Oil reserves released by Biden expected to primarily go to China, India

[Conservative]

Again, it doesn't matter what the original purpose was.
What are you hoping for here, that someone will say it was only for military use and you can then claim it's being misused now? But you won't actually say it was only for that purpose, yourself, because you're not sure it's right?

Please learn what taxes you pay and their purpose. Military is part of the discretionary fund paid for by FIT. SS and Medicare are part of the mandatory budget funded by payroll taxes. It certainly does matter as FIT, CIT, and Excise taxes weren't created for mandatory budget items and using the Strategic Oil Reserves for political reasons to lower prices was never the intent nor purpose. POST 725

 

[Conservative]

Yep. So you were wrong..again.
Now let's get back to how you are wrong about the op.
What caused oil prices to go up the last 4 weeks?

So the Biden release did what for gasoline prices and what was the purpose of the strategic Oil reserve?

 

[devildavid]

None of that addresses the issues of the effect higher Federal taxes have on state and local revenues including excise taxes on gasoline?

Depends on how the state gets it revenue and from whom. There is no one simple answer. So higher FIT does not have one simple effect on all state and local revenues.

 

[Conservative]

Depends on how the state gets it revenue and from whom. There is no one simple answer. So higher FIT does not have one simple effect on all state and local revenues.

Do you always make the simple so complex? It IS that simple, higher FIT affects state and local revenue at it comes out of your paycheck first in withholding and the Trump Tax cuts reduced your withholding by the tax rate cuts giving you more spendable income which when spent at the state and local level generates sales tax revenue, one of the state's largest revenue sources

 

[Conservative]

Again, it doesn't matter what the original purpose was.
What are you hoping for here, that someone will say it was only for military use and you can then claim it's being misused now? But you won't actually say it was only for that purpose, yourself, because you're not sure it's right?

Of course it matters and was created for supply disruptions, not for political purposes to lower gasoline prices. Did that happen? how much are you paying now for a gallon of gasoline and what was it when Biden took office? what you refuse to acknowledge is how liberal economics is all about spending in the name of compassion but actually generating dependence.

 

[devildavid]

Do you always make the simple so complex? It IS that simple, higher FIT affects state and local revenue at it comes out of your paycheck first in withholding and the Trump Tax cuts reduced your withholding by the tax rate cuts giving you more spendable income which when spent at the state and local level generates sales tax revenue, one of the state's largest revenue sources

Do you always over simplify what it actually complex? Does it help you "prove" the rightness of your ideology?

Some state rely on state income tax and sales tax. Others on sales tax and property tax, which depending on the state can be related to tourism and not residents of the state. And property tax is on property hat you already own, no matter how long you have owned it. So it is not simple a consumer tax, it is a tax on ownership.

People spend money all over the world. They travel, they shop online. There is no direct A leads to B. It depends on the state and locality.

Also, how do corporate tax cuts put more money into consumers pockets? Answer: they don't.

 

[Conservative]

Do you always over simplify what it actually complex? Does it help you "prove" the rightness of your ideology?

It is very simple, you pay FIT in withholding and that determines your disposable income. How is that so difficult.

Some state rely on state income tax and sales tax. Others on sales tax and property tax, which depending on the state can be related to tourism and not residents of the state. And property tax is on property hat you already own, no matter how long you have owned it. So it is not simple a consumer tax, it is a tax on ownership.

Wrong, states rely on sales and lottery taxes, communities rely on property taxes. what you can afford comes from what is left over after paying FIT

People spend money all over the world. They travel, they shop online. There is no direct A leads to B. It depends on the state and locality.

ROFLMAO, really poorly stated and it is amazing how poor the education system is in this country

Also, how do corporate tax cuts put more money into consumers pockets? Answer: they don't.

Corporate taxes have nothing to do with state and local revenue nor does any of this have anything to do with the thread topic.

Don't know how to get through to people like you on this issue but reality doesn't exist. Higher federal taxes means less spendable income and that impacts state and local revenue. That is without a doubt exactly correct!

 

[Conservative]

Again, it doesn't matter what the original purpose was.
What are you hoping for here, that someone will say it was only for military use and you can then claim it's being misused now? But you won't actually say it was only for that purpose, yourself, because you're not sure it's right?

Going to remind you that FIT affects all state and local revenue as it creates the disposable income that Americans have

Employer Gross Paycheck minus FIT Withholding minus state income taxes if applicable minus other deductions requested by the employee= take home pay. I don't see sales or excise taxes in that calculation as those are called pass through taxes coming out of any particular activity of the consumer. Take home pay is used to buy goods and services including home rentals/mortgage, groceries and other expenses including gasoline which has Excise taxes at the pump, Federal, State and in some cases sales tax. States get all their revenue from those pass through taxes based upon consumer purchases. Those taxes aren't paid unless the consumer makes a particular purchase thus the state's revenue is impacted. The more the Federal or State takes out in income taxes the less spendable income a consumer has. You can choose where to live and that impacts the taxes you pay and the take home pay you get

 

[Tbird19482]

Do you always over simplify what it actually complex? Does it help you "prove" the rightness of your ideology?

Some state rely on state income tax and sales tax. Others on sales tax and property tax, which depending on the state can be related to tourism and not residents of the state. And property tax is on property hat you already own, no matter how long you have owned it. So it is not simple a consumer tax, it is a tax on ownership.

People spend money all over the world. They travel, they shop online. There is no direct A leads to B. It depends on the state and locality.

Also, how do corporate tax cuts put more money into consumers pockets? Answer: they don't.

You notice Con says his state doesn't have a state income tax and he complains that FIT isn't being used right well I would like to see FIT used for just what he says
then states like his would have to in act a state income tax because they would.t have those billions of dollars the Federal Gov sends to them to run their state government
The Blue states that keep sending more in to the Fed government wouldn't have to and the Red states wouldn't be getting that money
they would actually have to pay for things their state gives them
Now back to the subject of the thread

 

[Conservative]

You notice Con says his state doesn't have a state income tax and he complains that FIT isn't being used right well I would like to see FIT used for just what he says
then states like his would have to in act a state income tax because they would.t have those billions of dollars the Federal Gov sends to them to run their state government
The Blue states that keep sending more in to the Fed government wouldn't have to and the Red states wouldn't be getting that money
they would actually have to pay for things their state gives them
Now back to the subject of the thread

OMG, really, Tbird, is this the best you can do? where did I say that FIT isn't being used right? it is you that doesn't understand what FIT funds so using your phrase, "stop lying"

Billions of dollars going to the states have nothing to do with FIT and states have the choice whether or not to implement an income tax but that doesn't resonate with you as you are still pissed off because your high NY state and local taxes cannot fully be deductible.

You keep making that dumbass and false statements about blue state sending more to D.C. than getting back showing again total ignorance. Better find out what dollars are going back to the states and for what purpose so you stop making a fool of yourself. States choice based upon their citizens what they want their taxes be and states have term limits that make changes more possible.

Now back to the subject of the thread what are the taxes on gasoline in your state and why is Biden making the release of oil reserves political trying to prop up poll numbers? How much has your gasoline prices dropped after this release? Are they even close to what they were when Biden took office? You loyalty is to the D ignoring just how senile Biden and incompetent he is as are his liberal economic policies

AAA Fuel Prices

 

[Tbird19482]

OMG, really, Tbird, is this the best you can do? where did I say that FIT isn't being used right? it is you that doesn't understand what FIT funds so using your phrase, "stop lying"

Billions of dollars going to the states have nothing to do with FIT and states have the choice whether or not to implement an income tax but that doesn't resonate with you as you are still pissed off because your high NY state and local taxes cannot fully be deductible.

You keep making that dumbass and false statements about blue state sending more to D.C. than getting back showing again total ignorance. Better find out what dollars are going back to the states and for what purpose so you stop making a fool of yourself. States choice based upon their citizens what they want their taxes be and states have term limits that make changes more possible.

Now back to the subject of the thread what are the taxes on gasoline in your state and why is Biden making the release of oil reserves political trying to prop up poll numbers? How much has your gasoline prices dropped after this release? Are they even close to what they were when Biden took office? You loyalty is to the D ignoring just how senile Biden and incompetent he is as are his liberal economic policies

YOU need to go back and look at a lot of your post over the years about how FIT isn't being used for what it is suppose to.
YOU would be telling another lie if you say that wasn't your point all this time.
and the people of NY and other states that pay more in are under the impression that they are paying FIT in to the federal gov every year and they pay more in BILLIONS more in then they get back and states like yours get BILLIONS more back then they pay in
so as you say lets have the FIT just go for what you say it is suppose to then we can cut the people of NY taxes a lot and then YOUR state will not be getting those BILLIONS from the Federal gov. and your state will have to in act a income tax or another type of tax to replace that 19 Billion or so you get from the Fed
Have a nice day last post about this on this thread
Lets get back to the topic of the THREAD

 

[Conservative]

YOU need to go back and look at a lot of your post over the years about how FIT isn't being used for what it is suppose to.
YOU would be telling another lie if you say that wasn't your point all this time.

So again, to use your phrase "STOP LYING"

and the people of NY and other states that pay more in are under the impression that they are paying FIT in to the federal gov every year and they pay more in BILLIONS more in then they get back and states like yours get BILLIONS more back then they pay in

That is pure ignorance and lack of understanding of what your state and local taxes fund vs what your federal taxes fund. Regardless of the fact that larger states are going to pay more in FIT than smaller states, your argument is nothing more than pure ignorance. Money going back to the states has NOTHING to do with FIT going to the Gov't Learn what taxes you pay and their purpose.

so as you say lets have the FIT just go for what you say it is suppose to then we can cut the people of NY taxes a lot and then YOUR state will not be getting those BILLIONS from the Federal gov. and your state will have to in act a income tax or another type of tax to replace that 19 Billion or so you get from the Fed
Have a nice day last post about this on this thread
Lets get back to the topic of the THREAD

The people of NY choose their leaders and what taxes they want based upon those leader's policies. I know what FIT funds, discretionary budget and have listed those line items again so you tell us which of those are state and local responsibilities and why your state and local taxes should be deducted from your federal taxes to fund those items?

Busting 5 Myths About Government Discretionary Spending

Current discretionary spending is $1.485 trillion for FY 2021. This budget pays for programs such as defense, education, and NASA.

www.thebalance.com

Department
Dept of Defense
HHS
Education
VA
Homeland Security
Energy Dept
HUD
State Dept
NASA

 

[ElChupacabra]

YOU need to go back and look at a lot of your post over the years about how FIT isn't being used for what it is suppose to.
YOU would be telling another lie if you say that wasn't your point all this time.
and the people of NY and other states that pay more in are under the impression that they are paying FIT in to the federal gov every year and they pay more in BILLIONS more in then they get back and states like yours get BILLIONS more back then they pay in
so as you say lets have the FIT just go for what you say it is suppose to then we can cut the people of NY taxes a lot and then YOUR state will not be getting those BILLIONS from the Federal gov. and your state will have to in act a income tax or another type of tax to replace that 19 Billion or so you get from the Fed
Have a nice day last post about this on this thread
Lets get back to the topic of the THREAD

I'll lend a hand:

In 500 words or less, please demonstrate how Federal income tax (FIT) is related to the policy of releasing some of the US oil reserves and the expectation of this oil going to India and China.

 

[Conservative]

I'll lend a hand:

In 500 words or less, please demonstrate how Federal income tax (FIT) is related to the policy of releasing some of the US oil reserves and the expectation of this oil going to India and China.

Federal income taxes take away disposable income from the consumer and impacts the buying power the individual has. Biden's release was intended to lower the cost of fuel and that is a failure but using the Strategic Petroleum Reserves for political reasons is what you want to ignore

AAA Fuel Prices

 

[ElChupacabra]

Federal income taxes take away disposable income from the consumer and impacts the buying power the individual has.

Which is relevant to oil ending up in India and China how?

Biden's release was intended to lower the cost of fuel and that is a failure but using the Strategic Petroleum Reserves for political reasons is what you want to ignore

There's certainly an argument to make about the release from the reserve and how much it will actually impact prices. The challenge with this issue is there is no immediate fix. If the WH were to use the DPA to increase oil production, would that be a political move as well? I'm trying to understand whether any solution would fall under this criterion because easing the price of crude oil and gasoline is the ultimate goal.

AAA Fuel Prices

Some optimism to be had in that the prices are creeping downward, but still quite high.

 

[Conservative]

Which is relevant to oil ending up in India and China how?

You know the answer, it impacts imports thus prices

There's certainly an argument to make about the release from the reserve and how much it will actually impact prices. The challenge with this issue is there is no immediate fix. If the WH were to use the DPA to increase oil production, would that be a political move as well? I'm trying to understand whether any solution would fall under this criterion because easing the price of crude oil and gasoline is the ultimate goal.

Hard to increase supply when you cannot deliver it. Biden made the claim that it would lower prices, has it?

 

[ElChupacabra]

You know the answer, it impacts imports thus prices

This still doesn't connect properly, and you should know that.

Hard to increase supply when you cannot deliver it. Biden made the claim that it would lower prices, has it?

The price of crude has gone down since March 31st.


Source

 

[Conservative]

This still doesn't connect properly, and you should know that.


The price of crude has gone down since March 31st.

View attachment 67384693

Waiting for you to tell us how refined product gets from the Gulf Coast to the West Coast?

The price of Crude is still extremely high and Biden's actions were purely political

 

[Tbird19482]

You know the answer, it impacts imports thus prices

Hard to increase supply when you cannot deliver it. Biden made the claim that it would lower prices, has it?

well seeing the oil companies are NOT producing as much as they did in 2019 and they were delivering all of that oil with NO problem I am sure they can deliver everything they are producing now.
they can still increase what they produce here by a million 600,000 barrels before they reach the point they were at back in 2019
so transporting it isn't the problem
Have a nice day

 

[Conservative]

well seeing the oil companies are NOT producing as much as they did in 2019 and they were delivering all of that oil with NO problem I am sure they can deliver everything they are producing now.
they can still increase what they produce here by a million 600,000 barrels before they reach the point they were at back in 2019
so transporting it isn't the problem
Have a nice day

Another ignorant comment, do you have any pride at all? Do you know the difference between heavy and light crude? Transporting it is a problem as it is easy to import product from foreign sources by tanker than it is delivering product from the gulf coast refineries around South America, tankers too big to go through the Panama Canal, to the West Coast. Your loyalty to liberalism is staggering. The reality is your loyalty is to the D certainly not the policies of the D's

 

[ElChupacabra]

Waiting for you to tell us how refined product gets from the Gulf Coast to the West Coast?

You telling us and making a relevant point would be much better.

The price of Crude is still extremely high and Biden's actions were purely political

But it has dropped as have gasoline prices per your own citation and the one I provided. You have yet to answer my question of what action Biden can take you wouldn't deem as "political" since the ultimate goal is to reduce oil and gasoline prices.

 

[Conservative]

You telling us and making a relevant point would be much better.

Relevant points don't resonate with you

But it has dropped as have gasoline prices per your own citation and the one I provided. You have yet to answer my question of what action Biden can take you wouldn't deem as "political" since the ultimate goal is to reduce oil and gasoline prices.

Dropped how much at the pump? Really? You think releasing Strategic Oil Reserves was worth it? We now buy the oil back at higher prices. Again, typical liberal knee jerk reaction rather than being proactive

Biden could do what the left will never do, be honest with the American people, acknowledge that his economic policies fueled the inflation and didn't generate the positive results claimed.

 

[Tbird19482]

Another ignorant comment, do you have any pride at all? Do you know the difference between heavy and light crude? Transporting it is a problem as it is easy to import product from foreign sources by tanker than it is delivering product from the gulf coast refineries around South America, tankers too big to go through the Panama Canal, to the West Coast. Your loyalty to liberalism is staggering. The reality is your loyalty is to the D certainly not the policies of the D's

OH right
They transported over a million barrels MORE a day back in 2019 then they are now. and it wasn't a problem but now that Biden stopped the XL pipeline pipelines and transportation of oil becomes a major problem for you and people on the right.
it is BS and just an excuse for the right to blame Biden for something else.
Besides NOBODY is stopping them from building a pipeline to the west coast,
IF they need a pipeline to the west coast then why haven't they applied for the permits to build it and build it?
maybe the people in TX AZ NM won't mind the threat of oil or gas leaks destroying their water supply like they want the people of the mid west to do.
and doesn't the US have Trucks and Rail cars that can deliver it to the west coast or do we still have to build roads and Rail roads and invent tanker trucks and the locomotive?
and AGAIN please stick to the subject of the thread what does
" Your loyalty to liberalism is staggering. The reality is your loyalty is to the D certainly not the policies of the D's"
Have to do with the subject anyways?
have a nice day

 

[Conservative]

OH right
They transported over a million barrels MORE a day back in 2019 then they are now. and it wasn't a problem but now that Biden stopped the XL pipeline pipelines and transportation of oil becomes a major problem for you and people on the right.
it is BS and just an excuse for the right to blame Biden for something else.
Besides NOBODY is stopping them from building a pipeline to the west coast,
IF they need a pipeline to the west coast then why haven't they applied for the permits to build it and build it?
maybe the people in TX AZ NM won't mind the threat of oil or gas leaks destroying their water supply like they want the people of the mid west to do.
and doesn't the US have Trucks and Rail cars that can deliver it to the west coast or do we still have to build roads and Rail roads and invent tanker trucks and the locomotive?
and AGAIN please stick to the subject of the thread what does
" Your loyalty to liberalism is staggering. The reality is your loyalty is to the D certainly not the policies of the D's"
Have to do with the subject anyways?
have a nice day

Total and complete ignorance on display.

 

[ElChupacabra]

Relevant points don't resonate with you

You'd have to make one to find out.

Dropped how much at the pump? Really?

You provided a source, so you should use it. The hint I can give you is there were reductions from a month ago to now in the national average for all grades.

You think releasing Strategic Oil Reserves was worth it? We now buy the oil back at higher prices. Again, typical liberal knee jerk reaction rather than being proactive

I have my doubts because it is a short term solution which may not drive prices down enough. From a futures perspective, speculators know this is a short term action.

Biden could do what the left will never do, be honest with the American people, acknowledge that his economic policies fueled the inflation and didn't generate the positive results claimed.

Well, a part of that honesty would be including the part that without those policies it could have been possible we would have faced a recession and high unemployment. I suppose you could be honest and revert to the metrics you used to use when gauging the health of the economy. You are suffering from selective amnesia in that area. As it relates to the thread topic, that honesty would include taking the actions he's taken to provide some kind of relief for oil and gas prices.