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Exxon Mobil CEO Warns Ending Tax Breaks
Just gotta raise taxes. Seems it's in their genes. Who do you think will pay for this? I've got plenty of liberal friends, and to a man they think that big oil is evil, and they all think that eliminating any tax breaks they get cut into their bottom lines and prices won't go up. Maybe it will cut into their profits a bit, but I think the lion's share will be shouldered by the consumer, and it will a bonus of impacting the economy. I see no value in taxing the oil companies at all except to encourage alternative energy sources. Big oil feeds our economy. If I've got this wrong please let me know in the usual no uncertain terms!Proposals by congressional Democrats to eliminate oil industry tax breaks and subsidies would set a bad example overseas and discourage new industry investments, Exxon Mobil's top executive said Thursday. Rex W. Tillerson said moves suggested by leaders of the incoming Democratic congressional majority would encourage similar steps by governments abroad, where Exxon Mobil Corp. generates the bulk of its profit. "I think the bigger concern I have is not so much the economic direct effect of the fact that they want to take a tax break off here or there. But it's the message it sends the rest of the world that you don't have to provide stable (regulatory) frameworks," Tillerson told reporters after a speech to the Boston College Chief Executives' Club. "And if that happens, none of us are going to be able to take the risk in this business." Posted by: gorb 2006-12-01 |
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