Tuesday, June 10, 2008

Windfall Taxes - Obama's Answer!

Yep, Obama wants to tax them rich folks and those greedy oil companies to help the poor.

OOPS! Barry O didn't check to see who profits from oil company monies....BUT YOU had better check and know.....YOU most likely profit from big oil profits!

Neal Boortz today explains for those who are slow or government educated!

" 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. "

Reading this gives "Windfall Taxes" a new meaning. Do want to bet YOUR retirement or your investments against what you MIGHT receive from a Democrat tax plan?

Not me!