Posted on 06/10/2008 7:05:37 AM PDT by WesA
WASHINGTON — With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.
Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.
"The oil companies need to know that there is a limit on how much profit they can take in this economy," said Sen. Richard Durbin of Illinois, the Senate's No. 2 Democrat, warning that if energy prices are not reined in "we're going to find ourselves in a deep recession."
But the Democrats are going to have to overcome staunch Republican opposition to any new taxes on the oil industry. The five largest U.S. oil companies earned $36 billion during the first three months of the year.
Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn't get 60, he likely will pull the bill from the floor.
(Excerpt) Read more at foxnews.com ...
Idiots!
What genius !
Utter insanity.
The Senate Socialists are living up to their mandate, as stated by Karl Marx and Lenin....control of the people through confiscatory taxation. Well, we really needed to add another dollar to the price of gasoline anyway. That will REALLY help the economy that they want so badly want to destroy.
Socialist insanity.
And exactly how much do the state and federal goverments extract as taxes from every gallon of gas? Because no windfall there, no sir!
Why? If they are selling more product, why should there be any limit? How will a tax do anything to bring prices down? If there is a disincentive to sell more gasoline, aren't the Democrats, having pushed the price up, now bringing on rationing?
Congress wants its cut of any profitable business or they threaten to strangle it with regulations. It’s exactly like the Mafia demanding “protection money.” The business of Congress is staying in power by buying votes, and they suck the necessary cash from the private sector to do it.
George Washington is rolling over in his grave....
The buffoons in Washington are nothing but a bunch of morons. Who do they think is REALLY going to pay for this tax? DemocRATS are out of touch with reality.
Liberal RAT Socialist Energy Plan:
1. You can’t drill for oil anywhere.
2. You can’t build a refinery anywhere.
3. You can’t build a nuclear power plant anywhere.
4. You can’t burn coal for electricity.
5. You can’t allow the oil companies to reinvest their profits into exploration.
6. But you can drive up the price of food by subsidizing an ethanol industry that takes land out of food production while using more energy than it creates.
7.You must continue to tax every gallon of gas that we put in our tanks.
8.You must threaten all energy users with additional ‘carbon taxes’.
9. And just in case some entrepreneur out there somewhere may have an idea for an alternative energy concept that just might work, you must raise the capital gains tax so that investors have less capital and less incentive to invest in his/her project. count your blessings.
The destruction of American security, freedom, and future, all this and more thanks to anti-American, anti-military Liberal RATS whose platform is “enjoy living in America the new third-world toilet created by Liberal socialists” namely, Pelosi, Reid, Obama, Kerry, Schumer, Kennedy, Boxer, Feinstein, Murtha, et al. then add the RINO of your choice!
Is there such a thing?
I never knew...
Since increased profits come by increased sales, it stands to reason that decreasing profits will result in decreasing amounts of product being sold.
Considering that milk is at $4.99 a gallon, I would like to know why the dairy farmers haven’t been hauled in before Congress as well to explain themselves. How much profit are they making on a gallon of milk?
Since when does Congress get to decide what an acceptable profit level is? Of course, the RINOs in Congress won’t allow the true conservative members to sieze this moment to show the American people precisely who really has their backs!
Sure, take away funds that can be used to explore and develop new sources. H*ll, why not just nationalize the oil industry and be done with it.
What are the politicians going to do with the Windfall Profits Tax funds besides lining the pockets of their cronies with pork projects? From one pocket into another WITHOUT ANY relief to the average citizen.
Run them all out of office at the end of a pitchfork!!!
“The oil companies need to know that there is a limit on how much profit they can take in this economy,”
Shouldn’t he say government in place of oil companies.
The Republicans should counter with a windfall profits tax on farmers..............
Now they have cottoned to the oil scam, whereby they raise the price, and blame it on Bushhalliburtoncheney and thier freinds in the oilbidness.
Like every other time they raise taxes, they tell the gullible that it is to make the playing field level, and to give them goodies, while the gullible lap it up, not realizing that THEY are paying for it all.
They should tax themselves for the windfall profits taxes they are raking in.
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