August 1st 2008
Obama’s Latest Wealth Redistribution Scheme
T
he socialist in Obama came out today with a proposal that sounds like step one in a scheme to nationalize the oil companies: He called for a $1,000 stimulus check to all Americans – after not being all that hot on the last stimulus check – to be paid out of oil company profits.
Read the full AP story here.
Half of the oil companies’ profits already go to the U.S. in taxes. Exxon Mobil, whose numbers came out this week and no doubt fired up the Fidel-Karl-Vladimir DNA in Obama’s soul, has paid $27 billion in taxes annually, on average, over the last three years. This year’s tax bill will be considerably higher. Economist Mark Perry puts this in perspective:
[J]ust one corporation (Exxon Mobil) pays as much in taxes ($27 billion) annually as the entire bottom 50% of individual taxpayers paid in 2004 (most recent year available), which is 65,000,000 people! Further, the tax rate for the bottom 50% was only 3% of adjusted gross income ($27.4 billion / $922 billion) in 2004, and the tax rate for Exxon was 41% in 2006 ($67.4 billion in taxable income, $27.9 billion in taxes).
But that’s not enough for Hugo Obama.
There are about 130 million tax returns filed annually. Let’s be conservative and say that Obama just wants to send his $1,000 check to those 130 million – husbands and wives (or, in Obamaland, husbands and husbands, wives and wives) would share a check and people who filed no return would get no check. That would be another $130 billion dinger on the oil companies, with Exxon Mobil’s share perhaps $60 billion – which would bring the total the company would have to pay out in taxes and stimulus checks $87 billion vs. annual income (last year) of $40.6 billion.
Unable to pay without dipping into reserves, Exxon Mobil would face two alternatives: Cut all exploration and jack up prices – thereby totally creaming the poor folks Obama supposedly cares about, or fold the tent, go bankrupt and be seized by our new president, Che Obama.
Art: An ObamaNation of Obama
Posted in 2008, Energy Policy, Obama, Oil | 2 Comments » | |
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August 5th, 2008 at 2:14 pm
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