Quote:
Originally Posted by sperry
Exxon Mobil posted the highest profits of any company ever, all because they were capitalizing on a political situation created by their buddy the President.
Normally, actions like that are call "war profiteering" and there's plenty of precedence that it's perfectly constitutional to punish individuals and companies for it. The only reason Exxon got away with it is because they're literally friends with the folks running the country.
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This is not the highest profits on a percentage basis by a long shot. They made the most money because they are one of the largest companies in the world, #2 behind Walmart in revenue in
2007.
Percentage wise, they made 11%. GE which was 12th made over 12%, why not hit them? HSBC #20, 13%,... [GM #9, -20%
]
Many smaller cap companies make 12%, 15, 20% and even higher... Any windfall profits tax should be based on percentages, not absolute earnings or at least some sort of sliding scale as with personal income tax...