NYP: President Biden threatened Monday to propose a special “windfall” profits tax on oil companies he said were “war profiteering” — as gasoline prices continue to drag on Democrats going into next week’s midterm elections.
Biden, speaking for just five minutes at the White House, didn’t identify a specific tax rate and said voters would hear more from him about the idea after the election.
“Oil companies’ record profits today are not because of doing something new or innovative. Their profits are a windfall of war — a windfall from the brutal conflict that’s ravaging Ukraine and hurting tens of millions of people around the globe,” Biden charged.
“You know, at a time of war, any company receiving historic windfall profits like this has a responsibility to act beyond their narrow self-interest of its executives and shareholders,” he added.
“They have a responsibility to act in the interest of their consumers, their community and their country to invest in America by increasing production and refining capacity because they don’t want to do that, they have the opportunity to do that, lowering prices for consumers at the pump. You know, if they don’t, they’re going to pay a higher tax on their excess profits and face other restrictions.” MORE
…I notice no “Windfall Tax” on the pharmeceutical companies that HE gave our tax money to for a murderous product, and that HE benefits from…
…only a Communist thinks you will get more if you force people to profit less, and that pointing a gun at people makes them more productive than making them rich will…
…only a Communist would strangle our energy exploration, drilling and fuel supplies… exactly what an enemy would do in a time of war!
Or seen another way, only Jackass Joe would use a crisis to reach in and help himself to more money!
A cunts gonna cunt.
Nullwit Joe probably believes his own lies.
Put a fork in it Joe, you’re done.
That seems like a lot of ignorance to come from just one person.
When did the communists in congress declare war? Oh, it did come out yesterday that we have boots on the ground in Ukraine. We will be in a war very soon.
I worked for Mobil/ExxonMobil for thirty-two years. Mobil was a great company to work for, but ExxonMobil, not so much. You get to know the ends and outs of a company when you work for them that long. I have no love for Exxon, but they are not screwing the American people. Joe Biden and the Democrats are screwing the American people. The money he is talking about belongs to shareholders. That’s people like you and me. As a consumer, Exxon never told me they’d take my home and bank account if I didn’t pay what they wanted me to pay for their products. The price they charge is based on market conditions, just like their competition. Joe Biden and the leftists who control him are trying to go full communist. We are not at war with Ukraine, but the left is at war with the American people. We must crush them, or we will be starving in the streets.
Profiteering is perfectly OK if you’re a democrap named Biden as long as he’s getting his cut of the profits. GOP and conservatives need not apply. I have never despised a President as much as this retard in chief. Please God deliver us from this evil administration next Tuesday and make joey a dead duck legislatively as well as culturally.
WWilson
NOVEMBER 1, 2022 AT 2:43 PM
“When did the communists in congress declare war?”
…they’ll make it offical after the midterms with a formal declaration of war against Russia for the express purpose of getting us nuked.
Regardless of who wins or loses.
geoff the aardvark
NOVEMBER 1, 2022 AT 2:47 PM
“Profiteering is perfectly OK if you’re a democrap named Biden as long as he’s getting his cut of the profits.”
“10% for The Big Guy”
Hey dummy, corporations don’t pay taxes, the people that buy their product is going to.
Biden says they should invest in refining capacity yet says he wants to put them out of business. He wants to “expand domestic production” but berates banks not to finance oil projects. When you are not spending on exploration and development and are selling what you have, more falls to the bottom line. It’s not rocket science.
Windfall taxes, like every tax, are ultimately paid by the end users. It just can’t be any other way.
So he’s saying he is going to tax us.
The govt makes more money from a gallon of gas than the oil companies do but they don’t put a drop of gasoline in your tank.
Gas prices spiked in 2008 and 2012, but not 2016.
Don’t forget ethanol companies are making big money as well, when gas prices are high. Cargil and ADM are the big ones.
Cargill fiscal 2022 revenue jumps 23% to record $165 billion
https://www.reuters.com/markets/commodities/cargill-fiscal-2022-revenue-jumps-23-165-billion-2022-08-10/
ADM’s Profit Doubles on High Global Grain Demand
https://money.usnews.com/investing/news/articles/2022-10-25/adms-third-quarter-profit-nearly-doubles
A perfect illustration of the leader of the demoncrats inability to think rationally, even as the truth smacks them! What a jerk.
Good way to get votes.
@Dr Hambone. My father worked for Mobil 40 some odd years and I grew up on a doodlebug crew, S10, operating in W Texas, Oklahoma, and New Mexico. When I needed an emergency appendectomy in Jr High, Mobil flew a company doctor from Dallas to West Texas to confer with doctors and support my parents. Company kids had summer jobs on the crew and, after my father was transferred to the Field Research Lab in Dallas in my Jr year in High School, I was hired as a gofer in the computer lab. Mobil operated a CDC-6400 & CDC-6600 making that center one of the few supercomputer operations in the world in the mid 60s. I was taught Fortran by a couple of programmers, went on to earn a degree in Computer Science, and and had a wonderful career. Mobil, one of the Seven Sisters, retained and trained their employees. It was a family.
“They have a responsibility to act in the interest of their consumers, their community and their country…”
…YOU have a responsibility to act in the interest of YOUR CITIZENS, YOUR community and YOUR country, Pedo.
and not just a RESPONSIBILITY.
a DUTY.
WHICH YOU FAILED.
Worse, you willfully VIOLATE that duty EVERY DAY.
A soldier would be court martialed and imprisoned for less.
So then should an example be made of a pretended Commander In Chief who betrays his Oath.
Just for comparison, here’s a little factoid:
Profit margins this year so far for
BOA 29.95%
Pfizer 28.94%
Facebook 28.16%
Google 25.87%
Starbucks 13.03%
Exxon 10.97%
Who’s screwing who?
Don’t forget, while jackass joe’s vilifying the oil industry, the feds share in big piles of tax & regulatory graft; kinda like a protection racket.
“They have a responsibility to act in the interest of their consumers, their community and their country to invest in America by increasing production and refining capacity”.
Biden said that today…last year he blocked efforts to increase drilling and also closed the Keystone. The stupid man thinks we’re all as stupid as he.
People, bottom line, this is to be expected when you destroy the Free Market. And that’s exactly what they’ve done.
ExxonMobil is only responsible to its owners, the shareholders.