Does Obama even realize what a wind-fall tax on Exxon-Mobile would do?

[ugotthat]

I see questions like this and I wonder who is the more naive.

Obama who if elected has a massive deficit to worry about and all those Bush tax cuts, 2 wars and reckless spending that created it. That includes the tax breaks the oil companies should never have gotten in the first place.

Or the fools who naively voted for Bush cheerfully thinking yes we can have shiny new war toys, 2 wars and a new homeland security dept and don't have to pay a dime for it (no/low taxes). Ah homeland security what are they doing that the FBI, CIA, NSA, Secret Service, local & state police depts, national guard and military intelligence among others couldn't do?

Even the most economically inept person knows you can't make $4,000 per month and spend $5,000. But that's exactly what McCain who by his own admission doesn't understand economics is proposing.

We have a $10+ TRILLION debt that isn't going anywhere but up. So far all anyone has done is ignore it especially the Republicans who magically think it will go away by reducing revenue further? Now thats idiotic, naive, irresponsible and just plain stupid. A worthless dollar and poor economy is proof of that.

As an accountant I've yet to see anyone get out of debt by taking a pay cut.

[TT]

And you do? The people in Washington know more than we do, although it might not seem like it sometimes. So why not a windfall profit tax? How about incentives for alternative research and development, why can't the oil companies get into that business?

[FreedleS]

The problem is that the entire democratic party seems to be made up of people that think that corporations pay taxes. Taxes for a corporation are something that they pass on to the consumer. It is the party of naivete.

fs

[BullandPig]

No, he doesn't. He just read out his cue-cards, as always.

[AFoundingFather]

Bring in revenue?

[jkels]

I guess he would be more naive he supported John McCain.

[EeAeBoyd]

Yeah, it would likely get the USA out of debt and pay for this dumb oil war in the middle east.
Oh, of course, he could do like the Republicans do and just borrow some more money from China.

[RICHARDLC]

Obama is a product of late 20th century ivy league education in America. What he received was indoctrination, not an education. He can quote chapter and verse on the supposed evils of America but couldn't explain basic economics if he had to.

The congress looked like idiots by proposing that tax. Thanks to the internet, everyone knows the government gets 18 cents per gallon now while the oil companies get 9 cents a gallon and the oil companies have to find it , produce it, refine it, ship it and sell it to you while the government simply steals it .

Who's actually getting "windfall profits"?

[StewS]

It would bring in a lot of revenu for this country.

But the oil companies would just raise there prices to get the money back. They dont realize that 30+ billion in profits per quarter is excessive.

[thor_torkinson]

Exxon's profit margins are constant at around 24%. They have record profits because the have record sales. If you taxed the clothing and furniture manufacturers with their 100% or better markups like they want to tax the oil companies, we'd all be walking around in rags and sleeping on milk crates. It's time to put a stop to demonizing the successful businesses in this country and educate people on the actual causes of high energy costs.