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Republicans block extra taxes on oil companies

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posted on Jun, 10 2008 @ 11:59 AM
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Republicans block extra taxes on oil companies


news.yahoo.com

WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.

The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the...
(visit the link for the full news article)




posted on Jun, 10 2008 @ 11:59 AM
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Republicans Declare Oil Companies God. How else can you explain the no taxation policy? The only group I know of that doesn't pay taxes are churches. So I guess the GOP considers Oil Companies to be God.

So continue seeing 40.8 BILLION dollar PROFIT, MONEY that goes into their bank accounts, by one oil company while we shell out an entire paycheck just so we can... drive to work to make another paycheck to fill the tank to drive to work.

news.yahoo.com
(visit the link for the full news article)



posted on Jun, 10 2008 @ 12:04 PM
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reply to post by HHH Is King
 


if you look at it this way
either way the oil companies will make record profits and not lose a dime
as they will just shift the costs to the consumers. look at England



posted on Jun, 10 2008 @ 12:09 PM
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And it's a wise choice. Are you aware that the oil companies are already taxed 75% on their earnings? For every $4 they make, the government takes $3. They're already getting raped by the government, tax them more and they'll just have to raise prices to make a reasonable profit.



posted on Jun, 10 2008 @ 12:10 PM
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I say tax the Federal Reserve! They're the ones who are responsible for higher prises and the dollar going down the tubes.
Just where did that silver go that was in our coins and the gold? Monopoly money is what we have now days.



posted on Jun, 10 2008 @ 12:11 PM
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reply to post by bodrul
 



Exactly. The oil companies have already declared that if more taxes are levied against them, or if the $18B in tax credits are lessened, that they will raise prices.

Those that own the Federal Reserve and those that own the Oil Companies have been waiting for this moment for a very long time. They OWN the government.

While all of this was being played out in a conference room years ago, Congress was worried about whether baseball players used steroids.

Good one.



posted on Jun, 10 2008 @ 12:14 PM
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Taxes on oil companies by the Democrats? Who thought this up? This is all political maneuver to show they are doing something like looking like they are caring. They knew that the oil companies are just going to compensate for taxes by increasing the price. Just like any other businesses do. Tax on a candy company, increase the price of candy.



posted on Jun, 10 2008 @ 12:17 PM
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Great news if you ask me!!

The oil companies do pay tax. The windfall profit tax would do NOTHING to lower the price of gas. It's an incredibly insane idea if the goal is to lower gas prices.

When was the last time a company has a fee or tax imposed that wasn't passed on to the consumers?



posted on Jun, 10 2008 @ 12:18 PM
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If you tax big oil, all they will do is raise their prices.

If will have absolutely no effect on the oil companies but it will affect everyone who buys gas because the price will go up to cover the tax.



posted on Jun, 10 2008 @ 12:23 PM
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Oil companies aside, did you guys miss the other piece of the story?


Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year.


Looks to me like we're remaining an oil dependent nation, despite what the government is saying about lessening our dependence on fossil fuels.



posted on Jun, 10 2008 @ 12:24 PM
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Originally posted by bodrul

either way the oil companies will make record profits and not lose a dime
as they will just shift the costs to the consumers.



And that my friend is why the RePuggs & some Dems... voted so as to squelch any 60 vote override.

they correctly seen that an extra levy of "excessive Profits Tax' on the oil producers at All stages of production or delivery...would result in a higher price for gas at the pump, or fuel for the truckers, or heating oil at the end of summer. [in effect the extra surcharge would result as a VAT ,value added tax, that youse guys in Europe have to live with]


Now, there are a smorgasboard of Oil Co. subsidies that rightfully should expire or be repealed...but thats another story.
the lobbyists know how to pressure legislatures on what provisions to put in what bills before congress, so as to avoid bad (for the oil elites) consequences.

[edit on 10-6-2008 by St Udio]



posted on Jun, 10 2008 @ 12:26 PM
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reply to post by Wildbob77
 


It could be nothing more than a political move..... perhaps the pressure is on to do something as the democrats feel they must since it is an election year.

If the oil companies raise the prices in retaliation to the tax,
Is this not price gouging then?


[edit on 05/16/2008 by CaptGizmo]



posted on Jun, 10 2008 @ 12:27 PM
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Originally posted by HHH Is King
So continue seeing 40.8 BILLION dollar PROFIT, MONEY that goes into their bank accounts, by one oil company while we shell out an entire paycheck just so we can... drive to work to make another paycheck to fill the tank to drive to work.


Last time I checked, the oil companies were not a not-for-profit kind of organization.

The profits also go back to the investors, so I fail to see why we are faulting companies that are giving money back to investors. I thought that was a good thing?



posted on Jun, 10 2008 @ 12:28 PM
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State gas taxes—which are assessed on top of the federal rate of 18.4 cents per gallon—tend to get the most attention in comparisons of fuel prices across states. At 17.6 cents per gallon, Missouri's gas taxes are low, but they aren't quite as low as some other states'. New Jersey, for example, takes just 14.5 cents per gallon, but its prices remain more expensive than Missouri's. (The Garden State's ban on self-service pumps adds an estimated nickel or so per gallon to the retail price.)

See that? 18.4cents per gallon is the fed tax rate. Not 3 dollars like some have claimed.

So, 4dollars-18.4 cents fed rate, -17.6 cents state(if in Missouri) equals... 3.64 dollars a gallon.



posted on Jun, 10 2008 @ 12:39 PM
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These "record profits" made by the oil companies year after year aren't based on higher prices, regardless of what the Dems would have us to believe anyway. They're based on the exact same principle Wallmart has used to crush their competition and build a massive corporation... it's all about volume, not price. Each year, as America grows both in population and production requirements, more oil is demanded and sold. If oil company "A" made $10 Billion last year selling 100 Billion gallons at a $0.10 per gallon profit, then sells 110 Billion gallons this year at the same profit margin, the make an additional $1 Billion. That's one of the purest benchmarks of capitalism. Somewhere along the line, the Democrats chose to demonize capitalism in all of it's forms and paint any corporation that builds an empire based on that capitalism as being a representative of evil in our world.

The only reason, and I cannot stress this enough, the ONLY reason the sheeplike party voters let them get away with this crap and believe they're doing this for the average American is the scale of the money we're talking about, which should not be an issue. If they started applying their ideals uniformly across all sections of the population, then we'd see them going after little Jimmy down on the corner because he sells more glasses of lemonaide at $0.20 a glass than little Susie at $0.25 and is, therefore, making a bigger profit. THEN maybe the sheep would wake up and recognize that what the Dems are really doing is attempting to defeat capitalism in favor of their socialist agenda in which nobody makes a bigger profit than anyone else, because any profits the government deems as "unreasonable" are in effect siezed in the name of equality and the greater good.

...and people wonder why I say the Pelosis, Kennedies, and Obamas of our government have wet dreams of the United Socialist States of America every night.



posted on Jun, 10 2008 @ 12:47 PM
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reply to post by CaptGizmo
 


Just so you know, NO CORPORATION PAYS TAXES. They pass any and all expenses on to the customer, just like any other busness. Only citizens pay taxes. They make prices just enough to cover any regulations and taxes on the end product. Its basic economics!

Zindo



posted on Jun, 10 2008 @ 12:48 PM
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reply to post by Rasobasi420
 


Incredible how our corporate ridden oil man in the white house is screwing the people in favor of record margins and profits.

I say take away all the tax payer money that our oil man ridden government for the last 8 years has been awarding to them and give to the people in the name of incentives to alleviate the gas crisis that is hitting every day Americans in their budgets.

Yes we tax payers are paying big oil companies thanks to government incentives, so the taxes they pay is back in their big fat pockets in the name of initiatives and incentives.



posted on Jun, 10 2008 @ 12:53 PM
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Politics as usual.

The Demopublicans wanted to make people (sheeple?) think they 'care' about the high fuel prices, so they try to tax the evil oil companies, in turn raising the prices that we are paying even more. The Republicrats voted against it, as was proper if the goal is to not raise fuel prices.

The Demopublicans then put in a provision that would help struggling alternate-energy companies, knowing full well that the bill couldn't pass, but this way they look like good, caring politicians with the country's best interests at heart. Also, they can blame the Republicrats for voting it down so they get political brownie points.

WAKE UP! There is a way to use taxes to lower fuel prices, but this ain't it! All we have to do is remove the tax breaks that are being used to drive up prices and replace them with tax breaks that would lower prices. That would work, just like the principle has worked since man came up with the taxation idea, but in order to get it passed, we have to quit fighting against the 'evil' rich guys and start working together.

Come to think of it, that's a ridiculous idea. Sanity on this planet? Nah... sorry I mentioned it. As you were...

TheRedneck



posted on Jun, 10 2008 @ 01:02 PM
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The best way to lower the price of oil is to quit buying it, but that won't happen anytime soon.
The power is with the consumer, but who wants to walk or ride a bike? I'm glad they blocked the taxes but it still doesn't change the fact that we are not running out of oil and there is no oil shortage.



posted on Jun, 10 2008 @ 01:15 PM
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It was the right decision. As others have pointed out, if this had passed, the oil companies would merely increase their prices in order to recoup their losses to the tax. Now the Dems will say 'See, those eeeevvvviilllll Republicans are allowing the oil companies to make record profits!' In reality, those eeeevvvviilllll Republicans just saved you from paying more at the gas pump.

This was nothing more than an attempt by Congressional Democrats to pander to voters angry about gas prices when they know its the wrong move, they know it won't pass, but they also know they can use it against the Republicans this fall. Its just more of the BS we're used to out of Washington.



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