Oil Companies and Windfall Tax

Parent Cafe
61

<p>This is the original study on the windfall tax:</p>

<p><a href=“http://www.nationaljournal.com/policycouncil/energy/legnar/031406CRS_Crude.pdf[/url]”>http://www.nationaljournal.com/policycouncil/energy/legnar/031406CRS_Crude.pdf&lt;/a&gt;&lt;/p&gt;

<p>He is going to give everyone $1000 from the revenues collected. What happens when we spend all the money on gas, and the price is still high?
Increasing demand for gas is not going to bring the price of gas down. </p>

<p>We should be concerned about his economic advisors.</p>

62

<p>It is a very good point and I hope people heard it… Whenever you tax a corporation, they pass those taxes along to the consumer. We pay for it one way or another. The money doesn’t come from some bank in the sky. This is why corporate taxes are a joke to begin with.</p>

63

<p>Corporations are double-taxed anyways. They are taxed on their income and then shareholders pay taxes on dividends or capital gains. I think that most people would object to paying taxes twice at the Federal level yet that’s what happens for companies.</p>

64

<p>No. They wouldn’t object to the rich paying taxes twice, three or four times for that matter… Most of the poor in this country don’t have to worry about being taxed on dividends. From a federal income tax perspective they don’t have to worry about being taxed once!</p>