CNBC’s Santelli: Why doesn’t Obama go after Apple’s profits?

299 Comments

If I broke my right arm, am I going to pick a fight with the neighbor? No. If I’m two months behind on my mortgage, am I going to go complain to the bank? Probably not. But let’s see, with gasoline approaching $5 a gallon, isn’t this just a supreme time to pick a war with the energy people that are bringing us what already seems to be in the market’s eyes in short supply?

Just like picking fights with China when the world’s about ready to go into recession. There’s a time and a place for everything.

And, by the way, all these profits Exxon’s making, the administration doesn’t like it. Well, what about Apple making a billion dollars a week, or Microsoft? I bet you if GM made a billion dollars a week, they wouldn’t mind. Come on! – Rick Santelli, CNBC

See the video via RealClearPolitics here.

[Thanks to MacDailyNews readers too numerous to mention individually for the heads up.]

299 Comments

  1. The point is clear. It’s politics. Demonize the businesses that poll well to do so, rally people to get angry at certain “greedy” businesses, but leave the pet businesses that vote for your groups alone. Pathetic, but politics as usual.

    Reply

    1. LIberalism is the world wide scourge right now. They will eventually come for Apple, just wait. Property owners will be hit even harder too. The communists will stop at nothing to meet their goals to destroy the US.

      People that don’t agree with them will be labeled insane and taken away……

      http://www.infowars.com/climate-change-skepticism-a-sickness-that-must-be-treated-says-professor/

      Climate Change Skepticism a Sickness That Must be “Treated,” Says Professor

      Reply

      1. Liberalism is not in anyway communism if that is what you’re getting at. The ideologies are almost opposite of each other. I don’t even know where you get the two confused. Cats and dogs, apples and oranges, red and blue.

        Moreover, Exxon and Apple are two different creatures. If one doesn’t see that, I don’t think we even have time to get into such a debate. Apple is responsible. Exxon is not. Oil companies gouge. Apple has specific set pricing. Oil companies raise prices and use that money to accuse political parties of being the cause of the problems with oil prices. Apple stays out of politics. But assuming they are the same animal at the end of the day, Apple has a positive and powerful stance in the world in innovation and customer experience. Exxon is a big ugly corporation who no one likes.

        A side note, climate change is a fact. It has happened since the Earth has existed. For the past 18,000 years the Earth has been warming and therefore there is climate change. There is no disputing it. Seriously. There isn’t. Approx. 18,000 years ago ended the last ice age and the planet has been warming ever since. CO2 is a major contributor to this warming and humans have added to that. Not to say that we are the sole reason for climate change but we have contributed. There is measurable empirical evidence. However, this has absolutely NOTHING to do with the article. Red herring.

        Reply

        1. Not that I’m a fan of Exxon-Mobile, but how can you possibly claim that they “gouge” and Apple doesn’t, when Exxon-Mobile’s profit margin is just under 10% and Apple’s is over 28%? Looking just at profit margins, it sure seems that Apple is the one doing any supposed gouging here. If you judge based on operating margin, the results are about the same: about 12.5% for Exxon-Mobile, and about 33.8% for Apple. Again, how can you possibly claim that Exxon-Mobile is “gouging” but Apple isn’t?
          And Apple stays out of politics? Only if you consider donating over half a million dollars (as best we can tell, as Apple does not completely disclose all of it’s political spending) to be “staying out of politics”.

          Like it or not, without “oil companies”, Apple would not exist. Plastics? mainly derived form petroleum products. Getting those great Apple products to market? Dependent on transport driven mainly by petroleum products.

          “Oil companies”, I think, are easy for people to slam since most people need to buy gas for their cars on a somewhat regular basis, so they are constantly reminded of price changes. Most consumers do not, however, buy a new computer/phone/portable music player once a week, so they are not constantly reminded of the expense.

        5. It actually has everything to do with the article as everything is a red herring these days. Liberalism is communism now. You lemmings haven’t officially been given that marching order. They like to keep you dumbed down for a while before they step you up to the next rung on the communist manifesto. Scum BAGS!!!!!!!

        6. agendas wrote:

          “Apple is responsible. Exxon is not. Oil companies gouge. Apple has specific set pricing. Oil companies raise prices and use that money to accuse political parties of being the cause of the problems with oil prices.”

          Please take a moment to do some research, and understand how oil prices work. The oil companies don’t set the prices, the commodities market does.

          http://auto.howstuffworks.com/fuel-efficiency/fuel-consumption/gas-price1.htm

        8. Hey Ajendus, what’s it like being the only reasonable person on the web that actually forms his own conclusions from reading and gathering information? Every time I see one of these “debates” turn into a retarded name calling contest proves how the stupidity level is rising very fast in this country.

        9. You are the idiot dbcommie. And Ajendus did nothing but spew Demo-Communist propaganda.

          Take a look around the web numb nuts, the communist party and Democrat party are on the same talking points and fighting over the agenda.

          You liberals Turds think you can use political correctness to silence your opposition because you can not win anything on the actual issues. So you pretend to get insulted when you are attacked with names or facts and use statements like racist or Nazi against conservatives. It’s always a barrel of laughs for you Marxist aholes when you direct that crap at conservatives. However as soon as it winds up back in your face it’s suddenly so terrible and awful and MDN or congress should now act to eliminate free speech.

          Screw you. We are coming after you in all facets of government and unions and we will vote you low lifes back into the sewers that you crawled out from. Go To Hell!!!!!!

        10. That’s it! I’m signing you up for re-education. In 3 weeks we will have you walking around quoting Karl Marx. What we do is hook you up to electrodes and every time you say something stupid we zap you. Although with you we will probably just have to leave you plugged in for a few days strait because i’m guessing you’re going to say a lot of stupid shit. Don’t be surprised if you keep seeing a mysterious unmarked van in your rear view mirror next week.

      2. Please, you would likely label me a liberal, but I believe that Santelli’s statements are ridiculous, regardless of your political affiliation. The government should not “go after” the profits of businesses. The government should reasonably and equitably tax businesses and citizens as needed to perform its lawful and necessary activities.

        The federal government should quit listening to the lobbyists funded by the special interest groups and SuperPacs and such, and begin phasing out the subsidies and loopholes and social engineering provisions such as the mortgage interest deduction.

        For workers, the first $25K should not be subject to income tax. From $25K to $100K, tax at a rate of 15%. From $101K to $1M tax at a rate of 20%. Above $1M, tax at a rate of 25%. These numbers are just a guess at what might work if all write-offs and deductions were eliminated. But it would be simple and easy and that is why it won’t be implemented – because tens of thousands of tax lawyers and other tax-preparation and audit jobs would be threatened.

        Before you start throwing labels at me, recall that I stated that “The government should reasonably and equitably tax businesses and citizens as needed to perform its lawful and necessary activities.” That means that I believe in fiscal austerity – the government should not overextend its authority and should always seek ways to cut spending rather than increase taxes. The problem that we have today is that both parties have generally done the opposite – increased spending without implementing the tax changes needed to balance the budget.

        The only thing worse than “tax and spend” is “tax cut and spend.” in the case of the former, the citizens who are taxed experience the pain of the spending, and will generally be moved to respond. In the case of the latter, the citizens do not feel the pain as the government debt accumulates to levels so high that they are almost abstract. Thus, the populace is not moved to act and the country continues on its path towards self-destruction. Both major political parties in the U.S. are culpable in this fiscal disaster that is three decades in the making. Pointing fingers is both childish and useless. The only question that we should be asking, it what steps should we take now to attempt to head off a U.S. financial collapse that would drag down every country in this world along with it?

        Reply

        1. Why shouldn’t everyone,including those under 25K,pay taxes? Why should I pay a bigger percentage than you because I make more money than you? Reward the less talented? Less ambitious? I don’t think so Skippy.

        2. King Hell wants to keep spreading that Liberal HELL!!!!! Sorry dude. We don’t agree with your CLASS WARFARE!!!!!!!

          All you commies want to do is punish success and reward failure. We completely disagree with your take on life.

          Cut government to the bare minimum. Cut welfare for all but the truly needy. Promote family values, the US constitution, individual responsibility, private property, FUN-Happyness. Not liberals misery!!!!!!

    3. This is what liberals do … you see it on the news everyday … they’re demonizing people, entities, companies all int he name of getting their BS political agenda through!!!

      Reply

    1. “”going after Exxon’s” profit is a straw man. It’s not the profits he spoke about but the credits and incentives that help the oil companies have those large profits.
      Apple operates in the free market, the subsidized oil companies do not.

      Reply

      1. these aren’t “special” credits and subsidies only for oil companies. Obama wants to get rid of taxes and subsidies that the Feds give to all businesses. Again picking winners and losers. Can’t wait to do the same for myself in November!

        Reply

        1. … these are “special credits and subsidies” only for oil companies? These are NOT available to SMBs, why should they be available to conglomerates? And, NO, oil is not in “short supply”. The prices are sky high because middle men are inflating the prices. Which is currently legal.
          I may grumble if a company is just squeaking by despite a subsidy or questionable credit, but to reap a huge profit due to either? Just how is that fair to anyone? Apple makes huge profits by building products that are better than the competition. Exxon makes a huge profit by buying some congressmen to make special laws they can take unfair advantage of. This is not “free trade”, this is not “competitive advantage”, this is bending the rules to your advantage. It is not fair.

        2. “Big Oil is Gauging Us???????? You are completely clueless you libtard, zombie-drone. Government taxes are a huge part of the price of gas. They do nothing but pour that tax money down the low flush, libtard-toilet.

          WTF do you mean by “Big Oil”. Like it’s something evil to be a big successful company in a big, successful industry. You liberal are so brainwashed it is completely pathetic.

          Thank god we conservatives outnumber you badly……

        4. I don’t associate with any political party nor do I care for them because people like yourself are the problem with the world; those who use personal attacks and red herrings and other illogical nonsense to try to demean and subjugate others. But I can safely say that I’m just a rational human being, I just think about things not concerned with all this political garbage, and what you have written is completely uncalled for, off the mark, and simply rude.

          You have twisted the words of these comments and come to conclusions that are simply not there nor valid.

        5. … ME, Rowan? Or do you simply not understand how the ‘Blog works?
          Now, you made a number of silly arguments that might apply to someone else’s comments. The government taxes that you say are part of the price of gas? Those are the taxes YOU and I pay that the government siphons off to bloat some already rich executive.
          But, you do realize we all recognize that you are a troll, right? That we know you neither know nor care what the real arguments in the case are, nor do you have any thought for truth. So, please quit your inane jabbering and crawl back into your dark hole.

        6. “… ME, Rowan? “,

          Whoever you are, you are a commie, US hater. Taxes are not being “siphoned off to bloat some already rich executive”……

          You are not only not playing with a full deck, you are a complete lunatic and flat out wrong. You are also a LEMMING AND A DRONE. Your brain can’t handle reasoning and the TRUTH.

          Please go crawl back into your mommy’s cess pool of a basement and wallow around down there in the misery or your pathetic existence. TROLL

        7. If you conservatives outnumber us so badly… why is Obama president? Why did more people vote for Gore than Bush?

          You’re against providing health care for our citizens but happy to provide welfare to BIG OIL and a trillion for BIG PHARMA. Flushing Trillions down the toilet in a bogus war probably make you hard.

        8. Who are you talking to ajendus???? I have a feeling you’re a commie, scum bag. But in case I’m wrong I’ll give you the chance to answer.

          Sendick, you scum sucking parasite. You couldn’t be more wrong and more brainwashed. You piece of crap. Go to HELL!

        9. “Obama: Congress should end oil subsidies”

          “(CBS News) — President Obama on Thursday urged Congress to drop billions of dollars in tax breaks that amount to subsidies for the largest oil firms operating in the United States, which he noted were showing record profits as millions of Americans watch rising gas prices strain their household budgets.

          “I think it is time they got by without more help from taxpayers,” Mr. Obama said in remarks in the White House Rose Garden, “the oil industry is doing just fine.””

          http://www.cbsnews.com/8301-503544_162-57406425-503544/obama-congress-should-end-oil-subsidies/

          Nice try attempting to muddy the waters in your response to what I said.

        13. Exactly correct. Exxon and other oil companies are getting a free ride. President Obama is trying to level the playing field. Rick Santelli knows this but his job is to spread the propaganda of the corporate right.

    3. If you think petrol (gasoline) is expensive in the USA, you should get out more and travel.
      In the UK and Europe, petrol costs vary between about $9 to $10 per gallon. The average price in the UK is about $2.60 per litre.
      So it looks like the US is having to catch up with the prices others are paying.

      Reply

        2. Screw you, you jack ass. And get the thought that the US has to mimic your hell hole countries in any way, shape, or form out of your Marxist brains. We are the best despite the full court press from the communists in the Democrat party trying to destroy the US. Conservatives won’t let it happen, ever.

    4. We need to nationalize the oil industry and health care, period. Would we tolerate people selling sunlight or breathing air at a profit? Oil, or its equivalent, and medical care are no less necessary for life as we know it.

      Reply

      1. I couldn’t disagree with you more.

        I don’t want that much control over our economy in the hands of people who have no idea how business works, nor do I want them to regulate when I can see a doctor.

        Reply

        1. Yeah, because people that know about business are somehow competent enough to run an economy.

          Remember Enron? Citibank? Hardly the types the I would want anywhere near an economy.

          A business–any business–has nowhere near the complexity of any economy, particularly the American one. People need to understand this.

        2. Thanks for those excellent examples which prove my point.
          Neither of those companies had a large dominance over our overall economy. We overcame those and Worldcom and others.
          Hopefully we will overcome the banking crisis, too.

          When an economy is driven by thousands of companies of all sizes (and with needed regulation by the government), you get the best results by being able to absorb a sector crisis.

          Now imagine that complexity ran by economist who have no real-world experience, such as requiring mortgages to unqualified applicants. Imagine that they make mistakes that influence the markets much larger than Enron, upwards to 25% of GDP.

          Imagine Greece.

        3. TowerTone,

          You are a true Patriot and great MDN poster. I am a business owner that absolutely, from the bottom of my heart, HATE the parasite liberal bottom feeding scum that are on an all out mission to destroy the US. Wake up anyone with any conservative leanings. We are under direct assault from the libtards. We will vote them out in November but must continue to attack them through the voting booths every chance and way we can. They are our arch enemy and evil, evil, HATERS!!!!!

        4. Who pushed for more mortgages for people with poor credit? Watch this video from the 4 minute mark onhttp://www.youtube.com/watch?v=kNqQx7sjoS8

        6. fscuttle
          Nice snag.
          I guess you hoped if I skipped to the 4 minute mark I would miss the part at 1:01 where he said ‘qualified’ low income families.

          The Freddie Mac program was already in place before his administration. He had to deal with it.

          Two years later, the Republicans tried to reform it.

      2. Nationalize health care? Been to Canada lately? My friend’s father had 2 heart attacks, had to wait 12 days for an angioplasty that was 700 miles away. No frickin way…

        Reply

        2. Actially, it did. Why would I lie about something so horrible? My friend was my business partner as well, and I lost his help because of this very incident. He now runs his father’s business, in Canada, and complains about the taxes he must pay to subsidize this “broken” (his words, not mine) system.

        3. @Indentured1 … and within the past six months, one of my college buddies had to wait 4 weeks for the same thing here in the USA. Shall we make a bad joke about how Philadelphia is 700+ miles from civilization too?

          The unfortunate reality to all of this is that the ‘rules’ have become totally screwed up so as to benefit a powerful few.

          Specific to the criticism of this story, it would be IMO perfectly appropriate to go after Apple … *IF* they had been receiving industry-specific tax breaks such of the type that Big Oil has. But let’s see if these even exist before we take another step.

          Personally, what I’m sick of are the gross inefficiencies in the USA Health Care system that are due to the financial interests of the healthcare providers … they’ve figured out that it is more profitable to them to let customers die than to provide the services that they promised, and the birds nest mess of “Prior Approvals” and the like – – along with crazy inflation on service bills – – simply shows that classical Capitalism’s “drive out inefficiencies” doesn’t apply in this market.

        6. They still take incentives ahole. Which are great when they lead to more jobs and business. Which they do in the Apple and Oil Company situations. Oil companies are not evil. That is a commie – demotard talking point. It is pathetic and no one buys into it. That kind of thinking has “jumped the shark”. It’s no longer cool to believe, just because some libtard told you to, that big companies are evil. It’s marxist, class warfare tactic you trolls use and it has zero affect now. So please go straight to hell.

        7. “what I’m sick of are the gross inefficiencies in the USA Health Care system that are due to the financial interests of the healthcare providers … they’ve figured out that it is more profitable to them to let customers die than to provide the services that they promised”

          I’m curious as to how you’ve arrived at this conclusion- couldn’t be anything further from the truth. In fact, in this country, it’s the exact opposite- we doctors are incentivized to do as much as possible, including keeping people alive at all costs. It’s the fee-for-service system- the more you do, the more you make. And if you think the ‘healthcare providers’ operate (no pun intended) in any kind of an open market, you’d again be sadly misinformed. We are ’employed’ by the insurance industry and the government (Medicare)- THEY determine what we get paid for procedures and services, not us. You, unfortunately, seem to have bitten the political fish-bait that’s been spewed as of late- I’d be happy to provide some information if you’d like.

    1. Who said Obama was going after these profits?

      The thing he is after is the rich and their redicilous tax breaks. It’s about all Americans paying their share. If that’s not alright with you then you should give your money to protect the rich while they lay you off.

      Reply

      1. As Ronald Reagan famously said, “There you go again.”

        Of course, Reagan was blaming Jimmy Carter for launching false attacks during a debate. And that line was so effective, it not only helped Reagan win the debate, but a presidential election that would change American history.

        But “there you go again” can apply equally to President Obama. Once again this week, the president was out on the campaign trail bashing and oil and gas companies. And he continued to spread major falsehoods about this industry, which I guess is the polite way to put it.

        Obama is obsessed with oil and gas. He is a prisoner of the left-wing environmental groups. And really, he’s extending his leftist class-warfare attack from rich people to successful oil and gas producers.

        What seems to have Obama especially steamed is the fact that the conventional-energy companies are profitable. Especially the five largest. So he wants to tax them. He then wants to redistribute their income to his favorite green-energy firms. Sound familiar? I don’t know which is more important to the president — the fact that he hates fossil fuel or the fact that he hates success. Or that he wants an energy-entitlement state.

        Read more here

        Reply

        1. … the “green” lobby owning Obama. Which it doesn’t. And I wish it did. But it doesn’t. And that wouldn’t matter, anyway.
          This is about Exxon and the other oil companies unfairly – let me repeat that … UNFAIRLY – benefiting by taking tax monies they neither need nor deserve – neither NEED nor DESERVE – even after earning massive profits.
          This would not be argued if Exxon needed more money to remain profitable.
          This would not be argued if Exxon’s executives were not getting massive pay AND bonuses.
          This has nothing to do with environmentalists.
          So, “there YOU go again” lying about what the argument is about. This is about successful companies doing their best to siphon off monies that could be used for the public good – YOUR good – to bloat their bottom lines and pay their executives additional MILLION$ they do not need.

        2. You are a complete idiot and full of Marxist talking points. Oil companies getting tax breaks to explore for more oil only makes things better for the consumer you braid dead idiot!!!!!

          You are so wrong it’s stupefying!!!!!!!!

      2. “It’s about all Americans paying their share. If that’s not alright with you then you should give your money to protect the rich while they lay you off.”

        OK, lets have everyone pay 10% of their gross income. You make $10,000 you pay $1000. You make $10 million you pay $1 million.

        Everyone paid their fair share, 10%.

        Something tells me the guy with $9 thousand left will scrape by but the guy with $9 million left will get a knock on the door.

        Reply

      1. “Billions in subsidies”?
        Really?
        Maybe you are confused?
        Maybe that is what the left depends on?

        http://www.americanthinker.com/2011/05/about_those_oil_subsidies.html

        http://money.cnn.com/2011/04/26/news/economy/oil_tax_breaks_obama/index.htm?hpt=T2

        Yes, add ‘oil subsidies’ to the drama-list with birth control, race relations, green energy, jobless recovery, and climate change.

        Like they always claim, I’m glad I’m not as smart as the über left.

        Reply

        1. a) it’s not subsidies, it’s tax breaks.
          b) you keep proving yourself to be “not as smart”
          These battles you wage under the elephant flag are not the spirit that this blog is written in. This is for Apple products, finances and the compitition’s. Keep the politics and religion for your family Thanksgiving dinners…

        2. You are spewing lies and demoturd talking points. There is no defense for what liberals are doing. The tipping point was reached a while ago and the US is pissed. WE will VOTE your sorry asses out this November. Trolls.

        3. A) Exactly my point
          B) If I was as smart as the left, I would be as stupid as you

          The battles that I JIP (join in progress) are not begun by me.
          Maybe you should direct your request to MDN, or to the ones that started the bickering.

          Here’s an example
          “Nationalize health care? Been to Canada lately?”

          How very Apple oriented you are.

    2. Democrats don’t care about fuel cost.
      You and I both know that.

      If they did, they wouldn’t be looking at adding to the cost of fuel every chance they get.

      Oh, that’s right, it’s an election year.
      “Guys, act like we care about gas prices and working people.
      And don’t forget to throw a bone to the Blacks to keep them in line…”
      -Democrat strategist

      Reply

  5. The whole worldwide mercantile system, maybe you call it capitalism, a merchant/manufacturer needs to see a way to earn a profit to be able to afford to replace worn out equipment, maintain a rainy day fund, grow, pay overhead and take a good salary for all the owners of the business.

    Too many people who have never run a business just see a pile of money as something to tax or take one way or another not seeing the larger picture of the value of privately directed use of money.

    Governments inherently only consume output of people and businesses. Beyond the few vitally needed functions of a government, politicians only act in ways which are “elective” and waste the output of the entire country.

    Greece has virtually collapsed as a result of this and Spain is not far behind, yet a large segment of WDC doesnt’ see the train wreck coming because ‘we are too big to fail’. Wrong!

    Failure for the US will come when the inflation returns and wipes out retirees savings and pensions. It is sick.

    Reply

    1. You are right except inflation is already here. Have you seen food prices already? Oh, and why do you think gas is so expensive. It’s not price gouging, it’s the weakness of the dollar. But that’s what happens when you have the Federal Reserve printing fiat dollars. I just bought a gallon of gas with a dime! How you ask? Well, it was a pre 60’s silver dime. It’s now worth about $4.

      Reply

  7. I generally agree with Rick Santelli’s point in principle. I am a republican (with an economics education), and don’t like government interference in business.

    However, the oil companies are receiving BILLIONS in subsidies. As far as I’m concerned, if the companies want the free market to rule, they should not accept any subsidy money. If they take $1 of taxpayer money, the government (and, by extension, whichever party is in charge) has every right to criticize their actions.

    Reply

    1. I’m thinking that taking that first dollar of taxpayer money puts the people (through the good offices of our duly elected representative government) squarely in charge of executive compensation. I say “No bonuses for CEO welfare queens”.

      Reply

    2. Perhaps you missed the part where the so-called “subsidy” is actually a tax break? And one that applies to businesses other than just oil companies as well?

      Is my standard deduction on my taxes a “subsidy”, and I am therefore accepting taxpayer money?

      Reply

      1. You are scum bag liberals. It is our hard earned money that commies think is theirs and think they are giving us all a break by letting us keep any of it. Liberals suck!!!!

        Reply

  8. It is impossible for me to believe that this idiot (well, maybe if he is really an idiot he does not know) that the tax structure for oil companies is radically different from the tax structure for companies like Apple or Google or even GM!

    Oil companies get HUGE tax incentives to sell oil. In many cases they can write off the depletion of their reserves they have sold. Thus they get huge profits on the sale then get to write off what they sold lessening the tax impact of the profits on that sale. Then they get to find more oil to replenish those reserves they’ve written off.

    This would be like Apple making a huge profit on the sale of an iPad then writing off its depleted inventory because they sold the iPad (depleted reserves) then going to Foxconn and getting more iPads to replenish those reserves. This absolutely is not allowed under the tax structure Apple is within.

    This is just one of the differences.

    The oil companies want to continue all their tax breaks (and in some cases are asking for more tax breaks) but want lowered taxes too — in order to “sell more gas” to the public. They claim that gas prices are so high **because** of the tax structure.

    I a word… Bullshit. Oil companies have the most favorable tax structure of any industry out there. If they get their taxes lowered even further gas prices will come down for a short while then go rocketing back up even higher — only leading to further demands by the oil companies.

    Reply

  9. The “ROADMAP FOR AMERICA’S FUTURE” plan discards a needlessly complex and manipulative tax code, replacing it with a simplified mechanism that promotes work, saving, and investment.

    • Provides individual income tax payers a choice of how to pay their taxes – through existing law, or through a highly simplified code that fits on a postcard with just two rates and virtually no special tax deductions, credits, or exclusions (except the health care tax credit).

    • Simplifies tax rates to 10 percent on income up to $100,000 for joint filers, and $50,000 for single filers; and 25 percent on taxable income above these amounts. Also includes a generous standard deduction and personal exemption (totaling $39,000 for a family of four).

    • Eliminates the alternative minimum tax [AMT].

    • Promotes saving by eliminating taxes on interest, capital gains, and dividends; also eliminates the death tax.

    • Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.

    Learn more here.

    Reply

    1. YES!

      The current tax system is VERY flawed. It’s been stated- IF everybody actually paid taxes that were supposed to pay- our individual tax rate would be around 5% – That’s right- five percent instead of the 20% – 45% that we pay now. The move towards a consumption tax would eliminate this problem. In fact- we wouldn’t even have to file a tax return. Of course- this won’t eliminate excessive government spending – that problem gets solved on election day.

      Reply

    2. OT: Politics Ahoy!

      WARNING: I consider Paul Ryan to be an outright PSYCHOPATH. Anyone championing the work of this blatant nutjob is in for a surprise. PLEASE read the dire ruination of the USA written into his budget plans. Below is a link to is his most recent perpetration, his 2012 budget proposal. Note: Reading this thing is not for the faint of heart. Have a barf bucket handy:

      Click to access BILLS-112hconres112rh.pdf

      (Oh, and to my own personal anonymous coward Stalker: I don’t care. I’ll continue using my well informed brain in spite of your rant-aholic-ism. So please don’t bother. But you will. So I’ll show you my interest ahead of time: (-_-) zzzzzzz)

      Reply

      1. AND I should add that I’ve been ranting about BALANCED BUDGETS and fiscal responsibility for DECADES.

        What I find most shocking is that REPUBLICANS are consistently the BUDGET BUSTERS. The ONLY reason Obama (whom I do NOT like) gets nailed with record spending is because of the massive worldwide economic depression that resulted from the rule of Republican loons running the US government.

        And please make your head explode when I tell you that I don’t have respect for Democrats either. Both TardyParties have sold the USA off to the brain dead Corporate Oligarchy. This is no longer a government OF THE PEOPLE or BY THE PEOPLE. We no longer have real capitalism in the USA or much of the rest of the world. The enter GAME (because that’s what these econoTards play) has been corrupted into Screw Thy Customer chaos. But I rant…

        Reply

  10. This is the same clown that had a melt down a few years ago on TV?

    Apple does not take subsidies. Oil companies do. No one is taking their money, it is just us tax payers are not giving them ours.

    And for the record I own shares in these oil companies and they will still do quie well regardless, and that is Obama’s point, whether you like him or not.

    Reply

        3. you made bro?

          you do realize your food stamps you think you deserve are paid by tax dollars. if you live long enough you will medicare and SS, that is socialized. So you clearly have no understanding we have been socialists/communists since FDR.

        5. The fanatical fascists and fundamentalist freaks trolling here are so lame it’s sad.

          The Republican party are now pawns of religious extremists hell-bent on making an all-American, corrupted Christian version of the Taliban. True conservatives have no home in the GOP anymore, the real lemmings here would call them commies and liberals if they don’t blindly toe the line.

          Keep America American, fight the f-ing fundies among us!

        6. Hey Am for Am,

          You couldn’t be more wrong and are a complete RED HERRING TROLL.

          Stuff it.

          Conservatives are going to save the US from you nut cases and you will hate every minute of the success and good times it will create.

        10. The conservative 3/4 of the US population needs to stop you commies and your religion of destruction from doing any more damage to the US and it’s constitution. You will lose big and bad this November you lunatic. No conservative is trying to force anything on anyone. It’s the libtard trolls like you that doing all of the forcing. EFF OFF!!!

        11. Add Charles to the list of Taliban lovers. I mean in the religious-social, not economic sense. Your kind want nothing more than to undo centuries of progress and send America back to the dark ages.

        12. Oh AmerAmer Sir, you are so misguided in your sense of reality. Conservatives are not trying to shove anything down anyone’s throats. That meme belongs to the megalomaniacs on the left. The sheeple that follow along, you being one them, help to enable their evil, destructive goals. The greatness and compassion of conservatism will win out. You are a horrible individual.

        13. Why do you hate America, “Superior Being”? Open your eyes and stop being a lemming. True conservatives are no longer in control of the Republican party.

        15. I’d tell you not to be a tool, “Ink,” but you’re clearly already the stuff inside another tool (hint: it’s a “pen”) so there’s no hope for you.

        16. @ No America for Americans,

          You are the problem. You and your horde of wild eyed, progressive, Zombies lumbering along destroying the Constitution, Capitalism, and Freedom. You are completely brainwashed. Pretty sad to be you.

        17. @Marshall, here’s your wonderful conservative-majority Supreme Court judges at work:

          Strip searches for any arrest, no matter how minor:
          http://radio.foxnews.com/2012/04/02/supreme-court-oks-jailhouse-strip-searches-after-challenge/

          So much for the 4th Amendment (they’ve already done a number on the 1st, 5th, 6th, 7th, 10th).

          Better hope you aren’t an attractive woman, nor your sister, girlfriend, wife, whoever, lest they get “arrested” for arbitrary stuff and strip-searched. Just like how attractive women are “randomly” selected more often for additional screening at airports.

          It’s obvious who’s destroying the Constitution and freedom: look in the mirror. But hey, as long as capitalism is protected who cares, right?

        18. No American,

          It is obvious who’s destroying the country, it is you and your fellow comrades in the Democrat party. They have an out of control TSA, hate the constitution, hate freedom, hate capitalism, hate white people, hate the 4th of July, hate apple pie, hate baseball, hate private property, hate success, hate fun, and just hate-hate-hate!

          So you can stuff it commie-zombie!

        19. The blind lemmings like Tucker forget that their party created the out-of-control TSA, hate the constitution, hated freedom, hate capitalism, hate true American people and patriots, hate the 4th of July, hate football, hate themselves, hate you, hate fun (fanatical religiousity is the polar opposite of fun), and just hate-hate-hate!

          A true American (or true conservative for that matter) would see through their lies and deceit. You are no true American.

  11. We already have the highest corporate tax rate in the world. Apple follows the rules and doesn’t have anywhere near the lobbyists that other major companies do to save their tax money and get the breaks that they do. So, what does this jerk want to do, tax to the point of sending the one of the most profitable and one of the most adherent to tax code companies off shore – and lose thousands of jobs that are still here

    I am sure some countries would love to get Apple to move there at a lower tax rate. We need to quit spending all the taxes that we don’t yet have and we just might get out of this mess.

    Reply

  12. *sigh*

    Why are we giving the oil & gas industry a $4+ billion in subsidies while they report record profits while gouging us at the pump??

    Most people NEED gas to get to work, buy groceries, pick up kids from school, etc…. People don’t NEED Apple products.

    Santelli?…. *rolls eyes*

    Reply

      1. Maobama is wrong. You effing moron. Who the hell do you think will pay for this when they raise taxes yet again on oil companies.

        And you BRAIN DEAD LEMMINGS, Austin, TX is giving Apple tax breaks and subsidies…… What’s your take on that Libtards!!!!!!

        Reply

        1. there’s a difference between federal and local govts.

          nice try though. so how many trolls are you on here? libtard, maobama, lemmings?

          Seems you are only brave on anonymous forums.

        2. rhetoric – idiot.

          Over taxation from liberalTARDS is the same brand of awful whether it’s federal or local you fool. As usual you completely miss the point you lemming!

  14. Keep in mind Rick is a failed trader, and his current job is the best he can manage in the trading world. He’s constantly kissing traders asses on the floor because he so badly wants to be one of them. It’s even sadder because everyone around him knows it as well.

    Reply

  15. A couple of points:
    1- Santelli is a radical teabagger. He’s such a tool he’s found in the Craftsman and Snap-On catalogs.
    2- As to fuel prices- The leading EXPORT from the US currently is refined petro fuels. Nothing like creating a shortage artificially to jack up the prices & profits.
    3- Why should the US taxpayer grant a subsidy to the wealthiest and most profitable industry existent? The US subsidizes all the dirty forms of energy as they are the incumbents and have lined up their political support. Funny how free markets are not really free when examined.
    4- The Ryan Plan is a sketched outline- not a real or complete budget. It is nothing more than a political document that is chocked full of Luntz tested terminology, Republican mantras, wishful thinking and outright fictional outcomes.

    Reply

    1. Exports of refined fuels do not drive our costs for gas up, they simply allow the refinery to make some income turning oil into gas for someone else.

      The issue with fuel prices is that we are stuck paying the world market price for oil. We consume more than we create in the US. The last time I studied oil production in the US we were coming up short by about 6 million barrels a day. Its probably more now. We have to import what we need.

      If you go to a place like Saudi Arabia where they pump far more oil than they need you see the price of gas under $1 US dollar. The reason its cheap is because they have a surplus and thus have control over their own prices to a great deal. As they sell their oil on the world market, the cost of providing their own needs goes down.

      The US lost that luxury position in 1973 when we reached the peak of oil production.

      Anything we do will only bring temporary relief. Long term the only real option is to find alternative fuels that we can produce cheaply in supplies greater than we need.

      Reply

        1. The oil companies themselves and the geophysicists they employ.

          Its also pretty apparent in the fact that we import millions of barrels a day to meet our needs and have had to do so since the 1970s!

          Seriously try and show some signs of intelligence here instead of just resorting to name calling.

        2. Being one of those geologists, I can tell you the US has 2% of the known reserves and uses 25%. That is a recipe for dependence on imported oil. Gas is cheap in Saudi Arabia because they give it to their own citizens below market price (i.e., they lose money on the oil). You do realize that the Saudi government get all the oil profits?

        1. Hey dumb ass rhetoric-commie,

          It’s not worth it to try to explain anything to a drone-commie. They are not open to debate or reason. You are one of them. So take your “debate” skills (really just propaganda spewing) and shove it.

          You’re wrong and you will get badly beaten this November at the voting booths. And liberals suck donkey ****!!!!!!

  16. The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary. – H. L. Mencken

    Reply

    1. He isn’t and you are a fool to not get what Santelli is doing..

      He’s proving what bottom of the barrel, scum liberals are and hypocrites. Only a brain-dead lemming wouldn’t get it!!!!!!!

      Reply

  18. Santelli is such a hypocrite.

    The only reason commodities are up, is because of the 20 to 1 leverage the shysters of WS have. Obama is full of it too. He speaks of no silver bullet. The silver bulletins to remove or lower the leverage these friends of Santelli have. The repukes (republicans) are phony too. They can force legislation to lower the leverage.

    Name five large consumer of commodities that actually have a position in the market. Look at any airline, the cruise lines. None of them participate. They do have no cost contract derivatives but none have positions in the market.

    Only Bernie Sanders of Vermont has the correc approach, he has a bill that tries to stop the shysters of WS. It’s funny, you have these legislators all claiming they love our troops. A lot of so-call great Americans like Hannity vilify Sanders based on his pacifism. Yet there is more caring in Sanders pinky than any of them have. By stopping the gouging in the two places where commodity prices are dictated (London ICE and WS CME), he is stopping the main sources of terrorist funds (Iran). Iran does not dictate oil prices, the WS shysters do.

    It is incredible that no one says anything about Obama’s release of the SPR. of the 20 million barrels, he allocates a million for JP Morgan (one of thebiggest speculators in commodities).

    There is an analyst named Gheit. Look at articles about him. He has called for the reining in of these shysters and also importantly calls for excluding tpension funds from these markets. He knows that the are being used as counterparies for the scam that is WS.

    To Santelli, shame on you.

    Reply

    1. Baloney.

      Although most oil companies are not to blame for the price of oil some are. These are the companies that have trading desk and are in collussion withe shysters of WS.

      As to profit margins, if you removed the mid-stream and downstream operations, the profit margins are tremendous (no fault of the oil companies they are reaping the rewards from the gouging done by WS shysters). The downstream reporting is used to claim a seemingly reasonable profit margin. Not so fast. In their reporting, you have to strip out the sales taxes that are bundled in. Most of these companies that have retail gas stations, are collecting agents for government entities. In Europe, the sales taxes are larger than the real revenue.

      As for your Eco 101 comment, baloney. If you know how to read the financial reports and nuances related to the major integrateds (upstream, midstream and downstream) you know what I am talking about.

      Reply

  21. The issues here are tax credits that ALREADY EXIST in the current tax laws. Anybody can take credit for them if they do the activities that give the company the credit. Did ANYONE in the Executive or Legislative branch of government go after these laws when they controlled those branches for 24 months? Obviously not.

    Most of these are not “credits”, but deductions against earnings, therefore reducing the taxable income amount. The only real credits are for Research & Development, and job creation.

    Reply

  23. Oh and on the Econ 101, which really is Macroeconomics, it is the consumer who pays all the taxes. Corporate taxes are just the collectors of the tax, and pass it on to the consumers in the form of prices. Since most corporate taxes are on C-corporatiosn, or S-corporations, where all the stock is owned by individuals, it amounts to a net higher tax rate on the owners of those corporations, namely individuals. If you say what about institutional investors, again, whose money are they investing, trusts, pension funds, savings accounts, etc..
    Corporate taxes are just hidden taxes on the consumer.

    Reply

    1. Yes but the liberal – tard -zombie -parasite – scum sucking leach – douche bag – racist -hater – demoTURDS just can’t seem to absorb that into their tiny, nano brainwashed brains!!!!!!

      Reply

        4. Conservatives hate you libtards that use everything and anything in your power to destroy all that is good. You lie, cheat, steel, and stop at nothing. For that we hate libtards.

  25. Two points;
    Just because Apple earned a profit, albeit a very large one, only a thief would assume that they are entitled to it. Am I naming the thief? No because the answer is obvious.

    You may not like the oil companies, but ask yourself: who makes the single largest chunk of profit in the sale of a gallon of gas?

    Funny, the answer is the same for both questions! And that entity has the least invested! Fascinating.

    If you need a hint, in my area, out of a total of 42 cents per tax dollar on a gallon of gas, the federal government gets $.18, other government entities get the rest of the $.42, again with no investment.

    My source: THE STICKER ON THE GAS PUMP! Hopefully some of you can read that.

    Reply

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