If I risk $100 million and find oil worth $10 billion, should I pay windfall profits taxes?

Question

Remember, I RISKED $100 million. If I didn't find oil I would have lost it all. That would be a 10,000% return on my money. Should I get to keep my 10,000% return? Is that a "fair" return given the risk that I took? If not, what would be a "fair" return on my investment? If you limit the % return I can earn, do you think that will make me more or less willing to risk my money to find oil? Do you think you have a moral basis for limiting me to a "fair" return as determined by politicians? Would I be evil if I insisted that I deserved to keep my entire 10,000% return?

Answer as many as you like

Answer 1

The question isn't whether or not you get to keep your entire 10,000% return, because you don't.  You have to pay taxes on that.  The question becomes, should you have to pay additional and excessive taxes on that amount.  Secondly, windfall profit taxes are not on individuals and their dividends, Obama will get the individual with the capital gains tax.  Windfall profit taxes will be on the business itself.  Rule of business 101:  cost of business goes up (due to taxes, higher minimum wages, etc.) - raise the price on the consumer end.  Everyone understands the oil companies are cleaning up - the smart ones also realize they are not going to eat any additional taxes - we will wind up paying them at the pump.

Answer 2

Don't do it

Answer 3

No problem except for one, little thing- why wouldn't you be just as satisfied with ,say ,5 billion dollars and why would you adhere to a price per barrel that is set by an anti-American Cartel when you know it will hurt the average American who, just maybe, doesn't happen to have a hundred million lying around? Oil is a strategic material. The lack of control over such a valuable asset has produced no viable alternatives, no planning for the future at all- it has, however bought a lot of expensive real estate,  super yachts, multi engined jets and fantastic cars- what good can this accomplish in a world of diminishing resources, pray tell?

Answer 4

No.  Simple risk and reward and people should be happy you found more oil which would lower everyone's prices and I would be very glad you became extreamly wealthy.  I would hope you keep going.

Answer 5

No, you shouldn't pay windfall profits taxes. In fact, you should be given some tax breaks. The more oil that's available, the more gas will go down. You've done something positive for both yourself and your fellowman. Politicians shouldn't worry their pretty little heads about what's fair as far as other people's money goes.

Of course, you should pay taxes just like any other business or individual, but why shouldn't you expect to keep your profits just like any other businessman. Just because you make a ton of money doesnt' make you evil. Sports stars and celebs make as much or maybe even larger return but no one questions if they deserve to keep their money or not.

If every sports star, every music star, every actor and actress fell off the face of the earth tonight, America would survive, the economy would recover. Not true of oil company owners, big businesses, and corporations.

Answer 6

The media doesn't report your risk, only your reward.

That way, more idiots will support the failed anti-Capitalist "windfall tax" proposal.