Do you think oil companies should continue to get huge tax breaks?
Why does Mccain want to continue giving the richest companies in the world more of our money?
Mccain wants to give oil companies 4 billion dollars.a year for ripping us off.
- Anonymous1 decade agoFavorite Answer
Let's be serious here. ALL the people in congress want to keep the taxes low on "big oil". The oil companies are a major pipeline of dollars flowing into their campaigns. They certainly won't bite the hand that feeds them.
- The TaxpayerLv 71 decade ago
Yes I do.
If you want to encourage something...subsidize it.
If you want to discourage something ... tax it.
The oil companies are doing well, but mostly because of consumption. The government receives more money per gallon in taxes than the oil companies do. In fact the government gets over 24 cents/gallon v. oil companies less than 8 cents.
Listen...it's not that I love oil companies or even care about them. There are thousands of refinery jobs, distribution jobs and exploration/drilling jobs at stake. We're going to use the oil & gas anyway, even while other technologies are being developed. I'd rather pay go to US workers..
- 1 decade ago
Ok, really, you liberals need to go back and study percentages. Oil companies have about an 8% profit margin. What is the profit margin for, oh, say, a University?
Oil companies pay billions in taxes, they also make billions in profits, but that's because they are the largest businesses in the world. Instead of spending your life being jealous that other people have money, why not improve yourself, go to college (well, first, you might want to review some simple math principles like percentages) and get a great job and make some yourself?
You could be the one who finds some great, cheap, renewable energy that will get us off oil forever. Get to work on that one, will you, smarty pants?
- Reagan '12Lv 61 decade ago
Sorry you are misinformed. Oil companies aren't the ones "ripping you off." What good does it show the oil companies when our government says no to expanding the number of refineries, locations to drill, and the ability to prolong the event of a major energy crisis? That's what Congress did when they said no to the drill here and drill now proposal. Luckily, conservatives stayed in session and worked it out so we could have the lower gas prices that we are seeing now (about $70 a barrel now compared to $150 a barrel that we had mid-summer). It's obvious that if you try to tax them more, they will just put the cost onto the consumers. Giving them the tax breaks are the only thing alowing them to expand and grow as a company since government as a whole is not giving them the opportunity for it. Would you rather spend 4 billion more on foreign oil when we have the oil here in our own country? Just like oil is a huge industry in the middle east, it could be a huge industry here and it could help get rid of both the economic crisis, create more jobs, but even further, it could get us closer to oil independence and alternative energy.
It could fix our economy simply by fixing the transportation industry. trucking companies are pushing a fuel surcharge onto the companies they are hauling for, and those companies just raise the cost of their goods to make up for the fuel surcharge. Making it cheaper to move goods across our nation will help boost the economy. Taxing oil companies will make it cost more. It's about time we give breaks to companies who are trying to work for us but the government keeps saying no.
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- 1 decade ago
Please give me an example of this huge tax break.
This is what I found.....
Both candidates are referring to H.R. 6, the 2005 energy bill that contained $14.3 billion in subsidies for energy companies. However, as we’ve reported numerous times, a vast majority of those subsidies (all but $2.8 billion) were for nuclear power, energy-efficient cars and buildings, and renewable fuels research. In addition, according to the nonpartisan Congressional Research Service, the tax changes in the 2005 energy bill produced a net tax increase for the oil and gas companies, as we’ve reported time and time and time again. They did get some breaks, but they had more taken away.
- che_obamaLv 41 decade ago
If you are looking for a classic example of why I will not vote Dem, this is number one.
Oil companies receive tax incentives for the purpose of driving growth. In return they pay a TREMENDOUS amount of taxes.
In addition, how many MILLIONS of high paying jobs with outstanding benefits are CREATED by big oil for AVERAGE Americans like you and I. (Hint...Those jobs also pay taxes).
The freakin oil companies are the best thing to EVER happen to you, I, the American economy, and our envied way of life. You better learn to love them, and you better learn to protect them.
- robert cLv 71 decade ago
Those oil company's are probably backing both candidates to the hilt!So it goes without saying they want something in return!Tax breaks!
- 1 decade ago
Yes-I do think oil companies should get tax breaks because if Obama gets elected and raises their taxes who do you think really pays for it? WE DO! At the pump, at the grocery store, at the retail shops, everywhere.
And how is it your money? Don't they make the money-you're talking about 1% of the population?
- Anonymous1 decade ago
Taxing oil companies simply hit us at the pump...so its a no win situation overall
we need a new fuel source.
- Anonymous1 decade ago
Businesses never pay taxes. They just pass the cost off to the consumer of their product or cut costs by not hiring, not giving raises, not paying for healthcare, etc.