The Daily News — Friday, August 1, 2008
A quick look at today’s top headlines…
Its a slow news day…
“Obama proposes $1,000 energy rebates for consumers”
http://news.yahoo.com/s/ap/obama
Another day, another government handout. Sen. Obama proposes giving each family a $1,000 check funded by a windfall tax on the oil industry. I was against President Bush’s “Economic Stimulus Package” and I am against this. At least the Stimulus Package wasn’t a complete redistirubtion of wealth like this Socialist baloney. Everybody gets so upset about the big oil companies making record profits, but no one wants to talk about how much tax they paid. In the first quarter of 2008 alone, Exxon, Chevron, and Conoco alone paid almost $48 billion (yes, BILLION) in taxes. That means that, by the end of the year, these three corporations alone will have paid around $200 billion in taxes.
Source: http://www.taxfoundation.org/blog/show/23178.html
According to the US Census Bureau, there were 105,480,101 households in the United States in 2000. So, the three big oil companies paid $1,896 in taxes per household last year. Now, Sen. Obama wants to add a $1,000 per household windfall profits tax on top of that? That’s another $105 BILLION in taxes for the oil companies.
By the way, I am sure you know the old saying, “Corporations don’t pay taxes, people do.” Its pretty true that corporations pass their tax bill on the consumers in the form of higher prices, so what do you think this will due to gas prices?