Did you know that oil and gas companies currently pay 41% of revenues in taxes? Then all but 1% of the rest of the money made is doled out to shareholders. That's right -the companies come away with 1% when all is said and done. Is that unreasonable? Does Barack Obama want to punish oil and gas companies for turning a profit, normally considered success?
All of the "Big Oil" companies that Barack Obama speaks ill of as an excuse to take more money from them are publicly held companies. Shareholders will feel the same pinch that the companies themselves will feel. Is that fair? If you have a 401K you probably have an oil company in your portfolio, too. Are you ok with Barack Obama taking more of your retirement funds?
This video tells the tale by using cupcake math:
Cupcake math. If Barack Obama doesn't understand the oil and gas industry, maybe he understands cupcakes.
Obama wrote a letter to leaders in Congress requesting an end to tax breaks currently in place for the oil and gas industry.
Obama began his letter by saying that he wants the leaders to "take immediate action to eliminate unwarranted tax breaks for the oil and gas industry, and to use those dollars to invest in clean energy to reduce our dependence on foreign oil."
Unwarranted? It is further proof that Team Obama has one goal in mind - thanks to a far left ideological ambition, they would like to cripple an entire industry that provides energy for our nation's needs.
Who will they come after next?