Tell me you don’t understand the difference between “gross profit” and “net profit” without telling me
Biden floats tax on oil companies that don’t lower pump prices, increase production
President Joe Biden on Monday accused oil companies of “war profiteering,” threatening to go after their “outrageous” profits if pump prices don’t fall.
Unless the industry passes some of those profits onto consumers and increases domestic production, Biden said he will work with Congress to impose a tax on “excess profits,” along with other restrictions.
“It’s time for these companies to stop war profiteering,” Biden said in brief remarks at the White House. “The American people will judge who is standing with them and who is only looking out for their own bottom line.”
When Democrats lose the House and Senate in a week, will Democrats attempt to pass a tax bill? Who knows what those nutballs will do. If they do, it would simply mean those taxes passed on to consumers, and a big lawsuit for targeting a specific industry, which violates numerous Constitutional provisions. I’m sure Joe, and the people who tell him everything to think, understand the difference between net and gross. They do not care, they’re simply attempting to whip up their unhinged moonbat base, who always whine about Big Oil, but, mostly won’t give up their own use of fossil fuels.
Look at Biden: he’s taking a fossil fueled helicopter to Andrews, then flying on a jumbo jet with a backup jet and fighter jet protection, to Ft. Lauderdale, then a big fossil fueled vehicle convoy. There’s an official speech, then he will campaign for Charlie Crist. Then drive to Miami to campaign for Crist and Val Demings. Then back to D.C. All on the taxpayer dime.
There are plenty of companies making more gross profit right now because of inflation, but, it doesn’t mean their net profit is higher.
The head of the American Petroleum Institute, the top lobbying group for the oil and gas industry, said Biden’s proposal would backfire.
“Increasing taxes on American energy discourages investment in new production, which is the exact opposite of what is needed,” Mike Sommers, API’s president and CEO, said in a statement.
Biden’s move comes days before the Nov. 8 midterm elections. Polls show inflation is a top concern of voters and gas prices are one of the most visible signs of pocketbook pain.
It’s an attempt to get Democrats out to vote.
The national average price at the pump is down since the summer peaks but is still 36 cents higher than a year ago, according to AAA.
It was $2.65 on Jan 20, 2020. $3.48 Nov 1, 2021. And $3.85 now. Everything Biden has done has been to increase the price of gasoline, hurting working and middle class Americans. But, hey, maybe Joe and his people do not actually understand how the economy works. You never know with these wackadoodles.
Read: Biden Yammers About Taxing Gas Companies Or Something »