Hillary's threat to take Exxon's profits is completely antithetical to the American dream, and even downright unpatriotic if you think about it. Consider it: the federal budget this year is $2.9 trillion, none of which was earned. Exxon made money for its owners by actually running a business, not by sticking a gun to our collective head and taxing us. What's more, their profit isn't abnormally high by any stretch of the imagination.
Factual omissions by the
reporterop/ed writer, total revenue. $377.64 billion for the year. For those who canâ€™t calculate percentages, and percentages are critical when you look at profits, income statements, little things like that. The way you do it is to divide the profit number by the revenue and then move the decimal point over a few places. See what I mean? All of a sudden that $39.5 Billion is a mere 10.46%
If you owned a business that had revenue of a million dollars yet showed a profit of $104,600, would you feel elated or more like you had an off year?
Another omission, Exxon paid $27.9 billion in income taxes last year.
Hillary is quick to seize the profits of well-run companies, but what about Ford's $12.7 billion loss? Why not take some of Exxon's profits and pay off the losses of Ford's owners? Ridiculous? Of course it is! The government produces nothing and earns nothing, and it has no right or power to condemn the companies that do. Every American should be applauding Exxon for running such a successful business that contributes so much to our society.
Hillary's proposal to seize Exxon's profits is worse than what Hugo Chavez is doing by nationalizing Venezuela's oil industry. At least if the company is nationalized the government bears the potential losses as well as the potential profits. Hillary just wants the profits and intends to let the owners hang if the company posts a loss! She's not only a thief, she's a fool, because who would bother running any sort of company under those conditions? This is the idiocy of socialism.
The profits of Exxon -- and every other "evil corporation" -- belong to its owners: investors, mutual funds, pension funds, and so forth. Neither Hillary nor the government earned that money, and it doesn't belong to them.