Where Congress does have a role...

Posted by Matt from CT on September 16, 2005 at 09:56:46 from (66.181.93.142):

In Reply to: Re: OIL; Just to know posted by Illinois Boy on September 16, 2005 at 08:16:51:

>What we are seeing is companies, like Exxon
>Mobile, that are not happy with 140 billion
>dollars in profit. (THAT'S PROFIT - One heck-uv-
>a living)

Things like dropping the gas tax at a time of tight supply doesn't help.

Lower cost = more demand, prices go up. Oil companies make more, U.S. Treasury gets less.

HOWEVER...

It's the income tax system that can temper these large profits.

There's a lot of really skewed stuff in our income tax system. If these companies are making 140B in profit, that should translate into 25-40B range going into the U.S. and State Treasuries...bet we don't see a fraction of it.

(And yes, we need incentives to reinvest, etc.)

Follow Ups:

• Re: Where Congress does have a role... password gone again 11:52:19 09/16/05 (2)
  • Re: Where Congress does have a role... RodinNS 14:08:11 09/16/05 (1)
    • Re: Where Congress does have a role... big fred 14:30:00 09/16/05 (0)

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