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

Yes he is naive! His "stick it to the man" problem solving will end up costing us dearly. The only ones getting stuck will be the taxpayer..

I have to look up this wind-fall tax thing but first thing come to mind is Look at what has happened already from 1.64 and really it was more like 1.29 to 4.10. Give us a break. I think he'll help more than McCain will.

McCain WILL go into IRAN and then watch it go to 18.00 @ gal.

Does he even care really? He wants to take 28% of my paycheck too! I will be eating ramone noodles every night for crying out loud! YUCK! I can barely afford food now!

I'm thinking an understanding of economics is not his strongpoint. He thinks increased taxes are the answer to everything without understanding the real ramifications of the actions.

I am not sure

Yes he is that "naive". His economic policies WILL DESTROY THIS COUNTRY!!!! Thank God some of our Representatives in Washington actually have the knowledge and turned this bill down. OUST those who have really no clue on the impact that their bills will do to this Country.

A windfall tax ensures that over a certain level of profit the company cannot just continue to raise prices because the company will not be accruing addition money, the excess, or windfall, will be taken in taxes so there is a disincentive to raise prices arbitrarily.
There is no reason to raise the price to cover the cost of the tax as some have stated, as the additional monies still wouldn't be going to the company.
Exxon gets a fair profit, but once past that they don't get more.
Windfall taxes do not raise prices, they control the urge to see how how high prices can be raised based on nothing more than perceived value, not actual value.

Yes, he is that naive.

He doesn't care, he's pandering to those idiots that will vote for him because he wants to tax the "EVIL OIL COMPANIES." It doesn't matter to them that the Oil Companies will just pass the tax along to us creating even higher gas prices.

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.

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?

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

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

Bring in revenue?

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

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.

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"?

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.

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.