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Actually, yes. Corporate taxes are just added to prices. You and I pay all corporate taxes.
Not in reality in many, many cases. Ideally companies would love to pass on this cost to consumers in the form of price increases but often times they are unable to do so due to market realities so instead the tax is paid by the company in the form of a lower ROI.
So, gas prices are way up. Oil company profits are up. Oil companies take advantage of deductions that our government has determined will change their behavior.
So what does Obama propose??? Increase oil company taxes by removing the deductions. Now guess what happens when you increase taxes on oil companies????????
You guessed it. They INCREASE gas prices to cover the increased taxes.
Our fearless leader thinks we are dumb... and maybe we are, but not so dumb to believe his political rhetoric.
Raising taxes on oil companies will increase, not decrease, prices at the pump.
Doubtful, because people would consume less, stay closer to home. Why SHOULD they get a tax break????? At least we will save 4 Billion dollars they currently get.
Only a fool would defend the obscene profits Oil companies make!
I'm a liberal and defend their right to make obscene profits provided they're not taking it from the tax payer's pocket via a corrupt political process (which, let's face it, is entirely what lobbyist money has done to Washington). This is, of course, assuming all competitors are "good actors" and not classic "bad actors" who attempt to artificially manipulate the market.
No, the price is set by supply and demand. Oil companies can't raise price above market rates. Ending oil companies subsidies will increase their costs slightly, which could possibly lower the supply (some oil production would be less profitable), then raising prices.
But if oil prices are higher, it's already profitable anyway, and so ending subsidies won't raise prices.
Must disagree . You raise taxes on a company the price of their goods will go up
obama went bankrupt with his 1st dirt sandwich stand in kenya when he thought that he would raise more money by taxing his dirt sandwiches higher that the kid in the next mud hut.
Oh come on people! Isn't it obvious the Man is trying to force us out of our resource-hungry middle class lifestyle? We wouldn't do it willingly, so now they will force us out by making that kind of lifestyle too expensive to pull off anymore.
And the result? The haves--meaning the super rich and the elites--and the rest of us.
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