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Politics : President Barack Obama -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (132960)	4/15/2013 3:39:31 PM
From: RetiredNow	Read Replies (2) \| Respond to of 149317

90% is a bit high, but I would be all for an increase in taxes on oil to help pay for all the oil subsidies, including global wars that oil causes. I read somewhere that US big oil revenues are about 10% of GDP, so about $1.6 trillion. If they make about 10% net income off that, then net income is about $160 billion. So if the government took 50% of that, then that would be an additional $80 billion per year in tax revenues. Hmm. Considering we're currently running a $1.2 trillion deficit, that doesn't do much for closing the deficit. So at some point, the American people are going to have to cut spending. I say we start with the military and then work our way to the Entitlements.