Uk conservatives impose windfall tax on oil profits.

[HandleTheTruth]

https://www.washingtonpost.com/world/2022/05/27/britain-windfall-tax-oil-gas-inflation/

I'm wonderiñg how that's going to go over.

 

[Toddsterpatriot]

https://www.washingtonpost.com/world/2022/05/27/britain-windfall-tax-oil-gas-inflation/

I'm wonderiñg how that's going to go over.

That's awesome!

I wonder how less supply is going to help their high prices?

 

[1srelluc]

It was said that it prolonged the gas shortage the last time we tried it.....I'm sure the brits think, Oh, it will work this time.

The windfall profits tax prevented any real expansion of US domestic production, and because the tax artificially limited domestic supply, oil prices rose farther and faster—and stayed higher longer—than they would have without this extraordinarily ill-considered tax.

Windfall Profits Tax Redux.

 

[Donald H]

https://www.washingtonpost.com/world/2022/05/27/britain-windfall-tax-oil-gas-inflation/

I'm wonderiñg how that's going to go over.

America will object and make it known in subtle ways. It's a direct challenge to the American way, which has been openly expressed by both sides of US politics on this board.

edit: And in not so subtle ways.

Windfall Profits Tax Redux.

 

[HandleTheTruth]

America will object and make it known in subtle ways. It's a direct challenge to the American way, which has been openly expressed by both sides of US politics on this board.

Well there is no doubt the oil companies are making bank right now.

Sometimes in wonder if they just like the profits and regime change that will follow these high prices.

 

[BluesLegend]

So, jack up the taxes and increase the price to consumers even more, brilliant!

 

[Oddball]

https://www.washingtonpost.com/world/2022/05/27/britain-windfall-tax-oil-gas-inflation/

I'm wonderiñg how that's going to go over.

Stupidity always goes over poorly with those forced to pay the price.

Why do you fascist scum detest those at the lower end of the income scale so much?

 

[BluesLegend]

The left love to PUNISH people into OBEYING them. That's how popular their policies are.

 

[Donald H]

So, jack up the taxes and increase the price to consumers even more, brilliant!

Yes!
But have you stopped to consider how government has a responsibility to become involved?

What can good government do to prevent big oil from dropping the price increase right on the backs of the consumer?

And what particular government fails to act on behalf of its people?

 

[Donald H]

Well there is no doubt the oil companies are making bank right now.

Sometimes in wonder if they just like the profits and regime change that will follow these high prices.

Big oil certainly doesn't want to interrupt the status quo American way that makes them very, very wealthy. That won't change.

Well, unless China and/or Russia comes to wielding the power to change it.

 

[Toddsterpatriot]

America will object and make it known in subtle ways. It's a direct challenge to the American way, which has been openly expressed by both sides of US politics on this board.

edit: And in not so subtle ways.

It's a direct challenge to sound economics.

It will be punished, in not so subtle ways.

 

[Toddsterpatriot]

What can good government do to prevent big oil from dropping the price increase right on the backs of the consumer?

Why do you feel the government can or should try to do that?

 

[Donald H]

Why do you feel the government can or should try to do that?

The quick answer is because I'm not an American.

 

[Toddsterpatriot]

The quick answer is because I'm not an American.

So you don't have a solid understanding of economics. Or incentives.

 

[georgephillip]

Maybe Dick Knew Best?

1. "Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
2. An import surcharge of 10 percent was set to ensure that American products would not be at a disadvantage because of the expected fluctuation in exchange rates."

Nixon shock - Wikipedia.

 

[Oddball]

Maybe Dick Knew Best?

1. "Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
2. An import surcharge of 10 percent was set to ensure that American products would not be at a disadvantage because of the expected fluctuation in exchange rates."

Nixon shock - Wikipedia.

And you economically illiterate leftist sub-morons are just stupid enough to believe that y'all can make that work this time.

 

[Toddsterpatriot]

Maybe Dick Knew Best?

1. "Nixon issued Executive Order 11615 (pursuant to the Economic Stabilization Act of 1970), imposing a 90-day freeze on wages and prices in order to counter inflation. This was the first time the U.S. government had enacted wage and price controls since World War II.
2. An import surcharge of 10 percent was set to ensure that American products would not be at a disadvantage because of the expected fluctuation in exchange rates."

Nixon shock - Wikipedia.

Nope.

 

[georgephillip]

And you economically illiterate leftist sub-morons are just stupid enough to believe that y'all can make that work this time.

What evidence can you provide it didn't work last time, not enough new billionaires?

 

[alexa]

If I remember correctly Sunak said that they will be making it up on other investments...in other words they won't be paying any windfall tax. They just had to say they were because some people are becoming extremely poor, Labour was demanding it and it will get much worse this winter. Even then he had to give it to everyone including himself a man who has wealth of £750 million. Those on the upper end won't notice while those on the lower level will still be wondering whether to eat or keep warm tonight as we expect yet another gas rise this autumn. The situation is quite exceptional.

OK I need to correct that he is offering extras to those suffering most. The 8 million lowest income families will receive an extra £650, People with disabilities will get an extra £150 and those on pensions £350 but I don't know if that is meaning State Pension only or all pensioners.

These are on top of the £400 everyone will get.

 

[georgephillip]

Nope.

Too much MAGA?