It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Senate Republicans Block Profit Tax on Oil Companies

page: 1
3

log in

join
share:

posted on Jun, 10 2008 @ 04:25 PM
link   

Senate Republicans Block Profit Tax on Oil Companies


www.politicususa.com

By a vote of 51-43 Senate Republicans were able to block a bill that would have rolled back $17 billion dollars in tax breaks and placed a windfall profits tax on the largest oil companies. The bill would have used the money from the tax to develop alternative energy.

The bill also would have made oil and price gouging a federal crime a presidentially declared emergency with the penalty being a $5 million fine, and it would have authorized the Justice Department to bring price fixing charges against OPEC member countries. In an attempt to discourage speculation, traders would have been required to put up more collateral in the energy futures market.
(visit the link for the full news article)

[edit on 6/10/2008 by Keyhole]




posted on Jun, 10 2008 @ 04:25 PM
link   
This is just nuts!

Who do these Senators think their working for! They just can't seem to do anything right.

Here they are, voting to curb the speculation that is driving the cost of oil up, and they vote it down!

Fire the lot of them, they're ALL no good in my book, I'm REALLY starting to lose faith in our government system!

Their all flapping their jaws saying how they have to find a way to curb the high oil prices, but when a resolution comes onto the floor that might help, and it's time to put up or shut up, well, they just shut up leave things the way they are.

Don't want to rock their cronies boat, ya know!

www.politicususa.com
(visit the link for the full news article)

[edit on 6/10/2008 by Keyhole]



posted on Jun, 10 2008 @ 04:59 PM
link   
These Senators are being IGNORANT and just IGNORING the real problem!!!

Senate Republicans Block Profit Tax on Oil Companies


Republicans believe that the answer to this problem is in increasing domestic production,



The demand isn't that great and it's being met by OPEC and other oil producing nation you idiots!



“We have a better plan for addressing gas prices, one that respects the laws of supply and demand.



Why not just fix what you broke and re-regulate energy futures commodities electronic exchanges?



In addition to the two provisions I’ve already mentioned, our bill mandates that billions of gallons of coal-derived fuels be produced through clean coal technologies as a way of further reducing our dependence on foreign sources of oil, Senate Minority Leader Mitch McConnell (R-KY) said



And how long is THIS going to take to get the production up high enough to lessen our dependency on foreign oil? Years I'd bet!

I guess in the meantime we're just suppose to sit back with our happy faces on, watch the gas prices going higher and higher!

They just don't give a rats *rear* about what's going on to real people in the real world!

What a bunch of selfish, greedy, idiots!!!


[edit on 6/10/2008 by Keyhole]



posted on Jun, 10 2008 @ 05:07 PM
link   
I just want to take time and thank the Republicans for stopping this idiotic bill.

Whoever thinks penalizing oil companies won't end up costing us money in the long run needs to take an Economics 101 course.

Where is the Senate bill regulating how much profit the US Government receives from the oil companies? The #1 profiteer from oil and gas is the United States Government itself.

BTW...Want to stop the Speculators? Open up drilling in ANWAR and 82% of our coast that is currently off limits to drilling. More supply will have the speculators selling short in no time.



[edit on 10-6-2008 by RRconservative]

[edit on 10-6-2008 by RRconservative]



posted on Jun, 10 2008 @ 05:33 PM
link   
Wow RR....I'm new here as a member, but I have been watching you for a while.....you surely know how to put so much spin on almost any subject you make me dizzy. I fail to understand how taxing these RECORD PROFITS will hurt our economy??



posted on Jun, 10 2008 @ 05:43 PM
link   

Originally posted by Grafilthy
Wow RR....I'm new here as a member, but I have been watching you for a while.....you surely know how to put so much spin on almost any subject you make me dizzy. I fail to understand how taxing these RECORD PROFITS will hurt our economy??


It's real simple.

Lets say you start a small business selling "widgets." Suddenly "Widgets" become the latest fad and everyone wants to have one.

Then the government steps in and decides you are making too much money on your product, and decides to tax you at a higher rate to penalize you and at the same time put more money into the government coffers.

Realizing that you have to pay the government more money, are you going to charge the same price for your product or are you going to raise the price of the "widget" to offset the penalty?

You really have to ask one question. How will penalizing oil company profits help me? The answer is it won't, you will pay for it in the end.

Another question. Who will penalizing oil company profits help? The answer is The United States Government.



posted on Jun, 10 2008 @ 05:57 PM
link   
All taxes, imposed on businesses, are passed on to the consumer. As someone else suggested, that is basic economics. These taxes make no difference to the businesses but eventually trickle down to the poor consumers who can not afford them. Taxing the rich, is taxing the poor. It is so simple a child could understand and I guess that explains why intelligent adults fall for it over and over again.

The real question should be, why was such a measure even suggested considering the current direction the economy is headed. I'm not surprised as Congress, including both sides of the aisle, always seems to do the wrong things at the wrong time.

Making petroleum products more expensive to produce in the middle of this mess is probably one of the stupidest things ever attempted by any Congress of any Era. Could it be the current agenda of the Left is to purposefully drive Gas prices up so high they force us into submission; and just before an election so they can pass the blame to the other side? Seems likely.

How much more will it take before people realize there is only one real Party, pretending to be two Parties?



posted on Jun, 10 2008 @ 06:00 PM
link   
reply to post by RRconservative
 


Sorry, I did not mean to parrot your post. I got distracted for a while and it seems as though great minds
work alike.



new topics

top topics



 
3

log in

join