NLewisDec 6, 2022
Robert Reich

The profits of ExxonMobil, Chevron, BP and Shell have skyrocketed by 169% so far this year to $125 billion.

While you were paying through the nose at the gas pump, Big Oil companies were using the cover of inflation to line their pockets.

It's time for a windfall profits tax.

Dec 6, 2022 at 7:43pmWeb
Show threadVoronDec 6, 2022
@rbreich the question is why isn’t the Dem leadership championing this? It’s a win for the country, it will win at the ballot box.
Show threadmmalcDec 6, 2022

@rbreich @voron

California is planning something along those lines:

https://fortune.com/2022/12/05/california-gov-newsom-plan-deal-with-supersized-oil-company-profits-fine-them-give-money-back-drivers/

Of course, some of the “usual voices” are calling for taxes to be reduced instead

California Gov. Newsom’s plan to deal with supersized oil company profits? Fine them and give the money back to drivers

Fine them and give the money back to drivers.

Fortune
Show threadmmalcDec 6, 2022

@rbreich @voron

Personally, I’d like to see a “minimum price” established for gas, with then annual increments.

People keep indulging in wishful thinking that gas prices will return to an absurd low and basing purchasing decisions on that. And price becomes a political football.

Instead establish a “baseline” — e.g. it will never go below e.g. $4/gallon again. People can then start appropriately planning for a transition to higher-efficiency vehicles (including EVs).

Show threadVoronDec 6, 2022
@mmalc @rbreich what we need is a national push for an across the board windfall corporate tax, elimination of the billionaire tax loophole (carried interest) raise the top income tax, reinstate the estate tax.
—all championsed on the basis that profiteering has gotten out of hand putting the fear of god into the shareholder class that the unwashed peasants are coming for their millions through taxation is the only way to get them to lower prices
Show threadcecileDec 6, 2022
@voron @rbreich I think Dems have such a horrible messaging strategy that they don’t even know they have a horrible messaging strategy.
Show threadVoronDec 6, 2022
@blue_heathen @rbreich a completely reasonable interpretation 😊
Show threadlirosoDec 6, 2022
@rbreich
war = $$$
Show threadUnionGuyPEIDec 6, 2022
@rbreich Yes, Canada needs to claw back some of these out of touch profits. #CDNPoli
Show threadScottinSoCal 🇺🇦 🕊 🏳‍🌈Dec 6, 2022
@rbreich The Republicans will never allow it.
Show threadAethelstanDec 6, 2022
@rbreich no tax nonsense: make the federal government the sole buyer via legislation or exec order to control toxic substances. Gas stations buy from the government. Oil companies can bargain for access to the US market.
Show threadSloanLADec 6, 2022
@rbreich I do think they'll just hide money a different way.
Show threadByronLoveDec 6, 2022
@rbreich I didn’t know you could draw !!
Show threadGregory HellerDec 6, 2022
@rbreich where are the congressional hearings on this?
Show threadJack LoweDec 6, 2022
@rbreich Timely that #BenJennings has just been named ‘Political Cartoonist of the Year 2022’
Show thread4GrandDec 6, 2022
@rbreich way past time
Show threadDaveDec 6, 2022
@rbreich Hear hear. I'd argue it's time to nationalize the oil industry and directly expropriate the robber barons, though.
Show threadPraxis Makes PerfectDec 7, 2022
@rbreich a windfall profits tax is a bandage on a gunshot wound, at this point. We don't need subtle reform, we need to end capitalism before it ends us.
Show thread⚒︎(((🇻🇳Das Classist🇱🇦)))☭Dec 7, 2022
@rbreich it's time for socializing all resources
Show threadStephenCDec 7, 2022
@rbreich sigh. This is some war chest to ensure the planet is destroyed 😪
Show threadsilversword411Dec 7, 2022

@rbreich

I got burned out on politics, and stopped checking facebook 2 years ago....you're still at it, pointing out how corporations are still Fing over the general public

#KeepItUp

Show threadMainepabloDec 7, 2022
@rbreich Spot On!
Show threadCleanair AvatarDec 12, 2022
@rbreich I thought it was to go towards the war effort in Ukraine! Instead they are doing buybacks to circumvent the government regulations in future. Oh what a plan! Ford and Rockefeller did the same thing.