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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: quehubo who wrote (112128)	10/17/2008 9:35:01 PM
From: 8bits	1 Recommendation Read Replies (1) of 206209

Yes leave it to Obama to threaten one industry that has created many high paying jobs in the USA with a windfall profits tax. What industry has the potential to make even more jobs and lower energy costs? How about clean natural gas? Yep, I exited all of my US based Oil/NG stocks the day after I made the post below. Obama along with many Democrats in Congress have made it plain they will extract their pound of flesh from "Big Oil". Given the fiscal constraints that will follow from a weakening economy and lack of Capital gains for stocks and Real Estate, the question in my mind is not if there will be a windfall profits tax but how much it will be. Message 24975220 FWIW, discussion of the earlier version of the Windfall profits tax: en.wikipedia.org "In a February 12, 2008 editorial titled "Record Profits Mean Record Taxes," Investor's Business Daily said that regular income taxes already take into account the high profits, and that there's no need to do anything extra to tax or punish the oil companies. As an example, the editorial states "Consider the magnitude of the contributions from Exxon alone. On those 'outlandish' 2006 profits, the company paid federal income taxes of $27.9 billion, leaving it with $39.5 billion in after-tax income. That $27.9 billion was more than was collected from half of individual taxpayers in 2004. In that year, 65 million returns — which represent far more than 65 million taxpayers because of joint returns — paid $27.4 billion in federal income taxes."

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