  30. jeff roensch says:

    The only energy or oil monopoly in this country is a governmental institutionalized monopoly on our country energy market. The legislative branch has been engaging in anti-competitive energy practices from drilling to building new refineries and much more. They are in clear violation of the

    “Sherman Antitrust Act
    This Act expresses our national commitment to a free market economy in which competition free from private and governmental restraints leads to the best results for consumers.” http://www.usdoj.gov/atr/contact/newcase.htm#file

    Clearly the governmental restraint are in violation of a free market economy and is criminal negligence on the part of the liberal politicians who are the real cartel that profit in taxes more then 3 to 1 to the oil companies that actually work for their money and then have to pay taxes on top of that. So when Oil profits go up the tax revenue increase is 3 times that of the oil companies. So who do you think is the real cartel???

    This criminal incompetence of the democrats and legislative politicians anti free market energy economy in allowing American companies to meet American Oil needs is in need of change and with bush opening up offshore drilling it is time that we conservatives take a page from the left wing play book and for us to us the judicial system in upholding our laws and open up drilling.

    Why dose the Senate call for investigations on big oil? Because they are trying to transfer the blame off of them by placing the blame on someone else. By placing the blame on the oil companies and keep people from seeing that government is the true problem they are able to offer false hope in an effort to gain more power and money from taxes while eliminating a free market economy in our country and forcing us to send our money to unfriendly Middle Eastern countries.

  31. i just reread the original post. “I want the world to get away from oil – we do have the technology to do it. And we should do it quickly.”

    I couldn’t agree more. I think that getting rid of oil will be a slow, painful costly process… but we need to start it yesterday.

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