Obama’s Oil Tax Could Help Curb Our Growing Deficit



Comments (16)

  1. Rob says:

    This nor congress president will never use any new tax money to reduce the national debt. All it does is free up more spending and going deeper in debt. They have proven themselves over and over.

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  2. Ralph Johnson says:

    The tax is not necessary. Just quit giving other countries money. Let them hate us for free.

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    RPH Reply:

    This article shows such a political bias it’s a shame.
    The substance is lost!

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  3. Gordon C says:

    It makes no sense at all. It’s nothing more than another tax on the consumer!

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  4. Brian Zeebeck says:

    Don’t spend taxes on global warming. It is natural occuring normal change not man made.

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  5. Phil says:

    “Though I believe the money should be applied to debt reduction, not additional spending.”

    When has that ever happened? All this will be is additional money out of the private sector and into the hands of government officials and crony capitalists.

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    RPH Reply:

    Agree, say it again!

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  6. Rick Morrow says:

    We need to get rid of Obama as soon as possible. We don’t need more taxes, we need to stop spending, wasting trillions of dollars. We have absolute sewage in the White House.

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  7. Landis Aden says:

    Debt reduction is a wonderful idea, but it would never happen. Just look at the continuing raids on the Social Security fund. DC cannot be trusted whatsoever.

    thx
    Landis

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  8. Charles Ellison says:

    There is no such thing as corporate tax. The consumer pays the tax. Corporations don’t have some good fairy drop money on them to pay the new taxes. Who do you think will have to pay this tax? The person who can’t afford to live near their job, the person who buys any product requiring transportation, the person who buys food and clothing. Also the increase in raw products will have the increased cost of transportation included in their cost. Then! Then! there will be a markup on this additional cost. So for every penny increase in cost will be about 10 mills or 10% increase in products.

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  9. Richard says:

    Requires a lot more thought, as in many cases it takes the production costs to levels where it is unsustainable and therefore ends investment! More harm than good in this, another of Obama’s hair brained schemes!

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  10. Harper says:

    Never happen. The first three months of FY 2016 the Treasury took in a record 725 Billion in tax revenue, problem is they spent 940 Billion. Tax and spend that’s all they know.

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  11. Joe says:

    They would use the tax and laud a huge payment to reduce the debt. On the other hand, they would see that as an opportunity to spend and borrow (print) more. The $19T debt is only the visible part of the debt. What about SS and government worker’s pensions? I’m sure the pension fund is not rolling in dough making a project 8% a year on funds. I’d be shocked if it was averaging 4%. Let’s not talk about this anymore.

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  12. Tom Zimmerman says:

    In the past 6-7 years, Federal revenue has grown by an average of 7.5%/year. GDP by 2.5%/year. An obscene ratio, and a big reason economic growth is so meager. Too much $$ being sucked out of the free enterprise economy and redistributed and/or used in the planned economy; a choke on our economic engine. Existing oil taxes, BTW, eat something like 60% of oil company profits. (1) Go somewhere else for more taxes and (2) reduce taxes somewhere else by 2X as much as an offset. Let’s get America growing again.

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  13. Mark Larson says:

    Washington will never again be trusted with our tax dollars. They need to start with real cuts in spending. Good bye to the department of education. They have never educated anyone. Bring those dollars closer to home. Cut the EPA budget in half and make them justify having the rest. Then make all federal entities make real cuts, say 1% per year for 5 years and then justify what you get from then on. Just like we little people have to do!

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  14. Russ A says:

    Never – I repeat: NEVER in the history of the U.S. Congress has a tax increase been used to reduce debt. The ONLY way debt has ever been reigned in has been via spending reductions. To argue that ANY tax increase in the U.S. should be used to decrease debt is delusional. It’s never happened and never will.

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