Wednesday, May 11, 2011

I love paying $4 a gallon for gas, how about you?

The oil companies are making record profits and not paying taxes on top of it. That is a fact. The subsidies that they and other huge corporations enjoy are at the heart of many economic issues facing us today. I know that if we take away the corporate welfare the economy will not turn completely around, but it would be nice if the people and companies that are making the money share in their responsibility of paying their share of the burden. The top oil companies share in $4 billion in federal tax credits and subsidies. The home heating subsidy for the average American costs us, $2,5 billion a year. They want to cut the home heating, but not the oil companies. That is what John Boehner and the Republican party would like you to believe. Both programs may need to go, but why take away from people and keep the one for companies? If the Republicans and the Tea Party are serious about reducing the deficit, then repeal the "Bush" tax cuts. This has already cost us $1.5 trillion and is projected to cost us two to four trillion over the next ten years.  If you are short in income in your own budget, you do two things. You cut what you can from your expenses and increase your income. You have to do both. If you go to your doctor and are told you need to lose weight, do you then tell the doctor that exercise is off the table. I will cut back on what I eat but I refuse to lift a finger to loose weight. What will the results be. You will go nowhere. That is what Congress needs to understand. There has to be two streets. One, cut needless programs. Two, increase taxes, by eliminating the corporate welfare and the needless credits and deductions. This is how a budget is balanced. Now back to my original topic, $4 a gallon for gas. Exxon had a first quarter profit of $10.65 billion dollars, up 69% over last year. Take this for a year and the profits are over $40 billion dollars. This is profit. In theory if gas were $2 a gallon, their profits would be a paultry $20 billion. I am crying for them. I don't know about you, but for me, I say it is time for corporate welfare to be replaced with corporate responsibility.

No comments:

Post a Comment