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Today's Nuze

"Every government interference in the economy consists of giving an unearned benefit, extorted by force, to some men at the expense of others."

Ayn Rand

Nobody's listening.

OBAMA'S BUDGET TARGETS THE EVIL OIL COMPANIES

By
Neal Boortz
@ May 8, 2009 8:39 AM
Permalink | Comments (34) | TrackBacks (0)

Another detail in Obama's budget is that he plans to end tax breaks for those evil, filthy oil and gas companies. In other words, Obama wants to increase taxes on the oil industry. He wants to end $26 billion in tax breaks, which he classifies as "unjustifiable loopholes ... costly to the American taxpayer and do little to incentivize production or reduce energy prices."

Did he say "costly to the American taxpayers?" Well, he can get away with that because he suspects you don't realize - and many Americans don't - that every penny of additional taxes these evil oil companies have to pay to the federal government will be added to the cost of the products they produce. The tax increases will show up at the gas pumps. I know that this is a difficult concept for the government-educated dumb masses to understand, but corporations - and this includes oil companies - don't pay taxes. They collect taxes from their customers, shareholders and employees and pass them on to the government.

Again ... let me point out that the greatest ally the looters in Washington could possibly have is an uneducated population.



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What others are saying

  • Fusion power
    While it's not currently commercially viable, there fact is that there's very little that needs to be taken care of to make it so; mainly the issues are in the manufacturing process.

    Here in the US we've been doing research for decades, and the only reason that one of the most promising programs in fusion power isn't commercially viable is the fact that we don't have a collection device that can handle the discharge from the device because there's too much power coming too quickly from the device. It's called the Z Project, and operates less than 30 miles from where I'm writing this. A high-efficiency fuel cell can change that, but fuel cells are expensive, and difficult to manufacture in the capacities that are needed.

    The main problem, though, with fusion is that it needs funding that is being cut. With all of the spending in the budget, the DOE is getting cut back hugely, I've had two family members lose funding for their projects because of it. If the funding for the advanced research was there, then it'd be 10 years max to be able to use these devices.

    As far as the nuclear waste restrictions, this started way back in the Carter administration, and continues to this day. Why, I don't know. The simple fact is that the law can be changed, and for the cost of getting a bill through Congress we can reduce the costs of nuclear waste disposal to almost nothing, and double our nuclear power (or, almost, at least). Almost a quarter of all electric power generated in the US is nuclear already. Why the tree-huggers don't like it, I don't know, but I'm betting most of the problem is waste disposal, which is eliminated here.

    Who knows, hopefully it'll happen, but not in the next four years.
  • Overseas competition
    Companies that operate in lower taxed countries are killing us competitive wise. Our countries are leaving to be more competitive cause they won't HAVE TO PASS ON AS MUCH TAXES to their customers.

    Didn't we have this discussion already?
  • Evil government
    Stuart Mitchell is mostly right, but congress prevented the the further use of breeder reactors with The Nuclear Waste Policy Act of 1982. Waste was required to be disposed of, not reprocessed.

    Fusion is working in France, but it is not commercially viable. http://blog.cleveland.com/metro/2009/01/international_thermonuclear_ex.html

    On the article:
    $197 million for the Yucca Mountain to "explore alternatives"? BILLIONS have been spent since the 80s. More government waste.

    http://www.ocrwm.doe.gov/ym_repository/index.shtml#4

    Ivan:
    "The technology exists NOW to completely rid us of fossil fuels. There are technologies out there that are incredibly efficient that are classified."
    Name them.

    Copyleft needs to take his medication, since he is hallucinating about using facts and evidence, while providing.... none. Here, I'll help you:
    Dr. Mark J. Perry is a professor of economics and finance in the School of Management at the Flint campus of the University of Michigan. He disagrees with Copyleft:
    http://mjperry.blogspot.com/2007/02/corporations-dont-pay-taxes-people-do.html

    So does the Congressional Budget Office:
    http://www.cbo.gov/ftpdocs/3xx/doc304/corptax.pdf

    "Maybe you'll be smart enough to play at my level someday." One needs severe brain damage to play at your level.

    Go LEARN something, Copyleft.
  • Oil Taxation
    Neal, are you and Copyleft the same person? I bet you are, you love to get us listeners all riled up!
  • Oil Companies?
    I've heard there is only 50 more years worth of crude oil under the ground. This means our grandkids will need horses!

    Now, think. Whose oil is it? Ours, or our grandkids? The stuff is darn near priceless, yet we burn it in cars? Why should we argue about the current situation when we should be ashamed of what we are stealing from future generations?
  • Repetition
    Yes, Neal keeps repeating that "corporations don't pay taxes" lie over and over... so what?

    So do many of his faithful followers here. But guess what, folks; repeating it doesn't make it true. It's STILL wrong!

    I guess that's one of the problems with the far-right brain: they assume that if they just believe something hard enough (and loudly enough), it will change reality. Doesn't work that way, folks.

    Corporations DO pay taxes. If they didn't, why would Neal always be whining about how they're all moving overseas to escape our "punitive tax rates"? Because their ability to transfer that burden to their customers is _sharply limited_, that's why.

    Do some more reading about how economics really works, people. Not just the simpleminded distortions and half-truths you'll always get from talk radio. That's not knowledge, it's attitudes.
  • Copyleft
    Let me see if I can clear it up for you, Copyleft.
    I work for an evil, greedy trucking company. We are making -3% profit right now. That's right, MINUS.
    It's called competition. All trucking companies are cutting rates to the bone to try to survive until things get better.
    Obama raises fuel taxes, because the evil, greedy trucking companies are ruining our roads and bridges with their evil, heavy trucks.
    Every evil trucking company pays more for the evil fuel.
    So every evil, greedy trucking company raises their rates by the same amount, killing the same number of cute, cuddly polar bears.
    The evil, greedy Wal-Mart has to pay more to get their evil, polluting toys to the shelves.
    So the evil, greedy Wal-Mart has to charge more for those toys so they can stay in business and sell more toys, and their evil, greedy, non-union employees can keep their evil, dangerous sweatshop jobs.
    So, Copyleft, when you raise our taxes at the truckyard, you pay them at the Wal-Mart. Or wherever you shop.
    And thanks for the invitation, but I'm afraid I'm not interested in being smart enough to play with you, Copyleft. I would have to remove 67% of my brain cells to reach that level.
  • Economics 101 for CopyLeft
    Corporations do not pay taxes. Taxes a component of their costs. If you don't believe that, try reading a P&L sometime and tell me where "Taxes" are listed.

    A seller who jacks up prices loses to competitors, unless they ALL have to jack prices due to increased costs they share i.e. taxes. If the all raise prices too high, they ALL lose customers. That means costs must be reduced in other areas to keep selling or to prevent losses. The highest line item cost on every P&L that I have ever read is "Labor and Personnel". Now, please explain who would be served by increasing expenses to manufacturers through increased taxes.

    Domestic companies cannot find a competitive advantage on taxes because they all pay the same taxes.

    Producers move offshore because the punitive tax rates make it harder to compete with foreign competitors who do not have the same tax expense.

    Most corporations earn somewhere around 3 - 6% net profit, how much smaller would you suggest profit margins become?

    Without adequate profits, you can't invest for the future or build cash reserves to weather tough economic times. Just look around for that lesson.

    BTW, I haven't played on your level since about ninth grade.
  • Crazy thing is...
    The technology exists NOW to completely rid us of fossil fuels. There are technologies out there that are incredibly efficient that are classified. The trickle down process is too slow. The Obama administration needs to open up the flood gates on experimental classified projects dealing with alternate forms of energy.
  • Copyleft is a totall looser and does not listen
    Copyleft,

    Several people on here have explained to you over and over - Companies do not pay taxes. But yet you keep arguing that they do -- GOD YOU ARE DUMB.

    I will make this real simple for you. Look at your phone bill, Do you see all those taxs and charges? Companies will cover the taxs in the price as long as they can. Then they just pass them directly on to the consumer.

    So please do not waste anyone time any more responding with your garbage to this subject. you have no idea what you are talking about and you have NO wish to learn anything.
  • Facts and Evidence
    Copyleft,

    You wouldn't know "facts and evidence" if it smacked you upside your head.

    Please, just stop.
  • Oil companies
    Nuclear power!
  • To: Chuck
    I wasn't questioning how much profit oil companies make... I was pointing out the oft-repeated, and yet never supported, claim that "corporations don't pay taxes."

    Which I've already dismantled with facts and evidence several times on this very site. It's just corporate-cheerleading nonsense, and it even contradicts the OTHER "poor-me, corporate victim" line Neal likes to repeat about our "punitive" tax rates.

    Speaking of basic economics: What happens to a company that decides to jack up its prices rather than cut costs, compared to smarter companies that accept a smaller profit margin?

    Yeah, thought so. Keep trying, folks! Maybe you'll be smart enough to play at my level someday. But first you'll have to TURN OFF THE RADIO and do some REAL learning.
  • rockhound
    well when gas goes up to $8.00 a gallon, i'll bet you wished "we've got to get rid of our dependence on oil"
  • Oh...BTW
    Even if we reduce our usage of oil, the rest of the emerging world( China, India...) probably will not. And I don't think we'll be seeing elimination of oil for machinery and manufacturing even if we found alternatives for fueling our planes, trains,automobiles. The ethanol thing isn't what it was billed as and hybrids rely on expensive and toxic batteries. Maybe our great grandchildren will still be working on it while we are feeding the microbes. Unless everyone wants to go Kazinski, we'll be using oil for a longtime to come. Maybe Obama should nationalize Exxon-Mobil and show those evil oil companies he means business.
  • 101
    It is clear that the Left( sorry Copy, that's everybody on the Left...)does not understand what it takes to buy, transport, refine and sell oil and oil products and (are you paying attention?)make a profit. Instead of always demonizing the oil companies and the idea of profitability, learn how businesses actually run first, then decide how you feel about 'record profits' and 'tax loopholes'. Oh, just to be helpful, try getting news from someplace other than MSNBC or taking what Nancy Pelosi says as gospel. We turn a net profit of 7%, about the same as oil companies. Less revenues( not to bludgeon the obvious to death)but the same margin. We had 'record revenues' but the same net profits. The cost of doing business goes up with the increased revenues. Are we evil? Big Landscape run amok! Record profits! Oh my God...we're out of control here! And we buy equipment before the end of the fiscal year to keep the taxes down! Oh, the humanity! It's outrageous! Companies making profit on those poor consumers...why, it's un-American! Copyleft always talks about people getting facts and sources and accurate information. Well...what now Kimosabe?
  • Its been said before
    I totally agree with Neal. I believe the saying goes something like, How fortunate for governments that men do not think. Funny, but that was said about 70 years ago by Hitler. This is going to get ugly my friends.
  • "I know that this is a difficult concept for the government-educated dumb masses to understand, but corporations - and this includes oil companies - don't pay taxes. They collect taxes from their customers, shareholders and employees and pass them on to the government."

    Someone please explain how you can make the above statement but also state that the top 5% pay 50% of the federal budget. Would it not be correct to say that the top 5% COLLECT 50% of the federal budget?

    Always wondered about that.
  • Cry me a river
    So there's tax loopholes, big deal. Every time some lobbyist (of ANY group) sticks his nose into a taxation bill, a loophole or two is created. It's called "compromise" (at least by idiot politicians).

    The thing that everyone forgets is that oil and gas companies have learned from their bad image, and fixed it long ago. My state's a major antural gas producer, and I've spent time on the gas fields that are open for hiking, horseback riding, and other outdoor activities, and they're BETTER MAINTAINED THAN THOSE THAT ARE FEDERAL AND STATE FOREST!!! So what if they're drilling for oil and gas? We need it! We also need more refining capabilitiy as well.

    On another note from the full article, my state also houses the WIPP (Waste Isolation Pilot Plant) facility, which is a smaller version of Yucca Mountain. Drive on the western side of the state, and you see 18 wheelers full of nuclear waste. It's a mundane fact of life. If you really want to do something about nuclear waste, do what the Canadians and Japanese did decades ago: create a breeder reactor program. It's possible, and even relatively easy, to build two nuclear power plants (pollution is non-existent, only a bit of non-radioactive water vapor) that are paired with each other: the waste from one's the fuel for the other, and vice versa. ou reduce your waste to a thousanth of the former level, and dono't have to hollow out a mountain to store it, becuase the radioactivity has such a short half-life. No transport except to the other end of the facility, no radioactivity, and LOTS more electricity in an environmentally friendly facility. Unfortunately, the hippies will be mad, but who cares? Are they going to throw organically grown, non GMO produce at the plant?

    Finally, on the last point in the article, hydrogen IS used as a fuel source in Europe, for their OPERATIONAL fusion power plant off the coast of France. Why say it's impossible to do when the Europeans have done it already.
  • Gas prices
    I paid 76 cents a gallon for a very brief time in 1998. It was in Conyers and the station is no longer in business. Gas everywhere else in Atlanta was about $ 1/gallon
  • To Tshirt Doctor and Stan
    Are you guys serious? Stan, as was said, adjusted for inflation, gas prices under Carter were the highest ever. I remember seeing a picture of a newspaper where a gas station in Massachusetts charging $4 a gallon...in 1980. Also, yes, for a time gas was cheap under Clinton but in 1998 it shot up to $2 a gallon and hasn't looked back. Prices go up. But get a clue you 2.
  • NOT AGAIN!
    Stan, GOD Bless you, but you have got to start doing research before you post. Keith is right about the price of gas. It went to $3 a gallon after Katrina, but came back down well below $1.50. The after 2006 when DEMS took control of congress, the price went to $4 over the next year. It wasn't till Bush finally conviced DEMs to free up exploration that the price dropped.

    Lets face it, our biggest problem is a DEM CONTROLLED CONGRESS! AND YOU CAN'T ADMIT IT!

    AND IT JUST KEEPS GETTING FUNNIER
  • WARNING
    Reading any of copyleft's posts can make you feel dumber for having read any of it.


    Seriously, you are in bad need of some very BASIC education on macroeconomics
  • Economics
    Stan: The president doesn't directly affect gas prices. That is determined by supply and demand. It is very silly to attribute something like that to who was in office at the time, as that is just ONE of many factors involved.

    Copyleft: For god sakes man, spend some time reading a book on economics or finance or something. You have no clue. You will continue to have zero credibility until you become less ignorant. Or maybe you chose to remain that way... I know everyone here has tried to explain basic concepts to you with no success so far.
  • This is further proof that PrezBO intends to
    destroy this once-great country. The left has eclipsed anything the republicans have done in the past. The trolls on this site may want to consider that before crying Booooooosh. (But they won't. Sad)
  • Explanation please
    Price is determined by the market. For this reason, corporations don't neccessarily raise the cost to consumers as a result in their costs.

    While taxes can affect the cost of producing goods, most corporations would pay the taxes and find a way to lower other costs, most likely to begin with labor.

    Since oil companies don't compete with each other based on price, an aggreement amongst them would certainly be a different situation but that should be emphasized in lieu of saying "corprations don't pay taxes".
  • Following on Stan's line of thought ...
    Let's do whatever Nixon did. Gas was thirty cents when he was president.

    (BTW Stan: Where do you get this idea that gas was 75 cents when Clinton was president? Gas broke the dollar mark in 1979.)
  • good
    i remember when gas was $4.00 a gallon people would say "we've got to get rid of our dependence on oil". then the oil companies heard that and lowered their prices. and americans went back and bought their gas-guzzling cars.

    i want it to go bad to $4.00 dollars a gallon. will it hurt me? oh yeah. but i want the "we've got to get rid of our dependence on oil" attitude back.

    because it's good for america. not in the short run, but in the long run. think of your grandkids. if we don't do it now, our grandkids will have much worse.

    of course, americans don't think of the future
  • >:(
    This is just an attempt to make it even tougher to produce oil thus raising the price. Once the price is higher Obama and his minions will tax you to death. I don't think people realize the kind of taxation we are about to endure.
  • Economics 101
    Figure out how much your items costs to make, including payroll and TAXES then add on how much you want to profit....

    Bingo! There's your price. Simple.
  • Neal's right!
    After all, corporations have an infinite capacity to pass along ALL their costs to the consumers without consequence. Consumers have no choice but to buy from a single supplier and cannot exercise any other options... and all industry competitors are going to be in perfect (and illegal) agreement to follow this exact same policy, rather than compete in some fashion.

    We should be shoveling MORE loopholes and tax breaks at them, not less. Why, the very notion of taxing corporations AT ALL is ludicrous!

    Hee hee... are we done with this silliness now? The notion that "corporations don't pay taxes" is repeated very, very often on Neal's show--but it remains a blatant lie.

    The funniest part is that Neal ALSO complains about how many corporations are moving operations overseas to escape our "punitive corporate tax rates"--which they allegedly don't pay! Funny stuff.

    If you hear someone logically contradict themselves within the same ten seconds, you know they've been listening to talk radio. (chuckle)
  • Evil Rich
    The Obama era is starting to look more like a skit from "Monte Python and the Flying Circus"!
  • Advice for the Prez
    Whatever Bush did with oil, do the opposite. Whatever Clinton did with oil, do the same. I dont care who is on what political party, when Clinton was President gas was less than 75 cents a gallon, and when Bush was president it got up to $4 a gallon, and I never saw it below $1. I would say inflation, but there terms were consecutive.
  • What a joke.....
    Hussein Obama will go down as the worst president ever to take office. Thank you to the uneducated voters who want a feee handout and feel that you are entitled to something you haven't deserved!! He has grown government like no other and spent more money in a short amount of time like no other!

    America - this joke is on us! God help us - we will need it!!
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