Atlas Puked...
Posted on 12/04/2007 3:04:59 PM PST by SmithL
WASHINGTON (AP) -- Defying a threat of a presidential veto, House Speaker Nancy Pelosi intends to push ahead with a $21 billion tax package, including repeal of tax breaks for major oil companies, as part of an energy bill, aides to the speaker said Tuesday.
Democratic leaders circulated a summary of the legislation that includes the new taxes as well as a requirement for a 40 percent increase in automobile fuel efficiency, a huge increase in the use of ethanol as a motor fuel, and a mandate for utilities to use renewable fuels.
Republicans earlier this year blocked Senate attempts to pass new energy taxes, contending they would hinder domestic oil and gas production. Democratic supporters of the taxes said that with oil hovering near $90 a barrel and the industry making large profits, the tax breaks aren't needed.
The White House has said repeatedly that if the energy legislation singles out the oil companies for new taxes, advisers would recommend that President Bush veto the bill.
Energy Secretary Samuel Bodman reiterated the administration's opposition to such taxes in a meeting with reporters Tuesday. "It is wrong to single out an industry, the oil industry or any industry" for new taxes, Bodman said at an energy newsmaker sponsored by the Platts publication.
The House draft bill, expected to come up for a vote as early as Thursday, calls for repealing $13.5 billion in tax breaks given to major oil companies in 2004 and 2005 and another $7.5 billion in various non-energy tax increases and adjustment to raise revenue needed for the new energy programs, aides said.
They spoke on condition of anonymity because a final bill was still being crafted.
(Excerpt) Read more at sfgate.com ...
Energy push? How is taxing the oil companies going to produce more energy? Rhetorical question of course. I know the Dems aren’t trying to produce more energy.
You can count on the Democrats and Nancy Pelosi to come with a “Hugo Chavez” solution to a problem. Why we’ll teach those evil oil companies to find oil, extract it, refine it, and deliver products to consumers. When the Democrats get through with them, we’ll be getting our oil from the Sierra Club.
Everytime I drive up to a gas pump I get the gasoline I want. Everytime I go to a government agency I don’t get what I want and don’t know when I will.
And Pelosi and the Dims want what?
They want us to live in caves.
It’s the liberal approach to everything. They plan to solve the “healthcare crisis’ by taxing doctors and driving hospitals out of business. Why should oil be any different?
And as we all know, corporations do not pass along expenses to their customers.
I for one will be relieved when this forum tires of discussing that ridiculous idea, the Fair Tax. /s
Corporations don’t pay taxes. Customers pay taxes. Corporations collect taxes from their customers.
Momma used to say - stupid is as stupid does....
(Thanks you Forrest Gump - a brilliant man)
$5.00 a gallon he we go!
Get ready for $4.00/gallon gasoline and higher!
Good time. Oil down to $89 and taxes will sure help the bottom line of those few American oil companies still working in the world.
I was looking into the Democrats 2006 pledge and i didn’t see these taxes anywhere. I wonder why?
Raise taxes, fund socialism and gun control. You draw the connection. New Democrats same as old Democrats, if it moves tax it, if it votes for you, pay it off.
Should we ever use force to take our country back, I sure hope that stupid bitch is present for the party.
Atlas Puked...
You got to love it, Al Quida targets us, Pelosi targets oil companies....
Why don’t Dems understand that corporations look at tax cost as overhead? Overhead costs are passed along to customers in cost of goods, and increasing taxes would just increase cost of products.We could greatly reduce the price of oil if we would just start drilling for offshore and Alaskan reserves. Competition would go a long way to bring the market down until alternatives could be developed.
Tax breaks for oil companies, that is funny.
Last year ExxonMobil made $39.5 Billion. A large amount of money, no doubt. But they paid $97.5 billion in taxes.
Sales-based taxes - $30.381B
Other taxes and duties - $39.203B
Income taxes - $27.902B
ExxonMobil’s 2006 Financial and Operating Review
http://exxonmobil.com/Corporate/Files/Corporate/fo_2006.pdf
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