House OKs $18B in New Taxes on Oil Companies

[stephanie]

The Democrats should just change their name to what they really are.......the Socialist party..

Wednesday, February 27, 2008

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WASHINGTON — The House has approved $18 billion in new taxes on the largest oil companies.

The money collected over 10 years is intended to provide tax breaks for wind, solar and other alternative energy sources and for energy conservation.

The measure passed by the House by a 236-182 vote Wednesday as lawmakers cited record oil prices and rising gasoline costs.

Senate Democratic leaders say they will put the bill on a fast track and try to avoid a Republican filibuster. The White House says the bill unfairly singles out the oil industry. President Bush is expected to veto the legislation if it passes Congress.

Rep Jim McDermott, D-Wash., urged lawmakers to "stop the madness of subsidizing oil companies" when the industry earned $123 billion last year.

"Gas prices have been soaring," added Rep. Richard Neal, D-Mass., noting that across much of the country people are "struggling to pay energy costs that have skyrocketed in a harsh winter."

But Republicans contended the tax provisions would reduce investment in oil and gas development and lead to higher prices.... "This bill singles out one industry," complained Rep. Kevin Brady, R-Texas.

House Speaker Nancy Pelosi, D-Calif., noted that the House twice last year passed similar tax provisions — only to have it die in the Senate — and "since then the price of gasoline has gone up 75 cents" a gallon and large oil companies have made record profits. She said the bill will spur clean energy production with tax incentives for those industries.

Pelosi's office distributed a state-by-state list of high gasoline prices compared with oil industry profits, including a record $40.6 billion in earnings by ExxonMobil Corp. last year.

The bill would roll back two lucrative tax breaks for the largest U.S. oil companies, and use the money for tax incentives to support wind, solar and biofuel industries as well as energy efficiency programs.

Pelosi called the shift of tax benefits from oil to alternative energy development critical to increased energy independence and lowering energy costs.

The White House maintains that singling out the oil companies for higher taxes "would reduce the nation's energy security rather than improve it" and "lead to higher energy costs to U.S. consumers and business."


read the rest..
http://www.foxnews.com/story/0,2933,333228,00.html

[Kathianne]

Great, just great. Gas right now is $3.19 a gallon. I'm sure that those taxes won't be passed onto us.

There are so many small entreprenuers that are coming up with solutions and looking for backing, why doesn't the government give them a tax break or credit with proof of research and proposals for funding through investors?

[Dilloduck]

I thought all those profits made by oil companies belonged to Hillary ! :laugh2:

[avatar4321]

Holy crap. I'm not paying enough for gas as it freaking is so you want to raise the prices more??!

You realize if this actually managed to be passed we would have $5 gallon gas overnight dont you?

[Mr. P]

Great, just great. Gas right now is $3.19 a gallon. I'm sure that those taxes won't be passed onto us.

There are so many small entreprenuers that are coming up with solutions and looking for backing, why doesn't the government give them a tax break or credit with proof of research and proposals for funding through investors?

Yep..they're talking $4/gal by memorial day...this'll guarantee that and more.

Tighten yer belt folks the really bad shit happens after NOVEMBER!

[avatar4321]

i want lists. I want to know every single solitary person who voted for this bill.

[Little-Acorn]

Oil companies make a profit of about 8% of sales, which is in line with most other industries. The Democrats' insistence that their tax is "fair", is sounding pretty hollow.

OTOH, the Federal govt already imposes a tax of $.37 on ever gallon of gas sold... and have done it for years, back to when gas cost $2.50/gal or less. That's a 15% "profit" on that same gasoline... and the government didn't even have to do anything to produce the gas!

If you're trying to find out whose "profits" on gasoline are exorbitant, you've been looking in the wrong place.

As for "fairness"... I'll believe the Democrats intend to be "fair" when they pass a bill that takes X amount from the oil companies when they make profits... and gives the oil companies back the same amount, in cash, when they face a loss. Until they put such a plan in place, they are merely trying to take as much money as they can, from someone who can't resist the effort.

One of the defining characteristics of a third-world country, is that government officials use their positions and power to steal as much as they can from everyone around them. And you can't call the cops, because they ARE the cops.

How is what the Democrats are doing, any different?

[avatar4321]

Oil companies make a profit of about 8% of sales, which is in line with most other industries. The Democrats' insistence that their tax is "fair", is sounding pretty hollow.

OTOH, the Federal govt already imposes a tax of $.37 on ever gallon of gas sold... and have done it for years, back to when gas cost $2.50/gal or less. That's a 15% "profit" on that same gasoline... and the government didn't even have to do anything to produce the gas!

If you're trying to find out whose "profits" on gasoline are exorbitant, you've been looking in the wrong place.

As for "fairness"... I'll believe the Democrats intend to be "fair" when they pass a bill that takes X amount from the oil companies when they make profits... and gives the oil companies back the same amount, in cash, when they face a loss. Until they put such a plan in place, they are merely trying to take as much money as they can, from someone who can't resist the effort.

One of the defining characteristics of a third-world country, is that government officials use their positions and power to steal as much as they can from everyone around them. And you can't call the cops, because they ARE the cops.

How is what the Democrats are doing, any different?

They aren't.

[JohnDoe]

First, why should we subsidize the oil industry when they ARE MAKING RECORD PROFITS, which is a fact, not some hord of numbers and comments that really do not relate to what this bill does.

It takes away a tax break that we as tax payers gave them and now gives this tax break to alternative fuels.

Tell me again, WHY this is a problem with all of you? Why should the oil industry continue to get tax breaks that other corporation have not had...while they reap in record profits? Why should I have to pay my full amount in taxes due, while having to give a break to the oil industry on their taxes due, so that their stock holders can be reaping in the extra profits leaps and bounds?

Now I am not one to agree to any kind of corporate welfare, i personally think it screws up the free market, but there are times where it might be absolutely necessary....like when we first started using oil as our main energy source in America and we wanted oil companies to expand....but here we are 50 plus years later and they are getting billions of dollars richer each year, while we are STILL subsidising this industry by giving them tax breaks that WE DO NOT GIVE other comparable in size corporations....

What exactly is conservative about the way you all are talking?

jd

[retiredman]

If we were really "socialist", we'd just nationalize the whole damned oil industry and be done with it....

but we won't....because we are not socialist...

a word that gets misused incessantly by the right!:laugh2:

[stephanie]

If we were really "socialist", we'd just nationalize the whole damned oil industry and be done with it....

but we won't....because we are not socialist...

a word that gets misused incessantly by the right!:laugh2:

That's coming with your Hill or Obambam as President...mark my words, you heard it here first...:cheers2:

[MtnBiker]

If we were really "socialist", we'd just nationalize the whole damned oil industry and be done with it....

but we won't....because we are not socialist...

a word that gets misused incessantly by the right!:laugh2:

Hillary would take the profits from oil companies, she says so herself.

http://www.youtube.com/watch?v=j1PfE9K8j0g

[Dilloduck]

Hillary would take the profits from oil companies, she says so herself.

http://www.youtube.com/watch?v=0So48eKMu10

Awww they pulled the video. :laugh2::laugh2:

[Mr. P]

First, why should we subsidize the oil industry when they ARE MAKING RECORD PROFITS, which is a fact, not some hord of numbers and comments that really do not relate to what this bill does.

It takes away a tax break that we as tax payers gave them and now gives this tax break to alternative fuels.

Tell me again, WHY this is a problem with all of you? Why should the oil industry continue to get tax breaks that other corporation have not had...while they reap in record profits? Why should I have to pay my full amount in taxes due, while having to give a break to the oil industry on their taxes due, so that their stock holders can be reaping in the extra profits leaps and bounds?

Now I am not one to agree to any kind of corporate welfare, i personally think it screws up the free market, but there are times where it might be absolutely necessary....like when we first started using oil as our main energy source in America and we wanted oil companies to expand....but here we are 50 plus years later and they are getting billions of dollars richer each year, while we are STILL subsidising this industry by giving them tax breaks that WE DO NOT GIVE other comparable in size corporations....

What exactly is conservative about the way you all are talking?

jd
You don't understand the concept of passing on costs to customers, do you?
We will pay these taxes CORPORATIONS DON'T PAY TAX! They'll raise the product price to cover it.


If we were really "socialist", we'd just nationalize the whole damned oil industry and be done with it....

but we won't....because we are not socialist...

a word that gets misused incessantly by the right!:laugh2:

Wait 8 months.

[DragonStryk72]

The tax cut won't even manage to mater, either, so here's it's going to break down: gas prices go up, and some of the people currently scraping can no longer afford the very car they need for work (this happens alot in lower wage jobs), and thus, the job dries up, along with gas sales. We get screwed by this, and then, we get screwed again: the money is not being put toward paying down a single thing, meaning that we've merely shifted the debt around, not made it better. So down the road, to pay for this, we'll have to deal with all the problems of higher unemployment, higher gas prices, and higher cost of living

But the politicians will look great for getting money out of the "evil" oil companies, money that will go to alternative fuel, which helps not one wit at helping those put out of work by the soaring cost of living, and doing business. My advice, invest in bicycles.

[MtnBiker]

Awww they pulled the video. :laugh2::laugh2:

works now

[Mr. P]

works now

Haven't watched it. Is it the one where she says "I'll take those profits!"?

[Dilloduck]

Haven't watched it. Is it the one where she says "I'll take those profits!"?

yup

[MtnBiker]

Haven't watched it. Is it the one where she says "I'll take those profits!"?

yes it is.

[Mr. P]

yup

From each according to their ability, to each according to their need.

The next four yrs are gonna be so much fun.

[manu1959]

ok as far as i know all the big oil companies are not american.....so you can't tax foreign companies profits.....

so all this will do is cause the domestic oli companies to raise prices to cover the tax increase or cut staff and r=d to cover the increased taxes.....

so it would seem they have helped the foreign oil companies and hurt the domestic oil companies.....so if i am chevron i move my whole company to some where else....

[JohnDoe]

ok as far as i know all the big oil companies are not american.....so you can't tax foreign companies profits.....

so all this will do is cause the domestic oli companies to raise prices to cover the tax increase or cut staff and r=d to cover the increased taxes.....

so it would seem they have helped the foreign oil companies and hurt the domestic oil companies.....so if i am chevron i move my whole company to some where else....
exxon/mobile is not American?

[JohnDoe]

ok as far as i know all the big oil companies are not american.....so you can't tax foreign companies profits.....

so all this will do is cause the domestic oli companies to raise prices to cover the tax increase or cut staff and r=d to cover the increased taxes.....

so it would seem they have helped the foreign oil companies and hurt the domestic oil companies.....so if i am chevron i move my whole company to some where else....Shell Oil is another Usa operated in Houston, company, separate from their parent Dutch Shell...

And foreign companies are MOST certainly taxed on their profits if they operated any of their business/division in the united states....?