BP closing 2 refineries in US.

Might as well pay down somebody's.

We're not doing anything to lower our own

 

And herein lies the conundrum of the US taxpayer , on one hand you want less government and with it less taxes , and yet in order to deal with your massive national debt you will need to embrace higher taxes .

 

No, not really a conundrum.

Lowering corporate tax rates allowing business to invest and grow leads to more employment. The more people in this country that are employed, the more goods and services they will require with their additional income.

Increased economic activity leads to more tax revenue. The period of highest tax revenue just happened to be the period with the lowest tax rates.

Basically, it means government get out of the way of business and let capitalism flourish.

It's not theory. It's reality.

The conundrum is not understanding the basic concepts of economics...

 

Huh!
"Oh yeah, the first black president."
I can hear now in the not too distant future.

Al Gore and the tree huggers, oh yeah, anyone seen the weather this year ?

He he

 

I like high oil prices!! got wells a flowing in my name in North Dakota now, yipee!!

 

I do not disagree , but in order to actually make any impact on your current debt , do you not feel that taxes would have to rise and not fall , or stay where they are ?

 

It's a valid point you make.

But the first thing we need to do is get government spending under control. And do what many individual citizens have had to do: Live within their means.

I believe that most citizens (including myself) would be willing to pay more taxes if the tax revenue was spent wisely.

But the bottom line is that tax increases slow economic activity. Especially when it comes to corporate tax rates because that effects hiring and expansion of business which ultimately impacts us all.

America has one of the highest corporate tax rates in the world. Why would an international corporation set up shop here?

Just my opinion: Government needs to shrink. And its regulatory involvement in business activity as well. Once that happens then the course to reducing the national debt may be easier to chart.

 

can you source that please. the data i've seen shows that tax revenues peaked in 1999 at 2.48 tril. taxes were cut after that.

it was also the first and only year since 1969 that tax revenues eclipsed spending.

 

For the sake of the global economy , I hope you guys have that much time.

 

Carson, CA. that's fine with me, BP is the only refinery we don't pull Molten Sulfur out of in the LA basin.
Basically it wont effect me directly,.... indirectly that's another debate.

 

I'll look it up. Got a little plumbing crisis I just discovered

Stay tuned...

 

The reason gas prices fluctuate is due to speculation...this latest bump was purely due to speculation...demand is down in the US.

They've been saying on the news that even if the suez canal gets shut off, it won't add any significant cost to the barrel...but trading based on perception will.

 

I agree its all on speculation, actually we know its a fact. I just wonder and worry what they will speculate now that a major oil company like bp closes half its US based refineries.
Probably wont be a big deal but it was a interesting announcement to say the least.

 

Sorry your thread got derailed Brent .

 

I still wanna be Canadian.

 

I can't fault you for that noble statement .

 

Originally Posted by coylifut
can you source that please. the data i've seen shows that tax revenues peaked in 1999 at 2.48 tril. taxes were cut after that.

it was also the first and only year since 1969 that tax revenues eclipsed spending.

Coylifut, here's a link to the info I was referencing. I can't come up with a specific year, it was more about a period of tax revenue increases that followed tax cuts. I may have articulated my point poorly, but the link is essentially what I was trying to say.

Please link me up with your info on 1999 as well 2.48 tril as a tax revenue number for 1999 seems a little high, or am I wrong

The entire budget outlay for '99 was 1.7 tril. A 780 bil budget surplus? Maybe I am misinterpreting the numbers?

Here's the link, and a quote from it:

"For the record, President George Bush’s 2003 tax cuts:
raised federal tax receipts by $785 billion, the largest four-year revenue increase in U.S. history. In fiscal 2007, which ended last month, the government took in 6.7% more tax revenues than in 2006."

http://startthinkingright.wordpress...revenues-they-have-always-increased-revenues/

 

Yeah. Me too...

 

Where did you hear this new?

 

Haha no problem, its not like I needed answers on a taco issue or another "what upper arms" question that needed to stay on topic