Big Oil: Windfall profits tax

[NeuroTypical]

When you attack big oil, you attack me. When you take money from big oil, you take money from my kid's college fund.

I had always wondered what stocks my family actually owned in our meager 401K and IRAs and kid's college 529 plans. So I did a bunch of clicking on my computer.

Mutual fund name

Oil companies in 'top 10 holdings' list for that fund

Total fund's investment in energy stocks.

Spartan 500 Index Fund

Exxon Mobil

Chevron

ConocoPhillips

16% energy

Spartan Extended Market Index Fund

Ultra Petroleum

12% energy

Spartan International Index Fund

BP PLC

Royal Dutch Shell

9% energy

FIDELITY DIVIDEND GROWTH

ConocoPhillips

11% energy

Fidelity growth & income

12% energy

Fidelity Puritan

Exxon Mobil

11% energy

Dangit, I'm not rich. If my career goes well, I might be able to eventually hit upper-middle class. If it doesn't, I'll be stuck here in the middle with millions of other Americans.

Depending on how one structures the program, my single-wage earner family of 4 might very well qualify for the aid that would come from this tax. I wonder how many government employees will earn paychecks in order to take my own money and send it back to me.

LM

[Bookmeister]

*...just refuses to get into the whole "government workers are nothing but a bunch of overpaid nonperformers" issue...*

[Moksha]

When you attack big oil, you attack me. When you take money from big oil, you take money from my kid's college fund.

If you were in the olive oil business and that snoopy FBI tried to curtail your profits, you would be hopping mad too! How dare they make matters difficult for young Vito's college fund.

Unconscionable profits are the basis of a free wheeling and dealing economy. ExxonMobile is only doing what any picked upon Robber-Barron entity would do: Defending their right to make a killing at the pump while looking totally innocent.

[NeuroTypical]

Unconscionable profits are the basis of a free wheeling and dealing economy. ExxonMobile is only doing what any picked upon Robber-Barron entity would do: Defending their right to make a killing at the pump while looking totally innocent.

Ok, call for references. Please back up your sensationalizing yellow-journalism terms.

1- Looking at changed's 2008 industry earnings chart, please demonstrate how oil's 7.4 is more "unconscionable" than the entire manufacturing industry's 7.6, or the computer industry's 13.7.

2- Please define "making a killing". Is it illegal, immoral, or fattening? Is it something that good people shouldn't do? (If you're just having a problem with capitalism, now is the time to say so, instead of harping on just one aspect of it.)

3- With your phrase "looking totally innocent", you strongly imply that the companies are guilty of something. Please tell us exactly what crime they are guilty of, or retract your implied accusation.

I certainly hope you can back up your inflammatory terms with some substance. Because if you can't, then all you've got is name calling, and well, that just really ain't persuasive. It's pretty much the same thing as saying "I am wrong but refuse to admit it."

Where I'm coming from: My IRA fell 15% since October. The Moksha's of the world apparently are ok with taxing the crap out of the only reason it hasn't fallen 20%. I figure that's not right.

LM

Edited August 7, 2008 by Loudmouth_Mormon

[BenRaines]

Loudmouth,

I read an interesting article today at RealClearPolitics - Opinion, News, Analysis, Videos and Polls it went in to the cost of going to the movies and the cost of concession goods, popcorn and soda. Total cost of popcorn and soda for a family of 4 at about $40. Cost for goods on the high side of a little over $7. Gross profit of about 70%. Where is Congress when you need them to protect us from the movie concessionaires stealing our future with such excessive profits?

Ben Raines

[Snow]

If you were in the olive oil business and that snoopy FBI tried to curtail your profits, you would be hopping mad too! How dare they make matters difficult for young Vito's college fund.

Unconscionable profits are the basis of a free wheeling and dealing economy. ExxonMobile is only doing what any picked upon Robber-Barron entity would do: Defending their right to make a killing at the pump while looking totally innocent.

Who do you think the profits go to?

The shareholders - that's who. That's me, that's mom and pop.

Not only are the profits NOT unconscionable, they are healthy are good for America.

[miztrniceguy]

if they don't have profits, do you think they would do ANY new drilling or exploration?

also, as i told my father last week: when you put your house up for sale, do you want someone telling you that there is a maximum you are allowed to sell it for? you want to sell it for as much as possible, correct?

[miztrniceguy]

exactly!