Senate GOP blocks windfall taxes on Big Oil

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 ...

[GoodNewz]

if you believe that big oil companies are making too much money, then be consistent: call for restrictions on the salaries of athletes. that is no different. start messing with the free market at your own peril...

[Francis Manke]

If you want to see athletea you pay the price of the Ticket. If you don't You DON'T BY THE TICKET.Every one has to by Gas

[john k]

this gov't is blind!!!!!!!!!! clueless !!!!!!!!!! im ready to stop the economy until they change their views. the only way reasonably, is don't go to work. they take your money and spend it with their grandiose ideas and all they have done is put hardship on food, fuel, american lives instead of pulling back and taking care of their own. look at your pensions if you have one. their not going to tell you. look at the market. look at social security. look at their health care and pensios. they are lofty and need to be brought down to reality with what is going on in this country. they wanted to sue opec. what kind of gov't is this ? its disgusting! they blame everyone but themselves. they didn't even see the housing cris coming!!! they cater to banks with our money because the banks know they will. then they short and sell everything else and fleece the american people and any other countries which they publicly call dumb money. their arrogance and their loftiness will bring everything down. open up anwar and quit looking to tax the american people. invest in our countries god given resources or did we forget about god? do they think they are like gods? look to grow things not oppress!

[Lance Winslow]

Remember this vote in November.

[Stuipd Citizens]

I find it funny that the poster's on this blog rather spew hate and racism then deal with the real issues. They'd rather at childish like little kids b/c their candidate didn't win the nomination and won't vote for the other candidate in THEIR PARTY! b/c he's black, so they want to vote for McCain who's part of the problem with this Oil situation. All the republicans are making fat money off this, that's why they came against the bill. And nobody care's? 4 Post on this very important issue, as we go to fill our pumps up tomorrow or whenever?

McCain is lying to America about the Oil and Gas Prices which makes him a lying criminal and enemy of the American people he knows why oil and gas are out of control and the #1 guy responsible is his top economic adviser so McCain is an enemy combatant in the economic war against America what a lying piece of crap, hero my **** a hero just like Duke Cunningham a total fraud..ego maniac disgrace..liar..!

But somehow this is totally unimportant? Go Figure! The war is about the Oil that McCain BTW wants us to stay in, b/c its big money! And this war is illegal, its based on a lie! But we see more post on hating each other and tearing us other apart, instead of focusing on the real issues. No wonder this world is so messed up!

When the oil price rises, Americans, who are increasingly poor, cannot pay their winter heating bills. Thus, the Senate’s military spending bill contains more heating subsidies for America’s growing legion of poor people.
The rising price of energy drives up the price of producing and transporting all goods, but American incomes are not rising except for the extremely rich.

The disappearing value of the US dollar, which pushes up oil prices and raises the trade deficit, then pushes up heating subsidies and raises the budget deficit.

If oil was the reason Bush invaded Iraq, the plan obviously backfired. Oil not merely doubled or tripled in price but quintupled.
America’s political leaders either have no awareness that Bush’s wars are destroying our country’s economic position and permanently lowering the living standards of Americans or they do not care. McCain says he can win the war in Iraq in five more years and in the meantime “challenge” Russia and China.

The Bush Regime’s inability to pay the bills it is piling up for Americans means that future US governments will cut promised benefits and further impoverish the people. Over a year ago

As much as I oppose McCain's policies, I'd rather we debate him on issues, and not focus on turning him into a monster. If we go down that road of demonizing our opponents, we are ourselves no better than those right-wing fear-mongers. Let's debase the issues ,and not dwell on flag lapel pins, or pastors, or skin tones, or colour coordinations (even those those can be delicious to make fun of sometimes).

[Ed from Albany]

ANd how do you lay THAT blame on McCain. I drive a fuel efficient car and I plan my trips for most efficient use of my gas. The BARREL OF OIL is up to $140.00.
It has consistently been the REPUBLICAN PARTY that has tried to drill on our own soil but the NIMBYs have fought this tooth and nail (NIMBY-Not In My Back Yard). Ruin the ecology? Looked at Texas lately. A BEAUTIFUL State. Looked at DUBAI lately, more construction than anywhere else in the world.
We have TRILLIONS of gallons in the American soil. Move the tree huggers and become an oil EXPPORTING state. Then watch the market prices drop.
OBAMA---NO DRILLING ON US SOIL
McCAIN--LET'S DO WHAT'S BEST FOR AMERICA
While you're at it, especially you small businbess people. How will you possibly succeed when the Social Security taxd (now at 15.3%) doubles to pay for the 20 million illegal immigrants that Obama wants to keep here?

[rojopa]

Let's not stop with the oil companies..let's go after any company that has a big profit..IBM, Microsoft, plug in any company out there. Once the camel gets it's nose under the tent watch out! Are you people so blind that you will allow those bastards in DC to just tear our country apart!?
I say let's put a cap and trade on them and get them the hell out of office! Enough is enough!

[Missouri Man]

I VOTE! And I remember who voted to block this! I watched it on TV! One Missouri senator voted to keep giving 17 billion of our dollars to big Oil!! His name Kit Bond! What a poor excuse for a senator! He supports big oil and not his people in Missouri! Do you know how your senators voted?? If not look it up on the internet! TY

[brejamin]

LOL Lets tax the oil companies profits. All they will do is give them stock incentives and bonuses and increase the price of gas to compensate for thier loss in profits.

If anyone here thinks corporations pay taxes. You are a complete moron. They just pass the price right on down to us.

LOL raise taxes on the rich, they fire people pay people less and charge more for the product they produce. They stay rich we all get more poor.

LOL

[brejamin]

Ohh did i mention with less people thats less people to pay taxes and buy things to pay taxes.

Also with the raised price of everything people who still work also buy less so less taxes paid there. Hmm. Seems simple to me but we will see how many morons will contest this and prove their ignorance.

It's simple economics, but whoever said that the people in washington have a clue about the economy. Look at our current situation.

Need I say more.

[ww2astor]

from yahoo

In addition to the proposed windfall profits tax, the Democrats' bill also would have rescinded tax breaks that are expected to save the oil companies $17 billion over the next 10 years. The money would have been used to provide tax incentives for producers of wind, solar and other alternative energy sources as well as for energy conservation.

What are these 'tax breaks'...
Both candidates are referring to a feature of the U.S. tax code that allows domestic companies to defer taxes on “unrepatriated income.” In other words, revenue that companies earn through their overseas subsidiaries goes untaxed by the IRS as long as it stays off the company’s U.S. books.

But economists, including left-leaning ones, do not agree that eliminating this provision will bring an end to off-shoring. And here’s why: In the U.S., companies are taxed 35 percent on earnings of $10 million to $15 million or on all earnings over $18.3 million. That’s one of the highest corporate tax rates in the world, making an overseas move somewhat attractive to companies that wish to avoid the U.S. tax rate. But that's not the leading reason companies send jobs overseas. According to a 2005 report by the Government Accountability Office, global technological advancement, increased openness of countries such as China and India, the higher education level of foreign workers in technological fields, and the reduced cost per foreign worker are all contributing factors to off-shoring.

http://www.factcheck.org/askfactcheck/what_ki...

The decision to block the democrat action is the right choice... this was a bill that would penalize oil companies for no 'good reason'

[CatherineChicago]

Both parties are posturing for the upcoming elections. Both parties are in the pockets of big oil, big money, big corporations, etc.

**** Hum, business as usual....

If you want oil to lose its power, buy a small car, use less a/c and grow something!

My neighbors cemented over their entire yard and they still have water in the basement.

The water now comes onto our property. We are trying to grow things to absorb all that water and create oxygen for ourselves and our neighbors to breathe.

Uh, sorry, ran after a rabbit there, lol.

[Methadras]

Not to mention that any regressive tax on any oil company will be passed on to the consumer. Any tax on any corporation is never paid by the corporations, but instead directly affect those they say they are trying to save from the evil big corps. Don't you stupid lefties understand the most basics of economics and taxation?

[****]

GoodNewz wrote:

if you believe that big oil companies are making too much money, then be consistent: call for restrictions on the salaries of athletes. that is no different. start messing with the free market at your own peril...

where have you been there already are caps on salries in sports.(except MLB) look it up the term is called "salary caps" Exxon by itself made 40 billion in 2007 that's profit not revenue do you really think they can't afford to give a little back?

[Tax Oprah]

GoodNewz wrote:

if you believe that big oil companies are making too much money, then be consistent: call for restrictions on the salaries of athletes. that is no different. start messing with the free market at your own peril...

How about a windfall tax on Oprah Winfrey? She makes $200 million dollars a year and has a busload of accountants and lawyers teach her how to avoid taxes with her bogus charities.
Plus, Oprah's eating habits have created a food shortage and food price increase due to supply and demand.

[Curlylocks]

GoodNewz wrote:

if you believe that big oil companies are making too much money, then be consistent: call for restrictions on the salaries of athletes. that is no different. start messing with the free market at your own peril...

Way different. Athletes are not making money on the struggles of other people.

[ww2astor]

[QUOTE who=" **** "]<quoted text>
where have you been there already are caps on salries in sports.(except MLB) look it up the term is called "salary caps" Exxon by itself made 40 billion in 2007 that's profit not revenue do you really think they can't afford to give a little back?[/QUOTE]

they earned 40 billion in profit after paying 30 billion in income taxes

http://yahoo.brand.edgar-online.com/displayfi...

[Helena_313]

ww2astor wrote:

from yahoo
In addition to the proposed windfall profits tax, the Democrats' bill also would have rescinded tax breaks that are expected to save the oil companies $17 billion over the next 10 years. The money would have been used to provide tax incentives for producers of wind, solar and other alternative energy sources as well as for energy conservation.

What I don't quite get is that the Big Bad Profit Making Polluting Oil Companies (snark)(one of which is my employer) have invested a lot of money in these "alternative energy sources" as well - solar, windy, etc.

[ww2astor]

Helena_313 wrote:

<quoted text>
What I don't quite get is that the Big Bad Profit Making Polluting Oil Companies (snark)(one of which is my employer) have invested a lot of money in these "alternative energy sources" as well - solar, windy, etc.

Shhhh.... that's a secret... if the 'greens' find out then they'll all want shares and there will be no boogy-man left

[Helena_313]

Windy? That was supposed to be wind.*Curses the inability to edit posts on Topix*