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Thread: Obama ditches widfall profits tax on the oil companys

  1. #21
    Senior Member backpasture's Avatar
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    Quote Originally Posted by WRL View Post
    Legacy 6, I hate to have to agree with Backpasture
    It wasn't THAT painful, was it?
    The United States Imports 70% of Our Oil.
    What's the Plan?

  2. #22
    Senior Member Legacy 6's Avatar
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    So instead of helping me see your way, you'll just call me an idiot. At least WRL is trying to help me get my terms straight...

    I'm sorry that you disagree, and I'm sure many of the principles you've quoted apply in the big bisiness world, of which I'm not part of... but I still think that for many small businesses, your net profit and your gross profit get re-invested into your business, or go to something else.

    I don't think that every business' end of the month statement is zero because they've already paid everyone, their taxes, bonuses, overhead costs, etc. But, educate me on what the evil corporations and evil businesses are doing with this net profit...?

    You'll catch more honey with flies than bees regards....

    oops.
    Richard
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    Legacy's Lady Jade "Jade" (d. 23JUNE08)
    Legacy's Tallgrass of Natoma "Natti"

  3. #23
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    Quote Originally Posted by Buzz View Post
    You can only pass your costs to your customer 100% in an environment where you have no competition from others who provide the same product or service that you do.

    Wrong answer, you can also do it 100% where your competition is also paying and passing on those taxes as well, if all the competition is domestic.

    So the only ones who can't pass it on is where there is significant competition from a foriegn supplier. Taxing Domestic companies puts them at a competitive disadvantage to Foriegn companies unless an import tax/levy is imposed to offset. Highly unlikely since it would violate most if not all of our current trade agreements.

    Corporations don't pay taxes, their customers do. Its not that difficult to figure out.

  4. #24
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    Quote Originally Posted by backpasture View Post
    This stuff isn't rocket science, it's Accounting 101.

    Apparently you flunked, or only took the Wikipedia version.

    A business figures ALL its expenses before setting the price of its product. Taxes whether they be on wages, capital equipment, or profits are figured in the price of goods. If they are paying 10% on net today and know they will pay 20% on net tomorrow, the price will be adjusted accordingly. Depending on the elasticity of the Demand for their product they will make up some or all of the difference.

    Try a real economics book not an internet hack site. I can borrow you some of mine if you like.

  5. #25
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    So how many politicians have kept their campaign promises?

  6. #26
    Senior Member Legacy 6's Avatar
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    Quote Originally Posted by IowaBayDog View Post
    Corporations don't pay taxes, their customers do. Its not that difficult to figure out.
    Iowa, I'm sorry man, but you're just not going to convince Backpasture that the customers pay corporate taxes. I tried, and as usual BP's superior brainpower and grasp of higher intellectual concepts (like accounting 101) trump my stupid stupid conservative brain stuff.

    BP, it's not that I have anything against you... I just can't compete with someone so academicly superior in every way.

    I left tha spellering erors reguards
    Richard
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  7. #27
    Senior Member Bruce MacPherson's Avatar
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    Quote Originally Posted by Legacy 6 View Post
    So instead of helping me see your way, you'll just call me an idiot. At least WRL is trying to help me get my terms straight...

    I'm sorry that you disagree, and I'm sure many of the principles you've quoted apply in the big bisiness world, of which I'm not part of... but I still think that for many small businesses, your net profit and your gross profit get re-invested into your business, or go to something else.

    I don't think that every business' end of the month statement is zero because they've already paid everyone, their taxes, bonuses, overhead costs, etc. But, educate me on what the evil corporations and evil businesses are doing with this net profit...?

    You'll catch more honey with flies than bees regards....

    oops.
    Frankly I cringe when I hear people throw terms around, and they have been thrown around, like gross and net Profit. You have Income . Take all the money made in a month or year, subtract operating expenses, whatever they may be, and you have net Profit or loss. If at the end of the year you have made more than you have spent you have Profit. You can choose to do whatever you like with this profit. Most business reinvest at least a portion to make their business even more profitable. This is America, this is how we do it here. It is not yet a crime to make a lot of money. It has always been popular within a certain political class to demonize those companies that have been highly successful for one reason, to extract a larger amount of money, in the form of taxes, than they are already receiving.
    Some of us that have actually owned and run a business don't begrudge these big companies one dime of profit they have made.
    Last edited by Bruce MacPherson; 12-03-2008 at 09:10 PM.
    "The longer you let a dog go in the wrong direction the more they think they are going in the right direction" Don Remien.

  8. #28
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    Quote Originally Posted by IowaBayDog View Post
    A business figures ALL its expenses before setting the price of its product. Taxes whether they be on wages, capital equipment, or profits are figured in the price of goods. If they are paying 10% on net today and know they will pay 20% on net tomorrow, the price will be adjusted accordingly. Depending on the elasticity of the Demand for their product they will make up some or all of the difference.
    To add to your post - businesses that perform in other country's also have an element of risk - you name it, they experience it. In extremely risky country's that risk might demand that they receive a return approaching 50% yearly on their investment to deal with the political risk. When I did Mining Economics the political risk was rated as high as expecting a 100% yearly return on investment in some country's.

    They also have the risk associated with dry holes, &/or a hostile environment to get that product.

    & once they get the product to market there is the grease my palm risk associated with our political system.

    Has everyone forgot that government has extracted more in taxes from the oil companies than the oil companies have made in profit over the years.

    For the people complaining, there is always the alternative, don't buy their product, don't contribute to the oil company's profit. Ride your bike, your donkey or do shank's mare - No one is forcing anyone to buy. I personally like the convenience of going to a service station, knowing that in most instances the product received will be uniform to some standard & will allow me the convenience of going where I desire to go in some comfort.

    Free Market regards!!
    Last edited by Marvin S; 12-04-2008 at 09:46 AM.
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  9. #29
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    Yes, heaven forbid a leader make a pragmatic decision to change his mind based on a change in circumstances. I think Obama should just stay the course based on what he said during his campaign or what his gut tells him rather than take a thoughtful and pragmatic approach to leading this country based on reality. The record is clear that leading by ideology and your gut despite a change in circumstances is a far superior approach.

  10. #30
    Senior Member Hoosier's Avatar
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    Quote Originally Posted by Henry V View Post
    Yes, heaven forbid a leader make a pragmatic decision to change his mind based on a change in circumstances. I think Obama should just stay the course based on what he said during his campaign or what his gut tells him rather than take a thoughtful and pragmatic approach to leading this country based on reality. The record is clear that leading by ideology and your gut despite a change in circumstances is a far superior approach.
    Does this mean we should start worrying about paying our own mortgage and putting gas in our cars again.

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