The White House is proposing a $10 tax on each barrel of oil. Will be submitted to the congress as part of budget proposal. The US consumes roughly 19 million barrels on a daily basis. That would be roughly $70 billion in tax revenue. I don't see any harm in applying this to imported oil. [rQUOTEr] WHITE HOUSE SAYS $10 PER BARREL OIL FEE WOULD BE PART OF 2017 BUDGET PROPOSAL TO REPUBLICAN-CONTROLLED CONGRESS[/rQUOTEr]
"paid by oil companies" where does he think oil companies will get the money? printing it? no, they will charge customers more
If so, good. The price of oil should reflect its true cost. That's good government and good economics.
no ****. We already pay taxes at the pump. Liberals got their dream with $4.00 a gallon tax. Now that it is below value, they want to put a tax on it it before it jumps back up again.
LOL, yeah why not levy a super regressive tax that will really only harm those who can least afford to pay for it? Brilliant!
One imposed . .. . rarely do these things come off the books If you put a 10$ tax on it now .. . it will be there for ever so . . NO Ultimately . . . .This will be another way to launder money from the hands of the people. . . into the hands of the few Rocket River
In this climate, this will hurt the energy companies because this tax will get passed on to consumers and therefore raise gas prices at the pump, leading to reduced demand and exacerbating the current supply glut even more. Large oil taxes are there to reduce demand. That's why Europe has such high oil taxes, they want reduce their demand. In this economic climate, reducing demand isn't really necessary and we already have a massive supply glut that is likely to get worse once Iran starts exporting.
That's one externality , and with regard to foreign oil, the untold gazillions the US has spent abroad in order to prevent the ME from descending into chaos (to quesitonalbe effect...) is also not properly reflected.
nothing hits the global poor worse than the resource curse that extracts their oil with abandon, commits human rights violations, sinks their islands in the ocean, and then leaves nothing for future generations.
It would make sense. Could also make it part of a carbon tax, although cap and trade seems to be the direction we are going in other sectors It would be passed on to consumers. Oil companies would also be hurt in that it would lower demand some.
But eventually the economy will recover and demand will increase. The time to impose something like this is now, not when oil prices are going up
Why not have 45 dollar floor for oil. For all imported fuel there would be a tax 45-x for domestic fuel there would be no tax. This would boost domestic production. It would only make gas go up to $1.70. I think its a win win for everyone really
I don't think domestic production needs to be boosted. That would be a windfall for domestic production companies
Well if screwing over poor people and adding to inflation is the goal, why stop at $10? Why not make it $50? Let's really put the screws to the poor people who get most of the benefits of taxation, it's only fair right?
