From Forbes

[Junior1942]

"$2.7 Trillion In Spending Cuts And No New Taxes"
And the winners are . . . Exxon-Mobil, Chevron, etc., etc.  And the losers are . . . you.
http://news.yahoo.com/2-7-trillion-spending-cut-no-taxes-005025746.html

[Shu]

A 4 line article really explains your position. Which just stated absolutely nothing.
 
Unfortunately people think the wealthy and big buisness just screw the common man over. Think about this for a minute. If you place higher taxes on the rich and big buisness they leave. When they leave so does jobs. When jobs are gone the common man has nothing.  Just tax the rich and big buisness some more and see what happens. Why do the rich get richer? Becuase they manage their money alot better. How many people does Exon Mobil employee? Would it be better if these people were unemployed? Maybe good old Wally World should close it's doors becuase the Walton family has a net worth of 6 billion. That should be taxed and redistributed. Really do you think economics works that way? If you reduce taxes people have more money, if people have more money they spend more. When people spend more the economy gets better. People need to learn to manage their money and not worry what everyone else is doing.
 
I guess the difference between a liberal and conservative is : A conservative wants you to have everything you can afford by your own hard work. A liberal wants you to have everything you can afford by someone elses hard work.

[Lost Farmboy]

  Junior I may agree with you but I have no idea what you are thinking. The little article does not say much but at least it's short. Are you blaming a democrat? Harry Reid?

[billy_56081]

So if we tax big oil more will that bring down the price of gas?

[BUGEYE]

high taxes and unreasonable demands from the unions is what has killed manufacturing in the U.S.

off topic, have you noticed that geithner looks like a caracature of satan?

[Junior1942]

So if we tax big oil more will that bring down the price of gas?

Eliminating the 15% off-the-top depletion allowance on oil and natural gas wells will have zero to do with the price of gasoline. 

PS: it will mainly affect the oil company executive bonuses and political contributions to Republicans.

[magooch]

Who makes more from a gallon of gasoline--big oil, or big government?  Who does the work of bringing the gasoline to market--big oil, or big government?
 
In its defence, big government does get the roads and highways built and that is where the tax should go.  However, I'm afraid that far too much of that tax goes for wasteful projects like light-rail and other crap that has nothing to do with energy, or transportation.

[billy_56081]

So the oil executives are going to take a cut in pay and pass it on to us? And the liberal parasites say that these executives are evil.

[Junior1942]

So the oil executives are going to take a cut in pay and pass it on to us? And the liberal parasites say that these executives are evil.

So you're ok with Exxon-Mobil paying zero income tax on $1B per week profits?  You must get a 15% cut, too.  If we allow big oil to go with zero income tax why not allow every business to go with zero income taxes? 

[Dixie Dude]

Jr, it is a FACT if you check it out, that Obama got MORE money from BIG business and the liberal Rich than republicans.  Most business owners of small and mid sized business who supported Obama will not support him anymore.  I know you have it in for the oil companies, so why don't you quit driving, heating your home, air conditioning your home, walk, use firewood, and live like your ancestors 100 years ago.  Don't buy anything packaged in plastic or made with plastic, don't use drugs, etc.  Oil, natural gas, and coal, drive the economy.  It it gets too high, it throws the country in recession.  Until cheap alternatives are found, it will continue to be that way.  Most money obtained by Republicans are $20 donations by mom's and pop's.  Been that way since Reagan.  Big banks caused our current problem, not big oil, and OPEC production affects oil prices more than what we do here.   

[Dixie Dude]

Oh, GE who is Obama's biggest supporter, paid no US taxes last year and made billions in profits.  Recently shut down a lightbulb factory so they could push their green lightbulb made in China so they can get more profits.  It works both ways and on both sides.  BP gave Obama a big donation for his 2008 campaign.  Hmmm.

[billy_56081]

Can someone please explain to me how raising taxes on a corporation will not raise the cost of the goods said corp produces.

[BBF]

...................If we allow big oil to go with zero income tax why not allow every business to go with zero income taxes?

 A very excellent idea as a matter of fact. Since big business is usually a Corp with stockholders their shares go up in value. Personal income tax can be structured to raise revenues.

[Dixie Dude]

I think we should get rid of income tax altogether for both corporations and individuals and have a national sales tax.  I've read on some Libertarian site somewhere that just 1% national sales tax would completely replace income tax and actually bring in more money.  Everything a corporation buys from jets to vehicles, drilling equipment, paper, computers, etc, there would be a tax.  Same with individuals.  An allowance could be made on groceries and maybe medical expenses, but still, everyone pays.  Rich pay more because they buy more and more expensive things.  I also think we should have tarriffs on imported items that can be made here or produced here, on top of the sales tax.  This would bring jobs back to America.  Income tax for individuals hurts when you try to get ahead.  Income tax on corporations is only passed down in what you buy, hidden in the price. 

[Dixie Dude]

I have two contractors working for my company that I inspect and deal with.  They both said if taxes go up under Obama, it means they would have to lay off at least one employee.  The tax would be the equivelant of one employee.  Granted, they are small family owned corporations, the way they are set up, but the tax would include them with the Exxon's, GE's of the world.  The Republicans mention this all the time, "small business owners", are the ones who hire the quickest, and get the economy moving faster.  Dems try to paint the picture of the "Big Corporations" with the republicans, which is in this last election, the exact opposite.  Big software giants, GE and others supported Obama, and so called "green" companies.  I think the tax codes also need to be rewritten to distinguish from small, medium, and large corporations.  National sales tax and tarriffs would be better. 

[BUGEYE]

Dixie Dude,  that makes too much sense to work here.  but then again, if we could replace all the loonie tunes in DC we could make it work.

[Junior1942]

.  Granted, they are small family owned corporations, the way they are set up, but the tax would include them with the Exxon's, GE's of the world. 

So those "small family owned corporations" derive their income from oil and gas wells?  Exxon's 15% off-the-top loophole is a tax break on oil and natural gas PRODUCTION from wells.  It was once 21% and was started back when oil was $2 a barrel.  You think they still need it with oil at $100 a barrel?  If you do, tell that to a Social Security recipient who's about to get his check cut and his Medicare deduct increased.  Tell him he should grin and bear it because Exxon needs his money more than he does. 

[Junior1942]

.......If you reduce taxes people have more money, if people have more money they spend more. When people spend more the economy gets better......

The Bush tax cuts for the wealthy worked really, really well then, I suppose?  So if the tax cuts worked so well why was the economy about to tank when Bush left office?  You do know the economy was about to tank circa Jan 20, 2009, don't you? 

[billy_56081]

I think Jr. is avoiding my question. Please answer with some mathematical figures that will explain how by making it more expensive for a corporation to produce said goods it will not effect the cost of said goods. 

[Casull]

The Bush Tax cuts and other loopholes have not been cuts...they have actually been 'tax shifts' to other demographics, mostly middle class

 
tm, I must call BS on that.  The Bush tax cuts reduced taxes on ALL brackets and ALL taxpayers.  To state otherwise is either a lie or just plain ignorance.

[Casull]

The Bush tax cuts for the wealthy worked really, really well then, I suppose?  So if the tax cuts worked so well why was the economy about to tank when Bush left office?  You do know the economy was about to tank circa Jan 20, 2009, don't you? 

 
junior, that statement is just wrong on soo many levels.  The economy tanked because of the housing collapse that the klinton and barney frank gang precipitated with their insane idea that ALL should buy houses, whether they could afford it or not.  What the Bush tax cuts for ALL did was keep the economy going and even growing after the attacks on 9-11 nearly destroyed the airline industry and pummeled the stock market.  Tell me, if the Bush tax cuts for ALL was so bad, then why did it the collapse wait EIGHT YEARS for the appearance of obama? 

[Shu]

Ok, tax every corperation and all big buisnesses. I mean lay it on them hard. They should pay and pay hard. What was I thinking that big coperations and big buisness should have it easy.I must have had a crazy moment. Tax them hard so they will move production facilities overseas so American workers can migrate for jobs. The American worker the New Illeagal Imigrant.I kind of like that.
On the other hand a flat tax would be great, or a national sales tax and stop with income taxes. Of course that means the IRS would go away.

[jimster]

The oil companies are not the enemy. They make less money on the dollar than Walmart.  Fact.  According to what the IRS has printed, they pay a huge sum of taxes, look up how much total the feds take in per year, then look up how much the oil companies paid, then do the math of who pays a lot of the 2.1 trillion in taxes the feds take in each year.  I fail to see how taxing them will help ME at the pump, but I can see how taxing them will keep government spending more money...c'mon, this ain't hard to grasp.  You tax them more, you'll pay it at the pump.  You try to control gas prices through legislation, there won't be no damn gas at all...and I don't blame them.  Just read an article on one of the oil companies that just lost 4 billion all at once, they put in for a permit, bought equipment, and YEARS later the government tuned them down on drilling...ya it takes years to get a permit to drill oil with government in control.  If anyone has any sense at all, you'll want government to stay off the backs of oil companies, they already tax them, they already regulate them, and they make it so they can't take the oil.

$2.7 Trillion In Spending Cuts And No New Taxes

Now there is why your in a depression.....2.7 trillion won't even pay the interest on the debt they rang up, they just can't quit spending, not to mention they have already spent 3.7 trillion for next years budget...   Math...what's math?   
The country should have forced the Dems to pass a budget back in 2010, but not much we could do there,  Dems had the house the sentate and the White house...we were overruled I guess. 
Well, it's funny watching them point fingers at the "bad guys"...right now it's the oil companies.  Was doctors a little bit ago to get health care passed.  Who's next?
Far as tax cuts goes....what tax cuts?  They were tapping me out, gave me back a few hundred bucks a year...hey, sounds like that 2.7 trillion deal, ..didn't amount to squat for me.  I can't tell the difference between a tax cut and a tax hike I guess...
No matter who you think your enemy is, it's really the government, they are out of control and dividing us all.
 
 

 

[DDZ]

History has proven that tax cuts increase revenue and tax increases decrease revenue. Its something that the "spread the wealth around" crowd have a hard time understanding.

http://www.mtgriffith.com/web_documents/taxcutfacts.htm

Shu, certainly a flat tax or sales tax would be better for all those who pay taxes, but I don't think this government, as it is will ever cut any of its own fat off by eliminating the IRS. On the other hand they are always willing to add another useless, inefficient, bureaucracy that includes more government jobs, that do nothing to help the economy. 

[Junior1942]

I think Jr. is avoiding my question. Please answer with some mathematical figures that will explain how by making it more expensive for a corporation to produce said goods it will not effect the cost of said goods.

That makes some sense until you realize that gasoline refineries buy crude oil on the open market. How much income tax the oil well owner pays has zilch to do with it.  Unless you think Exxon-Mobil can say, Hey, guys, we've finally had to start paying income taxes, so our crude oil will now cost $5 per barrel more.  They'd be (1) the laugh of Wall Street and (2) sell zero crude oil because the refineries would buy it elsewhere.  Except their refineries, of course, but in that case their gasoline would cost more at the pump, so that wouldn't last long.  You also assume that every oil producer owns a refinery and makes gasoline. Few do.  Question answered.  To no avail, I'm sure. You'd rather see the middle class pay more and big oil pay less.  Say, didn't Exxon recently give an executive a $400,000,000 bonus?

[Junior1942]

By the way, Exxon owns an oil well near me which has produced 40 barrels of oil a day for 75 years.  I'll let you estimate their profit over the years, but I'll add that it's an income tax free profit.  Gosh, imagine if you made circa $4,000 a day income tax free!

[billy_56081]

Please Jr. I see you are afraid of my simple question, how will a producer, produce its goods at a lower cost when they are taxed more one these said goods. Please don't be afraid to answer.

[billy_56081]

I think Jr. is avoiding my question. Please answer with some mathematical figures that will explain how by making it more expensive for a corporation to produce said goods it will not effect the cost of said goods.

The Bush Tax cuts and other loopholes have not been cuts...they have actually been 'tax shifts' to other demographics, mostly middle class, and have resulted in tremendous wealth agrandisment in fewer and fewer hands...one reason we are in a depression today and dieing middle class.
 
Sales taxes are Flat taxes.
 
Corps can only raise prices insomuch that the market will bare...then they loose business. Tax cuts have rarely resulted in a corp reducing prices, if ever.  They move overseas and reduce costs 10 fold yet their prices to consumers are rarely reduced.  As corps taxes now approach zero they are the entities that derive the most benefit from the system...yet pay the least share back into the system.
 
If you are concerned about governmnet endless spending than look to cut mil spending which accounts for 54% of every budget dollar.
 
...TM7
 

Well my silly friend with energy the market will bear the cost to the point of being broke. I still havben't seen a mathematical formula that will explain how, by increasing the overhead costs of said product.