Senate to vote tonight on ending tax breaks for big oil corporations

Senate takes up bill repealing $2B oil tax breaks

WASHINGTON – The Senate is taking up a bill Tuesday that would repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic response to $4-a-gallon gasoline that might fare better when Congress and the White House negotiate a deal later this year to increase the government's ability to borrow. The evening vote is expected to fail.

But Democrats hope to build their case to include the measure in a deficit-reduction package being negotiated by key lawmakers and the Obama administration. Lawmakers from both parties are demanding deficit reduction as part of deal to increase the government's ability to borrow and avoid an unprecedented default on U.S. Treasury bonds.

The oil companies are "doing just fine at every level of their business, and we're giving them a taxpayer subsidy?" said Sen. Charles Schumer, D-N.Y. "This is a place to start."

The heads of the five oil companies defended the tax breaks at a Senate hearing last week, saying they just want the same tax advantages enjoyed by other industries. The companies are Shell Oil Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp

Together, they logged profits totaling $36 billion during the first quarter. The Democrats say that with profits that high, the big oil companies wouldn't miss tax breaks that average $2 billion a year.

The report said eliminating the tax breaks would raise about $1.2 billion in 2012. By comparison, the five oil companies had combined revenues of $1.5 trillion last year.

news.yahoo.com...

Well this vote will most likely be voted down....but at least you will see who his voting against the corporate powers in this country. 36 billion dollars in profits while gas skyrockets...all in the FIRST QUARTER. Well they don't want that touched...because that 36 billion dollars is probably creating 10's of jobs for Americans.

But how do they fight this? They'll just retaliate and say prices will be passed on to the gas users....aka...they won't take the hit....which is nothing but a gigantic FU to americans struggling to get by.

Let me begin by saying; "the prices will get passed onto the consumer"

We need a free market, that is why subsidizing oil is good for the American people.

When they paid higher taxes 15 years ago, gas was more much more expensive.
Once we gave the tax breaks for the billionaires, the jobs started rolling in, everything costed less
and we are happy. Based upon this success, I think we need to kick it into high gear.

I mean you do recall 15 years ago, when that tax burden was passed on to the users, the insane prices back then,
thank god for observation and logic.

So this will raise $1.2 billion in tax dollars yet them together account for $1.5 trillion dollars in revenue? That equals only 0.8% of their combined revenue. Of course we must add that to what they already pay but it just seems like a microscopic drop in the bucket.

But while these oil companies are having their loopholes sealed up we still have General Electric paying no taxes. I think Congress is only going after big oil because it is good politics. It makes me wonder if they want to really stand up for the American people and make big corporations like GE pay their fair share of the tax burden. For some reason I doubt they will.

It is time the conservatives understand that taxes must be raised if we are to balance the budget which I think should be priority number one, above all else.

"raise the required revenues by approving whatever levels of taxation may be necessary" - Sen. Prescott Bush (Republican)

reply to post by Janky Red


Unfortunately some people believe that....even as absurd as it sounds. They are receiving record profits right now...so you'd think there would be a flurry of new high paying jobs available!!!!

36 billion dollars Janky in one quarter...PROFIT.

How many jobs is that? They could pay 720,000 people $50,000 for one year.

That's in just a quarter of profits man!!

PAY PEOPLE TO PUSH BROOMS!!! For the love of god JUST HIRE PEOPLE. Give them a paycheck. THEY COMPLAIN ABOUT UNEMPLOYMENT, WELFARE, AND THE DEFICITS BUT THEY SIT ON BILLIONS!!!!

I'm tired of it man. This racket has to end sometime.

reply to post by Misoir

It is time the conservatives understand that taxes must be raised if we are to balance the budget which I think should be priority number one, above all else.

It's time for them to realize that corporate welfare has to end. I'm sure that many who call themselves conservatives don't realize how much money is being handed to corporations that have a majority of their operations overseas...hiring more in other countries than our own.

They say they need to make profits to make jobs....well where are the jobs????????????? Record profits...yet job growth is minimal and mostly crappy low paying jobs replacing good ones that have left.

Washington will never do anything meaningful to level the playing field between the taxpayers and corporations.

The corporate elite are in complete control and your vote means less than nothing. Politics is just a media event while the real decisions are made on country club golf courses between the real players that have no names.

reply to post by David9176


Just for my my own amusement...if profits kept up like this for just the oil companies themselves...JUST THEM..not the vast other corporations making insane profits and receiving tax subsidies at the same time.... for an entire year...which would be 36 x 4 = 144 billion, that would also equal 2,880,000 jobs at 50k a year.

Cripes....that would put an awfully big dent in our unemployment problem wouldn't it???????????????? The people making 50k a year would be paying more taxes...helping to cut the deficit.

Wow that was hard.

reply to post by Janky Red




Are you mocking me? ~_~

We need a free market, that is why subsidizing oil (or anything else) is not good for the market, going to war for oil isn't good for the market either. Nothing the government does is good for the market.

Originally posted by David9176
reply to post by Misoir

 

It is time the conservatives understand that taxes must be raised if we are to balance the budget which I think should be priority number one, above all else.

It's time for them to realize that corporate welfare has to end. I'm sure that many who call themselves conservatives don't realize how much money is being handed to corporations that have a majority of their operations overseas...hiring more in other countries than our own.

They say they need to make profits to make jobs....well where are the jobs????????????? Record profits...yet job growth is minimal and mostly crappy low paying jobs replacing good ones that have left.

Thats it, America is a giant equity machine, "they" depend on all of us to ignore where the money is going.
It is getting outsourced via labor, converted into low quality goods, imported back in to accelerate the process.
It seems to me that Americans envision some crispy 50's notion of commerce, it is not, the balance is gone,
this is a death match to bleed the nation of its liquidity, then equity. Labor was once respected, family was once respected, now every argument is how can we save money by slashing the things that actually benefit families?
I believe as a policy, we should focus on the majority of people, who spends the majority of their money, which provides liquidity. If we have more money, we will buy more gas, value meals and appliances. The 50's, 90%
tax rate on the big boys and what happened??? So here we have tried 30 years of the opposite approach
and look what we have? In my half decade on here, nobody has been able to reconcile this fact

Defending virtues that are currently based upon corruption is what is wrong, do what puts money in the regular guys pocket and money will flow up, like it does naturally.

reply to post by whaaa

The corporate elite are in complete control and your vote means less than nothing. Politics is just a media event while the real decisions are made on country club golf courses between the real players that have no names.

Absolutely. Look at who's going to run against Obama...they are all terrible. Everyone one of them...including Ron Paul. If people think Ron Paul is going to win when he's going to have to answer if he believes in Social Security or Medicare (which he doesn't) then they are kidding themselves. The elderly will never vote for anyone who believes that....and I won't myself as well. My father is on both...god forbid if he didn't have it.

The rest of the candidates are all bought and paid for by billionaires and corporations who don't give a damn about the working man or the poor.

(Sorry for all my ranting...but it's been awhile since i've posted!)

reply to post by David9176


So, are we taking any bets on how this will turn out?

I've got $100 on big oil!
any takers??

Originally posted by Rockdisjoint
reply to post by Janky Red

 

Are you mocking me? ~_~

We need a free market, that is why subsidizing oil (or anything else) is not good for the market, going to war for oil isn't good for the market either. Nothing the government does is good for the market.

So what do you do when the market is poised to execute America because it is profitable to do so?

It makes financial sense to do so, so what do you do then? You on the side of your ideas or your people?

It's official:

Tonight, Republicans filibustered the majority’s attempt to repeal $21 billion in subsidies for the big five oil companies — the same companies that made over $30 billion in profits in just the first three months of 2011. While three out of four Americans believe Exxon Mobil and the other oil majors should pay their fair share, instead of receiving taxpayer welfare, the oil-friendly Senate split 52 to 48 to end the subsidies. Though the majority of the Senate voted to repeal these oil tax breaks, the procedural motion required a 60 vote threshold.

eta - I really should add the best part:

An analysis of campaign contribution records shows the gusher of dirty cash that fueled the filibuster:

A Center for American Progress Action Fund analysis finds that the 48 senators who sided with Big Oil received over $21 million in career oil contributions, while 52 senators who sided with the American people received only $5.4 million in contributions. Each senator who voted for Big Oil received on average more than four times as much oil cash as those who voted to end the subsidies.

Source

I'm shocked, shocked I tells ya.

Originally posted by Screwed
reply to post by David9176

 

So, are we taking any bets on how this will turn out?

I've got $100 on big oil!
any takers??

I would bet my skin on it!

Raise you a life time of servitude on that

Originally posted by mc_squared
It's official:

Tonight, Republicans filibustered the majority’s attempt to repeal $21 billion in subsidies for the big five oil companies — the same companies that made over $30 billion in profits in just the first three months of 2011. While three out of four Americans believe Exxon Mobil and the other oil majors should pay their fair share, instead of receiving taxpayer welfare, the oil-friendly Senate split 52 to 48 to end the subsidies. Though the majority of the Senate voted to repeal these oil tax breaks, the procedural motion required a 60 vote threshold.

Source

I'm shocked, shocked I tells ya.

edit on 17-5-2011 by mc_squared because: I'm so shocked I forgot to post the link

You have got to be kidding me...

ACORN and Soro's are at it again.

reply to post by Janky Red

The 50's, 90% tax rate on the big boys and what happened??? So here we have tried 30 years of the opposite approach and look what we have? In my half decade on here, nobody has been able to reconcile this fact

And they still lived like kings.....and amazingly at the same time people had jobs....with usually only one parent having to work to support a family and own a home! And OMG...people had pensions that were protected! HOW DID WE EVER MAKE IT THROUGH THAT TYRANNICAL PERIOD.

They can't reconcile this fact which is why they ignore it.

Defending virtues that are currently based upon corruption is what is wrong, do what puts money in the regular guys pocket and money will flow up, like it does naturally.

Absolutely. Letting all the money sit at the top while at the same time doing everything they can to cut costs is nothing but destructive.

We need an FDR....someone who will call them out on national television and "welcome their anger." )if you haven't seen that inaugural speech FDR did on his second term (i think)...you've got to check it out.

reply to post by Janky Red


I'm wondering who the traitors are out of the 52 who voted to repeal the tax breaks even though they received 5.4 million in campaign funding from the oil industry.

Obviously those people hate freedom and they're a threat to democracy.

reply to post by mc_squared

A Center for American Progress Action Fund analysis finds that the 48 senators who sided with Big Oil received over $21 million in career oil contributions, while 52 senators who sided with the American people received only $5.4 million in contributions. Each senator who voted for Big Oil received on average more than four times as much oil cash as those who voted to end the subsidies.

amazing...simply amazing!!!

Democracy still works....for those who have the money. I'd like to see who voted for or against.

Isn't it amazing how they can side with a few oil barons over 300 million American citizens?

Originally posted by Janky Red

Originally posted by Rockdisjoint
reply to post by Janky Red

 

Are you mocking me? ~_~

We need a free market, that is why subsidizing oil (or anything else) is not good for the market, going to war for oil isn't good for the market either. Nothing the government does is good for the market.

So what do you do when the market is poised to execute America because it is profitable to do so?

It makes financial sense to do so, so what do you do then? You on the side of your ideas or your people?

edit on 17-5-2011 by Janky Red because: (no reason given)

I wouldn't blame that on the market, I'd blame government intervention. Governments working with or for corporations big or small is never a good thing and history has shown us that those type of relationships never end well. I'm always on the side of the people, the government is not though, the government only cares about its self and making sure they look good.

Originally posted by David9176

And they still lived like kings.....and amazingly at the same time people had jobs....with usually only one parent having to work to support a family and own a home! And OMG...people had pensions that were protected! HOW DID WE EVER MAKE IT THROUGH THAT TYRANNICAL PERIOD.

Ya, I am not sure why everyone is afraid of that outcome???

I just wish people could recognize that the practice of the last 30 years is what is causing this sustained pain.