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.

 

Obama to Congress: Raise Tax on Oil

page: 1
6
<<   2 >>

log in

join
share:

posted on May, 24 2010 @ 04:01 PM
link   
Oil tax increase would help pay to clean up spills



WASHINGTON (AP) - Responding to the massive BP oil spill, Congress is getting ready to quadruple—to 32 cents a barrel—a tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade.

BP executives told Congress last week they would pay "all legitimate claims" for damages. But the government needs upfront money to respond to spills, as well as money to pay for cleanups when the responsible party is unable to pay, or is unknown. Money spent from the fund can later be recovered from the company responsible for the spill.


Well folks we all knew this was leading somewhere. In the words of Rahm "You can not let the opportunities of a good disastor go to waste...."

BP has stated several times they plan to fund the entire clean up and also pay for those legitimate claims. So where does the Obama administration get off by charging Tax on the Oil coming in from not only BP but also all of the other channels. That does not make sense at all.

Harry Reid went to say this......


"Taxpayers will not pick up the tab," Senate Majority Leader Harry Reid, D-Nev., said Monday.


Prince Out of touch Harry Reid does not realize that any tax imposed on Oil barrels will translate onto the pumps for those already facing many economic woes.

This administration has lost all of his marbles, wait they never had any marbles in the first place.




posted on May, 24 2010 @ 04:05 PM
link   
Screw that, Gas is already almost over 3 dollars a gallon for most again.

They want to add more taxes on? Do they want to see 4 dollars a gallon again sooner rather than later?



posted on May, 24 2010 @ 04:08 PM
link   
reply to post by prionace glauca
 


I wish Congress would just remember 1 thing, well more than 1 thing but I don't want to go off topic


Corporations do not pay taxes, their customers do.



posted on May, 24 2010 @ 04:22 PM
link   

Originally posted by Anjin
reply to post by prionace glauca
 


I wish Congress would just remember 1 thing, well more than 1 thing but I don't want to go off topic


Corporations do not pay taxes, their customers do.


In total agreement. But someone needs to tell Prince Harry and the Messiah Obama that.

They are going to use this disaster to usher in policies and taxes which will be pretty unpopular. Gas Prices were really unpopular when they were real high.

That is when candiate Husseing went on to say this.....



Pay attention to the begining of the speech, pretty much sums up the amount of truth he has offered to the US citizens and it ends on high note of hypocrisy.



[edit on 24-5-2010 by prionace glauca]



posted on May, 24 2010 @ 05:23 PM
link   
Another sly way for Obama to get more money out of people who make less than $250,00/year.



posted on May, 24 2010 @ 05:31 PM
link   
Why should I have to pay for something that is no way my fault. Why can't they just print more money out of thin air? Maybe BP should of figured out how to clean it up faster...and they should of had a disaster plan in place before such an event like this happened.

If anything the tax money should go to the people that are economically effected by this and are currently having serious job issues because of BP's ways.

[edit on 24-5-2010 by XtremeDethBear]



posted on May, 24 2010 @ 05:38 PM
link   

Originally posted by XtremeDethBear
Why should I have to pay for something that is no way my fault. Why can't they just print more money out of thin air? Maybe BP should of figured out how to clean it up faster...and they should of had a disaster plan in place before such an event like this happened.

If anything the tax money should go to the people that are economically effected by this and are currently having serious job issues because of BP's ways.

[edit on 24-5-2010 by XtremeDethBear]


The administration is double dipping here. BP has already stated that it will pay for the entire clean up and the litgations that will come from this.

To this administration no disaster shall go to waste, so they are now looking to pass a tax hike on oil when BP is already going to pay for the bill. That tax hike will hurt consumers as it will be passed on to us.

Watch the above video I posted, the blatant hypocrisy is present.



posted on May, 24 2010 @ 06:27 PM
link   
Tax us into Slavery ....

Oh what they do that already.

FTF

Molon labe



posted on May, 24 2010 @ 06:38 PM
link   
Well, so much for Mr. "I Wanna Make This Clear: Your Taxes Will Not Go Up."

Whoever would have thought a democrat would raise taxes?



posted on May, 24 2010 @ 06:53 PM
link   
reply to post by prionace glauca
 


If you think about it - at first it sounds good to think 'Maybe Obama will tax big oil and leave tax hikes for consumers alone'. But then you have to remember that big oil will pass any tax hike onto consumers at the pump. The only way out of it would be for the government to pass a law at the same time as the tax hike that says big oil cannot increase their prices beyond a certain percentage per month or quarter. However, that would be regulatory action, wouldn't it?



posted on May, 24 2010 @ 06:58 PM
link   
This is an oil-driven economy
Everything relies on transportation
From clothing, to fruits and vegetables to computers and vehicles or even semiconductors.

Everything relies on transportation.

Obama: "Congress, Make it more difficult for the economy"

Good Job Obama



posted on May, 24 2010 @ 07:12 PM
link   

Originally posted by black cat
reply to post by prionace glauca
 


If you think about it - at first it sounds good to think 'Maybe Obama will tax big oil and leave tax hikes for consumers alone'. But then you have to remember that big oil will pass any tax hike onto consumers at the pump. The only way out of it would be for the government to pass a law at the same time as the tax hike that says big oil cannot increase their prices beyond a certain percentage per month or quarter. However, that would be regulatory action, wouldn't it?


Its really not that simple. Oil companies have many other markets they can sell too. They don't necessarily have to sell to us.

This would be a win win for this admin, they get to benefit from tax revenue and not worry about consumers. Consumers will cut their appetite once more, this time Obama will come in to the rescue with Cap & Tax because the consumers are now pissed of at high gas prices which will raise more tax revenue, in the end the consumer suffers.

Consumers are just pawns in both equations, the only way to undo this pawn status is to chip away his support in congress starting this November.

[edit on 24-5-2010 by prionace glauca]



posted on May, 24 2010 @ 07:32 PM
link   
Well this sucks* I thought obama said before being president...no new taxes? or did i miss hear the words from his mouth? another broken promise.
its amazing, they can affor billioons for the banks for bailouts they intentionally created, Israel can have close too $100 million, and we get taxed? its making me think, the horizin was intentionally desigend to leak oil when destroyed....to create an excuse to impose taxes* with all this technology around us, it seems most of it used to control anyways.
we wernt taxed when Valdeez happened..so why now? Bernenke has admitted to printing $1 trillion at the federal reserve 'off the books' remember that article? whats with our governemnt acting like king george, punishing us for others mistakes, and imposing all these taxes yuor highnessess?
Makes me think also...maybe the market crash 2 years ago, was intentional, just for this purpose* impose taxes, control us more, and make it so thier scandelous friends , big banks and corporations can get super rich off a decaying economy..rolling the dice dangerously against the stock market an d society bouncing back in half a decade or not.
just seems so careless for all this happen, ironic even*



posted on May, 24 2010 @ 07:50 PM
link   
The title of this thread "Obama tells Congress: Raise Tax on Oil" is almost a hoax. The administration only issued a statement of support for the bill, which was still being worked upon and changed while the statement was issued. I'm sure you and many wanted to spin that to say Obama wants to raise your taxes at the pump, but that is simply quite a stretch.


Originally posted by prionace glauca
Prince Out of touch Harry Reid does not realize that any tax imposed on Oil barrels will translate onto the pumps for those already facing many economic woes.


This is not true anymore since there has been oil severance tax. Taxes that are specifically aimed on barrel tax cannot be taxed at the pump.

Like I said, it is quite stretch because you and I both know Big Oil will scandal and find a way to tax it at the pump. For example, Exxon Mobile paid no federal income taxes in 2009.



posted on May, 24 2010 @ 08:05 PM
link   
I just realized somthing ... The company that is responsible for the spill is responsible for ALL COST of CLEANUP!

WTH is up with the Theiving Tyrants? I guess if they want to stay in office they gonna need an event to happen that will postpone the November elections this year.

They must realize that most Americans will not re-elect the incumbants ( I hope ).

I also heard from a close friend with connections insids BP That they could close the BOP but it would damage the ROV's hydrolics.

So a $20,000 hydrolic system or a Billion dollar (+) clean up?

I am thinking this is all done on purpose just like 9/11.



posted on May, 24 2010 @ 08:16 PM
link   
reply to post by SWCCFAN
 


Where are you going to get the money to clean-up a mess that Big Oil fails to clean-up?

If Big Oil doesn't put proper funds into their own disaster recovery plan, then a tax on their barrels should wake them up.



posted on May, 24 2010 @ 08:23 PM
link   
reply to post by dzonatas
 


That tax will go on every barrel of oil imported or produced for all oil companies.

That tax will be Passed on to us on all levels. Not just at the pump.

When they are out of money to pay for cleanup the Government can Seize their assets and auction them off to pay the remainder of the cost.



posted on May, 24 2010 @ 08:31 PM
link   
reply to post by SWCCFAN
 


When Big Oil companies like Exxon don't pay federal taxes, then that means the U.S. Coast Guard doesn't get paid.

If the U.S. Coast Guard doesn't get paid, then there is no fleet to pick up a mess.

Since it falls under an oil severance tax, the tax isn't at the pump.

Nobody has paid for the clean-up.

The U.S. Coast Guard can be said to work out of the U.S. deficit spending. How could this deficit spending be stopped? Go back to square one and make sure Big Oil pays its taxes.



posted on May, 24 2010 @ 08:34 PM
link   
reply to post by ModernAcademia
 


Thanks for posting that, Oil rules the worlds economies, rules the wealth of nations that produces oil and put them on the top of the food chain in comparison to other countries, when a country do not subscribe to the big oil cartel control they become the enemies

Oil companies are on the top list of Big tax money generated for the Government in the US after income tax payer

Yes when it comes to corporate taxes they are second


What The Top U.S. Companies Pay In Taxes

"Corporations are paying lower amounts of their profits in taxes now than in the past," says Douglas Shackelford, who teaches tax law at the University of North Carolina at Chapel Hill. "Other countries have been lowering their rates, but not the U.S."

Mind you, not all global megacorps enjoy such low tax rates. Try to muster some pity for Big Oil. ExxonMobil ( XOM - news - people ) in its 2009 annual report to the SEC, recorded a larger income tax expense than any other U.S. company last year, some $17.6 billion, or 47% of pretax earnings. Exxon's peers Chevron ( CVX - news - people ) and ConocoPhillips ( COP - news - people ) likewise recorded similarly high effective tax rates. The oil companies are oddities among the multinationals because many of the oil-rich countries where they do business levy even higher taxes than the U.S.


www.forbes.com...

Now the one oil company name that was not in that link is BP.

How Much Does BP Pay Us for Privilege of Soiling Our Shores?


The Mineral Management Service claims that revenues from oil production once became the country’s second largest source of revenue after income tax.

As the industry continued to evolve through the 1950s, oil production became the second-largest revenue generator for the country, after income taxes.

That’s a historical claim, though the American Petroleum Institute still pitches a version of it: “one of the federal government’s largest sources of non-tax income.” But it got me thinking about how much we’re actually getting from the oil companies, like BP, in exchange for them soiling our shores.

Last year, the Minerals Revenue Management department of the Mineral Management Service reported $9.9 billion in royalties from all mineral exploitation. Of that, MRM collected $5.8 billion for all federal offshore drilling of oil and gas.

$5.8 billion for exposing an ecosystem like the Gulf to the risk of the catastrophe that is now playing out. BP will pay more in liability or cleanup than that.

Of the $5.8 billion MMS brought in from offshore oil and gas drilling, $3.1 billion appears to come from oil, which is our share of the $23.5 billion in revenues for 425,199,067 BBL of oil drilled off shore.


So actually comapre to the income generated by the fish industry and the tourism industry we generate more of that than oil drilling royalties

So the spill is going to hurt more than the income earning from Fish and trourims than the oil revenue itsef


Do the math. If I’m doing my math correctly, that means we’re getting less than $7.60/BBL for royalties the oil. That’s not all the money we get, mind you. There’s the actual bonus bid for the drilling rights and rent up until oil starts flowing; BP paid $34 million to the rights to this particular site. And starting in 2008, royalty percentages for Gulf leases were raised to 18.75%, but a lot of those leases aren’t producing yet. But using the $7.60 we’ve been getting for oil, taking the highest estimates for the rate of spill–70,000 BBL/day–and assuming it will spill for a total of 90 days, taxpayers would get less than $48 million in oil revenues for all that oil, enough to ruin the Gulf ecosystem for a generation, not to mention the serious damage to the fishing and tourist industries. While not all of the fishing and tourist industries will be destroyed, in 2008 all Gulf states brought in over $1 billion in fish, shrimp, and oysters, and $20 billion in tourism.
.

emptywheel.firedoglake.com...

Something to think about. is oil drilling in the Gulf that important for income generation and tax? . . .


[edit on 24-5-2010 by marg6043]



posted on May, 24 2010 @ 08:34 PM
link   

Originally posted by Anjin
reply to post by prionace glauca
 


I wish Congress would just remember 1 thing, well more than 1 thing but I don't want to go off topic


Corporations do not pay taxes, their customers do.


Truer words have never been spoken. It's not like we are going to hurt the big bad oil companies with a higher tax. The Democrats got them shaking in their boots.........with laughter.




top topics



 
6
<<   2 >>

log in

join