Republicans block extra taxes on oil companies »
Posted By expursuit 1 year, 5 months ago in Business & FinanceWASHINGTON - 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.
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simonsez1 year, 5 months ago
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Beau78901 year, 5 months ago
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There's a difference between knowing in advance it may not have the votes and posturing.
I've heard quite a few Republicans out here say the Democrats in Congress don't even try to do anything. Now they've tried to pass legislation to help with the cost of gas, and the Republicans blocked it.
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DropkickaLib1 year, 5 months ago
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The problem is that the Dems are ignoring the fact that the Chinese and Indians are purchasing massive amounts of oil on the world market. Anything we conserve, additional Chinese purchases will more than offset, thereby pushing prices up. Clearly, the economic forces behind oil prices are not understood by the framers of this legislation. Perhaps placing some limits on institutional investment in oil futures would help curb speculation but even the effect of hedge fund investment has not been quantified. The problem with legislators is that they all too often draft bills to make it look like they are doing something before they understand the issues involved and the consequences of that legislation.
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flyonthewallzz1 year, 5 months ago
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Here are some numbers from the White house. (receipts.xls)
Windfall profit tax: 1980 thru 1986 = $78.2 billion.
Transportation fuels tax: 1991 thru 2004 = $ 48.6 billion.
Transportation fuels tax: 2005 thru 2008 = $ -9.6 billion (that means we paid it)
Here are some percentages of total reciepts:
Corporation Income Taxes: 2000 = 10.23%, 2003= 7.39%
Social Insurance Taxes and Contributions: 2000 = 32.23%, 2003 = 40.00%
Personally I do not feel that I have been passed the savings of industry.
Do you?
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cosmogenium1 year, 5 months ago
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This is simply the Republican game plan. You see, they took the "over" bet on this year's Senate results, and they are just making sure the Dems get at least 60 seats total in the Senate. The Repubs will rake in the cash and laugh all the way to the banks...which will be closed...with the squad cars waiting in line to take them all away....
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Lurch1 year, 5 months ago
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It`s the way of the Republican.
If they are clever (read connected and immoral) enough to steal those huge sums from us taxpayers and consumers, well then they have certainly earned the right to gouge us during a war while we lose homes, jobs, savings, companies, etc.
Unless you make over a several million a year, you would have to be truly self loathing to still vote Republican.
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lestparker1 year, 5 months ago
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mackiemesserComment removed: Retracted by user13 Replies
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cowboygrandpa1 year, 5 months ago
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These clowns need a lesson.
Cut their wages and their benefits to those of the average worker.
Make them work hard for a living and try to survive.
Then if they want to say no to the taxing of nefarious and outrageous profiteering.
Put them in the mental hospitals they belong in. Of course make them pay for it.
They are quite obviously insane as they cannot see the trees for the forrest. All they see is a forrest instead of individual trees that make the forrest.
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jeffieny1 year, 5 months ago
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I hope we won't end up paying such taxation difference at the gas station. It's already too high to fill up the tank.
How come for once republican did something good for the everyday end user!
They get so mad when we defend our best interest!
Like we supposed to shut up and take high gas prices although it hurts our budget as they buy those old castles in Europe and mingle with Arabian royalty, auction bidding on billion dollar horses!
With the gas prices sky rocking soon we all going to need a horse to go to work just like old times.
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thatsjustme1 year, 5 months ago
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I got my horse already...I'm pretty sure John McCain is gonna end up in the Driver's Seat. And we'll be in for another 4 years of Republican Torture. When it comes time to elect a president after McCain, the Chinese will own the United States. We'll all be communists.
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NoWayMan1 year, 5 months ago
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last year the dems intro'd a bill that would stop giving $15 BILLION in tax subsidies to the oil companies.
but the GOP threw down a filibuster and killed it.
and now the oil companies are making record profits. and they still get that $15 BILLION that belongs to the US taxpayers.
to the GOP and its supporters: time to choose. the american people or the oil companies. whose f*cking side are you on?
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thatsjustme1 year, 5 months ago
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Republicans chose their side a long time ago. Those Americans who believe that the republican party is doing our country any good are all wealthy. If you can not feel the sting of a slap, if it doesn't hurt you, then why stop. When you are wealthy, how badly does it affect you to have to pay $4.00/gallon for gas???
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canadianrancher571 year, 5 months ago
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When it comes to my business I feel that I am not a person who is the middle but a conservative and maybe even an extreme conservative and when times are good I do spend more as far a improving my business, but if I have a windfall such as what the oil industry is having right now that money usually gets diverted to something else like savings and like the oil industry I try to beat the tax man. There is one difference between you and I and the oil industry, we do not have the funds to lobby the government to receive preferencial treatment. Honestly I beleive in fair taxation but my biggest concern is why does the oil industry need government support, you would think that this industry would be able to stand on it's own two feet after all these years
Totally unrelated comment, if tax breaks to the rich help the economy, why are we seeing the economy going into a recession under the Bush tax breaks- to be expanded by McCain.
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DropkickaLib1 year, 5 months ago
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schmirt1 year, 5 months ago
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It might feel good get more taxes out the oil companies but guess who really pays in the end---consumers. The past show that the extra tax revenue expected never materializes when these taxes are applied.
It is tragic to see the congress pursue such economically myopic and moronic policy for political gain.
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antibrainwasher1 year, 5 months ago
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That is the exact crap they said last year, you have been brainwashed by the right wing media.
The republicans killed the windfall tax last year, and the prices went right up. They killed it again, and prices will go up again.
Vote out every republican in congress. They represent the invester rich, and none other.
Vote out every Republican congressperson, every senator. Anyone who voted for this war, including Clinton. Vote out anyone taking money from AIPAC. From RJC. From Saudi Oil or oil companies.
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walden31 year, 5 months ago
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I love it!! Not sure if it makes good economic sense, but it makes wonderful political sense. Perfect game plan to continue to paint the Republicans into the same corner as the US of A's public enemy #1 - Big Oil. As if the association between Republicans and Big Oil isn't already pounded in enough.
The Dems should start to talk about the "nuclear option" now. And all of that stoopid Republican talk from a few years ago - 'just bring it for a vote' and 'up or down'. Now that Republicans are the ones blocking legislation and filibustering the Dems should employ the "nuclear option" and change the rules.
Like these slogans -
A vote for McCain is a vote for Big Oil.
Republicans support Big Oil not the middle-class.
Republicans Big Oil FFE.
Republicans enemy of the middle-class
Republicans = record profits and record foreclosures
McCain = $7 a gallon oil
Republicans give tax breaks to ExxonMobil.
McCain supports Big Oil welfare.
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bigurn1 year, 5 months ago
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Walden, the Republicans are asking for nuclear power as of today.
A question for everybody: When the oil companies were losing money, did anyone come to their rescue? Nope. They were left to work their way out of it, and they have.
Finally, of the industrialized nations, which nation has the highest corporate income tax rate? The U.S.
I think the politicians have already done enough.
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unome21 year, 5 months ago
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lestparker1 year, 5 months ago
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can you name one time that control of something by the federal government has resulted in lower costs? I cant. If you think the government is the answer to anything you are absolutely fooling yourself. The government is the problem.. not the solution.
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antibrainwasher1 year, 5 months ago
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NeoCon1 year, 5 months ago
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Here is a crazy idea. Instead of trying to pass nothing but a feel good measure with no real benefit , which is what this is, lets do something sensible like do away with the federal tax on gasoline. All of these supposed profits the oils companies are ranking in are nothing but paper profits, increase in the value of holdings based on market averages, not real profits. You want to help the American people let them keep their money.
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ranchhandComment removed: Retracted by user
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thatsjustme1 year, 5 months ago
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Congress, specifically the republicans, are intimidated by the Oil Industry. George Bush comes from "Oil" his interests have always been in oil (um...the war in Iraq!) and anyone who supports his party, well their interests lie in oil. If the republicans P.O. the Oil Industry Execs, they will lose significant financial backing. So, they voted down likely the only recourse we as Americans had to fight them. In all honesty, instead of a Windfall Tax on unreasonable profits...impose huge fines. And huge penalties for trying to stick Americans with the bill for the fines. Make the Bast***s pay. I'm tired of getting raped at the pump. I'm tired of Rich White Men running my life. I want someone to pay, and the ones who should rightfully pay are the Oil Industry Execs!!! Sock it to 'em.
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BB641 year, 5 months ago
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It's clear you really don't know President Bush. This war isn't about oil. If it were, you wouldn't see the Iraqis progressing to self rule. That plus why would we attack Iraq with Mexico and Canada nextdoor. Both have many more times the oil that Iraq has. Logistically attacking either would be easier, not that I support that, I like them to be independent. But seriously, why not take out Chavez, most nations in South America support his downfall.
Raped at the pump, how? You mean you actually leave your mommy's basement and go out into the open. You're the one in the star trek t-shirt and foil hat aren't you.
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thatsjustme1 year, 5 months ago
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Walden3 you nailed it on the head...I totally agree. John McCain will do no more than to continue driving the United States into the ground. Republicans have shipped our manufacturing jobs to India and China, they've managed to start a freaking war that has no end in sight, they've succeeded in creating a monster of the oil situation. If John McCain makes it into the White House, America will be endanger of extinction. It's already to the point where our country can not support itself. It's already to the point where our smartest, strongest, healthiest are being sent to be slaughtered in Iraq. The sad part is that the republican party is feeding the beast. It is sacrificing its own arm to save its face. Someone has got to stop the republicans from destroying our country.
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jovial1 year, 5 months ago
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The Republican strategy in this case is plainly evident.
1) block as much legislation as possible from the Democratic side as to make them seem ineffectual.
(What they don't realize is that it's angering voters more and hurting the voters of this country)
2) To court the Republican base that they so dearly need in this upcoming election. (They think that pandering to their base will give them an advantage, though the policies that they are defending have been a direct contributor to America's woes.)
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thatsjustme1 year, 5 months ago
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The Oil Industry is Self-sustaining, completely. But, if you could get an entire politcal party to support huge tax breaks for your company...wouldn't you go for it? Well that's what happened here. George Bush and his golf buddies(Oil Company Execs), were talking one day around the clubhouse and one of the guys popped off "Hey George, you know what we need?" Next thing you know it zoomed through congress like a cat with its tail on fire.
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thatsjustme1 year, 5 months ago
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As for the other comment, why is the economy failing even though the rich are receiving tax breaks. Well, that's why the economy is failing. Taxes, especially large amounts of tax income from wealthy taxpayers are meant to support the economy. Cut them down and the economy can no longer support itself. Then top it off by giving companies tax breaks for shipping our jobs to the middle east and what are we left with here in America? Higher food bills, higher utility bills, no tax income, and no jobs to pay for anything that will supply tax income into the economy...what little there is is not enough. Bring our jobs back to America, drop the tax breaks for the rich and stop supporting the traitors who ship the jobs away. That's how we fix the problem. Ooops! Sorry, you didn't ask how to fix it. But, it was well worth 2cents to get that off my chest.
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thatsjustme1 year, 5 months ago
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To Cowboygrandpa...what if you were a business owner who was making too much money. And what if someone walked into your business one day and simply forced you to stop making that much money and told you that you could only make minimum wage from here on out? Think about how fair it would be to impose that type of law on our already downtrodden economy. No, what congress needs to do is simply creat a law that imposes fines on businesses like the oil industry whose profits can suffocate the economy.
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