Senate GOP blocks windfall taxes on Big Oil Posted: 5 months ago by bingo
WASHINGTON - Saved by Senate Republicans, big oil companies dodged an attempt Tuesday to slap them with a windfall profits tax and take away billions of dollars in tax breaks in response to the record gasoline prices that have the nation fuming.
GOP senators shoved aside the Democratic proposal, arguing that punishing Big Oil won't do a thing to lower the $4-a-gallon-price of gasoline that is sending economic waves across the country. High prices at the pump are threatening everything from summer vacations to Meals on Wheels deliveries to the elderly.
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Posted: 5 months ago by bingo:
"the five largest U.S. oil companies, which together made $36 billion during the first three months of the year."
Makes me wanna puke!
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Posted: 5 months ago by ImNotBlue:
I agree that big oil is screwing us... and that their profits are too high.
BUT... at no point, do I want the American government telling a private American business how much money they can or can't make. Absolutely not!
Until the US nationalizes oil, this is a route they simple cannot go.
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Posted: 5 months ago by DerAlt:
« ImNotBlue:I agree that big oil is screwing us... and that their profits are too high.
BUT... at no point, do I want the American government telling a private American business how much money they can or can't make. Absolutely not!
Until the US nationalizes oil, this is a route they simple cannot go. I agree with you in principal but we've had price controls over certain industries for decades.
Rent control, the price controls on the milk industry and most electric companies for example.
Controling certain markets to protect the consumer and the economy in some cases makes sense. If, as suspected, the oil/commodities speculators are a major reason for the huge oil price increase they may bring regulation and some form of restriction on themselves.
I do not believe that by simply looking at profits numbers by themselves indicates much. More important would be the profit percentage, in which case the oil companies compare favorably with some other industries.
The oil prices are influencing the entire world and something is definitly going to be done about it.
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Posted: 5 months ago by ieldanth:
Slapping windfall taxes on a corporation does nothing but raise prices at the retail level in the taxing country and cause the company to prefer customers where the political climate is a bit more friendly. We are dealing with global companies with global customers.
Creating price controls may work as long as we are not dealing with a supply issue. If supplies are tight and prices are kept artificially low, there is the possibility of creating shortages. Also, keep in mind we are dealing with global companies. They are not going to sell to us at a loss. Maybe we could learn a few things from Wal-Mart when it comes to aggressive controls on vendor prices.
What we need right now is to create a two-fold approach that includes using the oil we have and finding alternatives that work. Create a bigger supply and reduce demand and the prices will follow.
If this is truly being caused by rampant speculation, then the oil speculators will be getting the soaking they so desperately need.
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Posted: 5 months ago by siennablue:
« ImNotBlue : Until the US nationalizes oil, this is a route they simple cannot go. I think the US should nationalize the Federal Reserve ... no more fractional banking system.
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Posted: 5 months ago by JoshSF49:
« siennablue : I think the US should nationalize the Federal Reserve ... no more fractional banking system. or we could just get rid of it :)
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Posted: 5 months ago by ImNotBlue:
« JoshSF49 : or we could just get rid of it :) Ron... is that you Ron?
;)
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Posted: 5 months ago by siennablue:
« JoshSF49 : or we could just get rid of it :) That's what I was talking about Ron :)
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Posted: 5 months ago by JoshSF49:
« ImNotBlue : Ron... is that you Ron?
;) « siennablue : That's what I was talking about Ron :) :)
Only a disciple haha :)
Plus, nationalize is such a dirty word :)
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Posted: 5 months ago by tdiggity:
OMFG it's not like they are trying to go above and beyond, they are just trying to get the right amount of taxes from them based on earnings while avoiding the tax incentives they have been given by some jackass and his friends who have been in office for, like, 7 years.
His dad helped that out, too.
They aren't trying to ADD taxes, they are just trying to get what is honestly owed. Our government has been giving tax breaks to their 'friends' (aka - people who give them free trips and money) for way too long. F that.
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Posted: 5 months ago by T1000:
Any kind of additional tax will just be passed on to the consumer, they aren't going to just eat it
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Posted: 5 months ago by Inc0m:
The tax thing doesn't bother me its the "you can only profit so much' thing. You take away the profit motive and oil companies will not reinvest in creating more refineries and then gas won't just be expensive it will be scarce and then we are screwed.
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