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#s according to Clinton's undersecretary......Robert Shapiro

Cal

Well-known member
BARACK PUSHES WINDFALL PROFITS



Barack Obama has been toying with the idea of imposing a tax on windfall profits on US oil companies, and it will definitely be a part of his presidential platform. Take a look at this latest statement he made in Raleigh, North Carolina. He said, "I'll make oil companies like Exxon pay a tax on their windfall profits, and we'll use the money to help families pay for their skyrocketing energy costs and other bills." Gee, that sounds like a wealth distribution plan if I've ever heard one. Rob from the rich to give to the "poor."



Ok .. first of all, just what are "windfall profits?" Does anyone have a handy definition? Might I offer one? Damn right I might. Try this: "A tax levied on a industry by a politician eager to pander to economically ignorant voters who, for whatever reason, are upset with that industry."



This term "windfall profits" has become another buzzword for liberals, and particularly the Barack Obama campaign. A majority of Americans probably couldn't tell you the first thing about windfall profits ... but the word inflicts these feelings of evil and wealth envy. Therefore, the Obama campaign will continue to use this fancy term to get you all riled up. Politicians are good at that.



Once again we run up against the economic ignorance of the American people. Most people couldn't tell you the difference between a profit and a profit margin if their flat-screen TVs depended on it. The profit margins – the amount of money they earn for a dollar of sales – have actually declined a bit. Banking institutions, cosmetics companies and pharmaceutical companies are just part of a long list of businesses that earn more than the evil oil companies.



Hopefully most Americans have enough economic smarts to know that the profits from these oil companies belong to the shareholders. Problem is, these people probably think that the shares in these oil companies are fat-cat insiders just reaping millions a year from their investments.



Wrong.



Throughout the oil and natural gas industries only about 1.5% of the stock is owned by company executives. Now this statistic doesn't come from the oil companies themselves, the numbers – and the numbers that follow – come from Bill Clinton's undersecretary of commerce for economic affairs; one Robert J. Shapiro.



Here's what Shapiro has to say about the ownership of the other 98.5% of oil company shares: "The data show that ownership of industry shares is broadly middle class, with the majority of industry shares held by institutional investors, often on behalf of millions of Americans through mutual funds, pension funds and individual retirement accounts."



So ... when Barack Obama talks about a windfall profits tax, just who's money is he going to seize? He's talking about taking the savings, investments and retirement funds of middle class Americans.



Pardon my language ... but would you folks please wise up out there? Quit being so damned ignorant to what is really going on!



You want more details on just who owns the shares? OK, I have those details. Just remember, when Obama talks about windfall profits --- THESE are the people who's money he plans to seize:



Again ... from the Shapiro study:

Almost 43 percent of oil and natural gas company shares are owned by mutual funds and asset management companies that have mutual funds. Mutual funds manage accounts for 55 million U.S. households with a median income of $68,700.
Twenty seven percent of shares are owned by other institutional investors like pension funds. In 2004, more than 2,600 pension funds run by federal, state and local governments held almost $64 billion in shares of U.S. oil and natural gas companies. These funds represent the major retirement security for the nation's current and retired soldiers, teachers, and police and fire personnel at every level of government.
Fourteen percent of shares are held in IRA and other personal retirement accounts. Forty five million U.S. households have IRA and other personal retirement accounts, with an average account value of just over $22,000.
You see? The people listed in this study are ... YOU! Not fat-cat oil company executives. Not George Bush and Dick Cheney. This is YOUR money he's after ... YOUR money he wants to seize to create yet another government entitlement program ... helping people buy gas and pay electricity bills.



Someone (perhaps John Wayne) once said that it is too bad stupidity isn't painful. Well, in this case is just might be. Look at those median incomes above. That's you, my friends ... and if you sit by and let this anti-capitalist leftist rail against the oil companies; if you sit by and let him pander to the ignorance of the American voters with this idiotic "windfall profits tax" crap ... then try not to bitch when your retirement doesn't turn out to be as sweet as you thought it would.



By the way ... if you want to call BS on me with these numbers and statistics, by my guest. Here's the link for you to read the study for yourself. Knock yourself out, sport. http://www.energytomorrow.org/media_center/Shapiro_Pham_Study.pdf

http://boortz.com/nuze/index.html
 
A

Anonymous

Guest
Well- I'd say that if King George and his court don't start making some fast and drastic improvements on the economy and especially these inflated oil/energy prices and deflating value of the dollar- you will see a President Obama, with a filibuster proof Senate and a huge Congressional edge....

When things get bad- working folks blame the rich anddon't think twice about taxing them....
 

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