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A gas tax holiday talks about 18.4¢ while ignoring the $1.50 problem. That's politics, not policy. And half of it likely goes straight to oil company profits. Congress knows this. Some just hope you don't.

Justin Wolfers

362,332 subscribers

29,495 просмотров • 1 месяц назад •via X (Twitter)

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BLUMENTHAL: Suspending the gas tax ought to be combined with a big oil windfall profits tax. As you well know, big oil is raking in bonanza profits. Shell just announced a $7b profit last quarter. Would you support that? CHRIS WRIGHT: Ah. The oil and gas industry has had a rough couple decades.

BLUMENTHAL: Suspending the gas tax ought to be combined with a big oil windfall profits tax. As you well know, big oil is raking in bonanza profits. Shell just announced a $7b profit last quarter. Would you support that? CHRIS WRIGHT: Ah. The oil and gas industry has had a rough couple decades.

Aaron Rupar

204,550 просмотров • 2 месяцев назад

This election is about choices. Labour would choose a proper windfall tax on oil and gas profits, and my government would use that money to freeze your council tax this year. The Tories are choosing not to. On Thursday, vote Labour.

This election is about choices. Labour would choose a proper windfall tax on oil and gas profits, and my government would use that money to freeze your council tax this year. The Tories are choosing not to. On Thursday, vote Labour.

Keir Starmer

381,831 просмотров • 3 лет назад

While you were paying through the nose at the pump in 2022, Big Oil raked it in. Shell's profits hit ~$40 billion. That's more than double the prior year and the most money the company has ever made in its 115 years of existence. It's time for a windfall profits tax. Now.

While you were paying through the nose at the pump in 2022, Big Oil raked it in. Shell's profits hit ~$40 billion. That's more than double the prior year and the most money the company has ever made in its 115 years of existence. It's time for a windfall profits tax. Now.

Robert Reich

228,723 просмотров • 3 лет назад

The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation. Here are the facts: 1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership. 2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers. 3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition. has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales. Combined with the 30% company tax that will guarantee that Australians share in over 40% of the profits of any offshore oil and gas project. That’s an excellent return given taxpayers incur no risk. I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax. David Pocock, the Greens and One Nation are all wrong on this. The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas. One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return. Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.

The taxation regime of gas and oil exploration in this country is not understood which has led to an enormous amount of misinformation. Here are the facts: 1. Oil and gas companies pay 30 cents tax on their profits just like every other company in Australia. That means that Australians already have 30% ownership. 2. Oil and gas companies pay a super profit tax on their profits known as the Petroleum Resource Rent Tax. The PRRT has collected very little revenue to date for two reasons a) there has been an enormous amount of capital invested in getting these projects up resulting in large depreciation offsets and b) the gas was foolishly sold forward at very cheap prices when the projects were given the go ahead. A lot of these contracts will roll off over the next decade resulting in larger profits and a larger tax for taxpayers. 3. 70-80% of gas and oil exploration in Australia is unsuccessful. Offshore gas exploration is not a multi million dollar business- it’s a multi billion dollar business. The idea that taxpayers should fund 30% of offshore oil and gas exploration is absurd. The last person to come up with that idea was Gough Whitlam. Needless to say no banks would lend against such a proposition. has always had a policy to abolish the PRRT and replace it with a 5-10% royalty on Sales. Combined with the 30% company tax that will guarantee that Australians share in over 40% of the profits of any offshore oil and gas project. That’s an excellent return given taxpayers incur no risk. I’ve done up a table in comments showing the share Australians will receive based on operating profit margin before tax. David Pocock, the Greens and One Nation are all wrong on this. The formers 25% export tax will wipe out most of the profits made eliminating the incentive to further explore for gas. One Nation offering to fund 30% of exploration costs for mostly foreign owned companies will expose taxpayers to billions of dollars in subsidies with no guarantee of return. Australia desperately needs sensible economic reform. Unfortunately none of the parties in Canberra have a clue how to make this happen.

Gerard Rennick

25,319 просмотров • 1 месяц назад

Massie: Typically, with contempt, you might refer it to the DOJ, and the DOJ never prosecutes, and the problem goes away at the end of the Congress. This law does not expire. They’ve got a real problem—they could be in jeopardy after this Congress.

Massie: Typically, with contempt, you might refer it to the DOJ, and the DOJ never prosecutes, and the problem goes away at the end of the Congress. This law does not expire. They’ve got a real problem—they could be in jeopardy after this Congress.

Acyn

309,224 просмотров • 6 месяцев назад

Some of yinz need to watch this. Cutch on Tommy Pham: "That's why you don't give up on people. That's why you don't badmouth, that's why you don't talk about people. That's why you don't set standards on people... and look what he's been able to do the 2nd half of the season"

Some of yinz need to watch this. Cutch on Tommy Pham: "That's why you don't give up on people. That's why you don't badmouth, that's why you don't talk about people. That's why you don't set standards on people... and look what he's been able to do the 2nd half of the season"

Platinum Key

76,318 просмотров • 10 месяцев назад

"You mentioned at the top of your show that people think it's about the oil, some people think it's about this, some people that, the true answer is, you're kind of all right, you're just not putting it all together. Because yes, it is about oil, but not in the fact that we want to take the oil. We don't want our adversaries getting their hands on the #1—303 billion in oil reserves. They're #1 in the world, and that's not the Saudis, it's not the Iranians, it's the Venezuelans. And we do not want our adversaries to get a hold of that...and China was their largest purchaser of oil exports. China was. I don't think that's going to continue any longer." -Jason Buttrill, Head Writer and Chief Researcher for The Glenn Beck Program

"You mentioned at the top of your show that people think it's about the oil, some people think it's about this, some people that, the true answer is, you're kind of all right, you're just not putting it all together. Because yes, it is about oil, but not in the fact that we want to take the oil. We don't want our adversaries getting their hands on the #1—303 billion in oil reserves. They're #1 in the world, and that's not the Saudis, it's not the Iranians, it's the Venezuelans. And we do not want our adversaries to get a hold of that...and China was their largest purchaser of oil exports. China was. I don't think that's going to continue any longer." -Jason Buttrill, Head Writer and Chief Researcher for The Glenn Beck Program

Liz Wheeler

15,551 просмотров • 6 месяцев назад

The government is not a private sector company that it needs to sacrifice “profits”. Madam you are the worst FM this country has seen and most of the middle-class tax-paying people are not growing because of your incompetence. Best you resign.

The government is not a private sector company that it needs to sacrifice “profits”. Madam you are the worst FM this country has seen and most of the middle-class tax-paying people are not growing because of your incompetence. Best you resign.

Ram Subramanian

109,701 просмотров • 1 месяц назад

"It's not the Neros or the Trumps that you have to be that worried about. What are the people who want to impress that person going to do? That's who you have to worry about." Ryan Holiday talks politics and philosophy with John Avlon on How To Fix It:

"It's not the Neros or the Trumps that you have to be that worried about. What are the people who want to impress that person going to do? That's who you have to worry about." Ryan Holiday talks politics and philosophy with John Avlon on How To Fix It:

The Bulwark

21,399 просмотров • 7 месяцев назад

🚨 OMG. Secretary Bessent just BRUTALLY EMBARRASSED this RUDE Democrat congressman LARSON (D): Are you in favor of eliminating the gas tax?! BESSENT: We have moved to— LARSON: —Are you IN FAVOR of ELIMINATING the gas tax?! Answer! BESSENT: Well if I'm NOT INTERRUPTED I CAN! LARSON: I'm waiting for your answer! BESSENT: We ASKED CONGRESS to eliminate the gas tax. That's done through statute. *Pause* LARSON: ...you moved that? You're in favor of eliminating the gas tax? BESSENT: We have ASKED for that. LARSON: You're in favor to eliminate the gas tax? BESSENT: AGAIN, the White House ASKED for it. LARSON: They have?! Why isn't it before the committee for a vote? BESSENT: I don't run the agenda. 😂💀 Clueless dolt!

🚨 OMG. Secretary Bessent just BRUTALLY EMBARRASSED this RUDE Democrat congressman LARSON (D): Are you in favor of eliminating the gas tax?! BESSENT: We have moved to— LARSON: —Are you IN FAVOR of ELIMINATING the gas tax?! Answer! BESSENT: Well if I'm NOT INTERRUPTED I CAN! LARSON: I'm waiting for your answer! BESSENT: We ASKED CONGRESS to eliminate the gas tax. That's done through statute. Pause LARSON: ...you moved that? You're in favor of eliminating the gas tax? BESSENT: We have ASKED for that. LARSON: You're in favor to eliminate the gas tax? BESSENT: AGAIN, the White House ASKED for it. LARSON: They have?! Why isn't it before the committee for a vote? BESSENT: I don't run the agenda. 😂💀 Clueless dolt!

Eric Daugherty

825,253 просмотров • 1 месяц назад

I am told that someone was taxing clinker. Clinker should not be taxed. According to government policy, in the first ten years of investment in Uganda, a company does not pay tax even if it makes profits.~ President Museveni

I am told that someone was taxing clinker. Clinker should not be taxed. According to government policy, in the first ten years of investment in Uganda, a company does not pay tax even if it makes profits.~ President Museveni

UBC UGANDA

26,708 просмотров • 2 месяцев назад

Sensitive content

"I just had a run-in with one of them alphabet f*ckers." "Go in to pay for gas and say how you doin darlin?" "She says it is rude of you to assume I am a woman." "Oh so this is what we're doin." "$20 on the Ford out there." "That's a Chevy." "That's pretty rude to assume my truck brand by the badges." "I hope you have the day you deserve." "I hope you get some mental help." "I don't think I'm going to be able to get gas here anymore." BASED

AmericanPapaBear™

1,994,452 просмотров • 7 месяцев назад

While Canadians struggle with the cost of living - Big Oil and Gas is making record profits. Justin Trudeau won't stand up to them. Pierre Poilievre works for them. We need a windfall tax on these record profits to invest in workers who need help now.

While Canadians struggle with the cost of living - Big Oil and Gas is making record profits. Justin Trudeau won't stand up to them. Pierre Poilievre works for them. We need a windfall tax on these record profits to invest in workers who need help now.

Jagmeet Singh

79,381 просмотров • 2 лет назад

While everyone was enjoying their holiday, Washington state Democrats quietly passed an income tax and didn’t restrict it to just millionaires “Washington State Senate just passed the unconstitutional state income tax. While most citizens were enjoying their holiday, it was passed — and it did not include an amendment that would have limited this to specifically only millionaires and prevent it from growing its tax base to people making less than that” “So make no mistake, if this tax passes the House of Representatives and is signed by the governor, it will eventually grow to include you too, sooner rather than later.”

While everyone was enjoying their holiday, Washington state Democrats quietly passed an income tax and didn’t restrict it to just millionaires “Washington State Senate just passed the unconstitutional state income tax. While most citizens were enjoying their holiday, it was passed — and it did not include an amendment that would have limited this to specifically only millionaires and prevent it from growing its tax base to people making less than that” “So make no mistake, if this tax passes the House of Representatives and is signed by the governor, it will eventually grow to include you too, sooner rather than later.”

Wall Street Apes

81,908 просмотров • 4 месяцев назад

Elon Musk: The oil and gas industry has been receiving subsidies for decades. It's time to end them. “The right course of action is actually just the reasonable course of action which is to lean in the direction of sustainable energy and lean in the direction of a sort of a solar battery future and generally have the rules of the system lean in that direction. I don't think we need massive subsidies, but then we also shouldn't have massive subsidies for the oil and gas industry. The oil and gas industry has massive tax write offs that they don't even think of as subsidies because these things have been in place for in some cases 80 years, but they're not there for other industries. So when you've got special tax conditions that are in one industry and not another industry, I call that a subsidy. Obviously it is. But they've taken it for granted for so long in oil and gas that they don't think of it as a subsidy. So, the right course of action of course is to remove, in my opinion, subsidies from all industries. But the political reality is that the oil and gas industry is very strong in the Republican party, but not in the Democratic party. So you will not see, obviously, even the tiniest subsidy being removed from the oil, gas and coal industry. In fact, there were some that were added to the oil, gas, and coal industry in the sort of Big Bill. And there were a massive number of sustainable energy incentives that were removed, some of which I agreed with, by the way. Some of the incentives have gone too far.” All-In Podcast, October 31, 2025

Elon Musk: The oil and gas industry has been receiving subsidies for decades. It's time to end them. “The right course of action is actually just the reasonable course of action which is to lean in the direction of sustainable energy and lean in the direction of a sort of a solar battery future and generally have the rules of the system lean in that direction. I don't think we need massive subsidies, but then we also shouldn't have massive subsidies for the oil and gas industry. The oil and gas industry has massive tax write offs that they don't even think of as subsidies because these things have been in place for in some cases 80 years, but they're not there for other industries. So when you've got special tax conditions that are in one industry and not another industry, I call that a subsidy. Obviously it is. But they've taken it for granted for so long in oil and gas that they don't think of it as a subsidy. So, the right course of action of course is to remove, in my opinion, subsidies from all industries. But the political reality is that the oil and gas industry is very strong in the Republican party, but not in the Democratic party. So you will not see, obviously, even the tiniest subsidy being removed from the oil, gas and coal industry. In fact, there were some that were added to the oil, gas, and coal industry in the sort of Big Bill. And there were a massive number of sustainable energy incentives that were removed, some of which I agreed with, by the way. Some of the incentives have gone too far.” All-In Podcast, October 31, 2025

ELON CLIPS

16,013 просмотров • 6 месяцев назад

All tax evasion should be called out. Following up on yesterday’s post in regard to the taxation of offshore Oil and Gas companies it was pointed out that Oil and Gas companies can shift their profits offshore to avoid tax in Australia. That’s 100% correct, but it’s not isolated to just Oil and Gas companies. Offshore profit shifting is rampant amongst all multinationals. Why don’t the Greens or David Pocock have a 25% export tax on all profits sent offshore? Why can Pfizer, Meta etc send billions of dollars offshore to avoid paying tax here in Australia? Why can Australian companies especially banks, offshore jobs to India and the Philippines without paying any withholding tax. Why don’t renewable companies, 70% owned by foreigners have to pay a royalty on our sunlight and water? is the only party to have a policy on profit shifting and is the only party to have consistently raised these issues in estimates and the Senate. We will raise the withholding tax rate on profits transferred to treaty countries to 25% and on interest income paid to all countries to 30%. This will prevent capital from leaving Australia and ensure that profits generated domestically contribute to our economy, rather than being funnelled offshore. Additionally, an operating profit ratio test will be introduced to further strengthen transfer pricing rules and prevent the leakage of profits abroad. If you’re going to call out one industry for tax evasion then call out all companies. Otherwise you’re just demonising the industries you’re trying to destroy.

All tax evasion should be called out. Following up on yesterday’s post in regard to the taxation of offshore Oil and Gas companies it was pointed out that Oil and Gas companies can shift their profits offshore to avoid tax in Australia. That’s 100% correct, but it’s not isolated to just Oil and Gas companies. Offshore profit shifting is rampant amongst all multinationals. Why don’t the Greens or David Pocock have a 25% export tax on all profits sent offshore? Why can Pfizer, Meta etc send billions of dollars offshore to avoid paying tax here in Australia? Why can Australian companies especially banks, offshore jobs to India and the Philippines without paying any withholding tax. Why don’t renewable companies, 70% owned by foreigners have to pay a royalty on our sunlight and water? is the only party to have a policy on profit shifting and is the only party to have consistently raised these issues in estimates and the Senate. We will raise the withholding tax rate on profits transferred to treaty countries to 25% and on interest income paid to all countries to 30%. This will prevent capital from leaving Australia and ensure that profits generated domestically contribute to our economy, rather than being funnelled offshore. Additionally, an operating profit ratio test will be introduced to further strengthen transfer pricing rules and prevent the leakage of profits abroad. If you’re going to call out one industry for tax evasion then call out all companies. Otherwise you’re just demonising the industries you’re trying to destroy.

Gerard Rennick

14,555 просмотров • 1 месяц назад