Clinton: Let Uncle Sam Determine Profits

Tax the rich to feed the poor?

I am sorry - but the socialist leanings by Hillary Clinton on this is too much to bear.

This country is based on what is called free enterprise....taxing the rich because they made money is a thinly veiled attempt at establishing a socialist order.

That is not what the US is about.

Plus, while the oil companies make record profits, the federal government is ALSO making record income through the taxes on the gasoline and diesel.

Better government through less government. Assume responsibility for your own personal freedoms.

Claude Rolof of GA @ May 02, 2008 12:40:15 PM

Soak Google?

Why soak anyone, business or individual?

Barrack wants to raise capital gains taxes even though it would generate less revenue... because two or three hundred hedge fund managers earn over $50 million each year and pay cap-gains rate instead of income rate of taxes. He thinks that’s unfair so he would rather increase that rate on the tens of millions of investors that are trying to build a savings nest egg.

Hillary wants a "windfall profits" tax on business to 'pay for' a highway use tax that would be removed temporarily.

Why not simply abolish the current tax system and adopt the FAIRTAX. That way Barrack would have what he says he wants, a "fair" tax system that equally taxes everyone... but not on what they earn, save or accrue, but on what they consume.

Read about the tax reform bill in congress that has over SIX DOZEN cosponsors. Go to FairTax.Org

Adakin Valorem of NC @ May 02, 2008 12:08:58 PM

Soak Google instead

Profit Margin:

Google - 24.86%

Exxon - 11.23%

Which provides more jobs, creates more tangible wealth, and pays more in taxes?

gabriel of CA @ May 02, 2008 11:39:09 AM

Hillary's basis is wrong

"They're not inventing anything new." - This statement indicates a total lack of understanding of the issue. The oil industry regularly invents new equipment to find, produce , and process oil. It is probable the highest technology non-governmental industry in the world.

Since people have no idea what goes into producing a barrel of oil or converting that oil to gasoline most of these inventions are totally outside thier frame of reference, that does not make them insignificant. They allow the production of

fields previously not possible due to depth, temperature, or economics.

A couple of facts:

The deepest part of many oil wells is drilled horizontal not vertical. (Usually the horizontal part of a well is limited to a mile or two.)

The most energy efficient land transport system in the US is the Oil Industries pipeline system. (energy/ton-mile)

The most energy efficient international transport system in the world is the Super-Tanker,

A 42 gallon barrel of oil flows into a refinery. How much product is produced?

Answer forty four gallons. This is because the crew "not inventing anything new." invented uses for all the nasty byproducts lett over when they had extracted the product they wanted out of the crude. The nastyest by-product when Standard Oil was broken up was gasoline. Big Oil got it's bad rep. back when it was selling kerocene for lamps and hasn't ever been able to shake it.

eedave of LA @ May 02, 2008 11:12:07 AM

Sorry Paul, you're wrong

Hillary is a smart woman. She knows full well all about profits and margins. She also knows how to whip her voters into a frenzy. The people who supprot her fall into 2 catagories for the most part. 1)The poor and uneducated who envy the rich and powerful, ans 2) the rich and powerful who desire to rule over and at the expense of the filthy poor. Unfortunately, it is a lot easier to convince the poor and uneducated that all their problems are the fault of some rich businessman than it is to convince them they are being sold down the river by snake oil salesmen.

Barry of AL @ May 02, 2008 11:09:22 AM

Bill & Hillary have made how much money since 2000?

If anything, we need a "windfall profit tax" against politicians.

John of GA @ May 02, 2008 10:55:59 AM

In the case of "Big Oil" , I think we need to look at "Return on Investment" or "Return on Capital". The amount of money spent on technology and drilling is astronomical. Oh, and that doesn't even mean you are going to have a successful well. Lots of dry holes out there, but no one talks about that.

The "Oil Business" is a risky one, expensive, and cyclical. Folks like to think the big oil companies are "sticking it to them", but I don't think any of them have an appreciation for what it takes to be in the business, nor do any of them have the stomach for it.

RC of TX @ May 02, 2008 10:54:58 AM

Hillary's lack of understanding of Profit/Profit Margin

Hillary is like most folks educated in goverment schools. She couldn't tell you the difference between a profit and a profit margin. No one talks about profit margins because they have not been educated well. Say your company makes widgits and sells them for $10. The widgit costs you $8 to make so you profit $2 on each sale giving you a $2 profit and a 20% profit margin. Then your supplier raises the cost of materials and now it costs you $16 to make the same widgit so you raise the price of your widgit to $20. So each sale you now make $4 and according to Hillary you just doubled your profits but your profit margin remains at 20%. Yes you have made more money in theory but your profit margin is the same. This isn't "making out like a bandit, its good economics and smart business. In Hillary's world you should continue to sell the widgit at $10 'for the people'! She as most in Washington believe, it is the government's money not the corporation's money.

Paul Schmutzler of NM @ May 02, 2008 10:12:26 AM