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Thread: Republicans looking out for the rich

  1. #1
    SirKristoff is a poopiehead Ozzy's Avatar
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    Republicans looking out for the rich

    http://www.bostonherald.com/news/nat...icleid=1099898


    WASHINGTON - Saved by Senate Republicans, big oil companies dodged an attempt today 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.
    The Democratic energy package would have imposed a 25 percent tax on any "unreasonable" profits of the five largest U.S. oil companies, which together made $36 billion during the first three months of the year. It also would have given the government more power to address oil market speculation, opened the way for antitrust actions against countries belonging to the OPEC oil cartel, and made energy price gouging a federal crime.

    Americans are furious about what’s going on," declared Sen. Byron Dorgan, D-N.D. He said they want Congress to do something about oil company profits and the "orgy of speculation" on oil markets. But Republican leaders said the Democrats’ plan would do harm rather than good — and they kept the legislation from being brought up for debate and amendments.
    On world markets, oil prices retreated a bit Tuesday but remained above $131 a barrel. Gasoline prices edged even higher to a nationwide record average of $4.04 a gallon.
    At the Capitol, Democratic leaders needed 60 votes and they got only 51 senators’ support, including seven Republicans who bucked their party leaders. Sen. Mary Landrieu of Louisiana, a state tied closely to the oil industry, was the only Democrat opposing the bill.
    "We are hurting as a country. We’re hurting individually as Americans ... and the other side says, ’Do nothing. Don’t even debate the issue,’" complained Sen. Charles Schumer, D-N.Y.
    "Average citizens are scratching their heads and saying, what’s wrong with Washington," said Schumer.
    GOP opponents argued that little was to be gained by imposing new taxes on the five U.S. oil giants: Exxon Mobil Corp., Chevron Corp., Shell Oil Co., BP America Inc. and ConocoPhilips Co.
    While these companies may be huge, they don’t set world oil prices and raising their taxes would discourage domestic oil production, the Republicans said of the Democrats’ plan.
    "In the middle of what some are calling the biggest energy shock in a generation ... they proposed as a solution, of all things, a windfall profits tax," Republican leader Mitch McDonnell of Kentucky chided the Democrats. He called their proposal "a gimmick" that would not lower gasoline prices and only hold back domestic oil production.
    "The American people are clamoring for relief at the pump," agreed Sen. Pete Domenici, R-N.M., but "they will get exactly what they don’t want" under the Democrats’ plan — higher prices and an increase in oil imports.
    The bill’s supporters argued that their proposal was different from the windfall profits taxes of the early 1980s that thwarted domestic production and led to a rise in imports. The oil companies could avoid the tax by using their "windfall" to push alternative energy programs or refinery expansions, they said.
    Shortly after the oil tax vote, Republicans blocked a second proposal that would extend tax breaks that have either expired or are scheduled to end this year for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. Again Democrats couldn’t get the 60 votes to overcome a GOP filibuster.
    Neither Republican presidential candidate John McCain nor his Democratic rival, Barack Obama, were in Washington to cast votes on the energy issue on Tuesday.
    Obama, in a statement, said Republicans had "turned a blind eye to the plight of America’s working families" by refusing to take up the energy legislation. Obama has supported additional taxes on the oil companies. McCain is opposed to such taxes and has proposed across-the-aboard tax reductions for industry as a way to help the economy.
    Election-year politics hung over the debate. Democrats know their energy package has no chance of becoming law. Even it were to overcome a Senate GOP filibuster — a longshot at best — and the House acted, President Bush has made clear he would veto it.
    But there was nothing to lose by taking on Big Oil when people are paying $60 to $100 to fill up their gas tanks.




    The oil companies have been frequent targets of Congress. Twice this year, top executives of the largest U.S. oil producers have been brought before congressional committees to explain their huge profits. And each time the executives urged lawmakers to resist punitive tax measures, blaming high costs on global supply and demand.
    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.
    In an attempt to dampen oil market speculation, the legislation would require traders to put up more collateral in the energy futures markets and would provide authority to regulate U.S.-based trading in foreign markets. And it would make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.
    After Tuesday’s defeat, Democrats did not rule out pushing the issue again.
    "This was politics at its worst," complained Sen. Claire McCaskill, D-Mo. "This was a refusal to debate the biggest problem confronting the American people. ... That takes nerve."



    Why are we giving tax breaks to the people that is gouging us? The are the only companies that haven't been hurt. They are profiting on the destruction of the US economy and we are giving them 18 BILLION dollars. This is clear proof that the US political system needs to be torn down and completely rebuilt. All it is is the rich people paying the politicians to make them richer.

    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.
    In an attempt to dampen oil market speculation, the legislation would require traders to put up more collateral in the energy futures markets and would provide authority to regulate U.S.-based trading in foreign markets. And it would make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.

  2. #2
    Doing it wrong until I do it right. xvart's Avatar
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    Should we be surprised? My questions about the little commentary at the beginning is what exactly is defined by "unreasonable profits"? I'm sure the bill contains more concrete definitions, but something like that could be debated for years, with no outcome.

    xvart.
    "The tragedy of life is not that every man loses; but that he almost wins."

    "Quis custodiet ipsos custodes?"

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    scottychaos's Avatar
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    Actually the Govt isnt looking out for the rich..they are looking out for themselves.

    Who makes the most profit from gas prices going up?
    its not the oil companies..its the government..national, state and local..
    because of the TAX on gas.

    Taxes on gas are not a fixed amount..they are a percentage of the price per gallon.
    so as the price per gallon goes up, government gets more and more money from gas taxes...therefore the govt has zero incentive to lower prices..they want and need the money.

    I agree high gas prices are influenced by our seriously messed up government..
    but not because of "doing favors for the rich"..
    all politicians look out for themselves, their jobs, their power, (which requires $$) FIRST.
    "the people" are always second..

    and its not just a "Republicans" thing..
    Democrats want and need just as much money as Republicans..
    ALL politicians are corrupt and ruled by money..
    actually, democrats want and need MORE money, because they need to fund all their welfare state projects..they need tons of (your) money to give away to people who dont feel like working for it.
    So dont expect democrats to fix anything..if anything, their "big government" policies will only make things worse..

    Scot

  4. #4
    SirKristoff is a poopiehead Ozzy's Avatar
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    Actually the Govt isnt looking out for the rich..they are looking out for themselves.
    They are looking out rich because they are the rich.

    Taxes on gas are not a fixed amount..they are a percentage of the price per gallon.
    That's untrue. The tax is a set amount per gallon. Each state has it's own rate plus the federal of 18.4 cents per gallon.

    http://www.gaspricewatch.com/usgastaxes.asp

    all politicians look out for themselves, their jobs, their power, (which requires $$) FIRST.
    "the people" are always second..

    Democrats want and need just as much money as Republicans..
    ALL politicians are corrupt and ruled by money..
    I agree 100%

    and its not just a "Republicans" thing..
    This issue is a republican thing.

    actually, democrats want and need MORE money, because they need to fund all their welfare state projects..they need tons of (your) money to give away to people who dont feel like working for it.
    So dont expect democrats to fix anything..if anything, their "big government" policies will only make things worse..
    That's completely false.

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    Outsiders71's Avatar
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    It didn't pass because it is totally an anti-american idea. We don't cap businesses from making profits or tax them because they can make a profit here in America. It wouldn't have changed a thing with gas prices either. People need to get their heads out of the sand and realize that there's a reason why the gas prices are so high are because of supply and demand. Go over to the EU and see how much gasoline is there. While gas prices are high we don't pay anything close to any other country in the world. It's a darn good thing these Republicans stood up for American and capitalistic ideals.

    BTW the smart thing to do (which the majority of Republicans agree with) is to drill more oil here on our soil in places like Alaska and to build more nuclear power plants. If Dems really cared about energy and the cost of oil they would help push for these ideas until we have something to replace oil all together.
    James 1:17

    "Every good and perfect gift is from above, coming down from the Father of the heavenly lights, who does not change like shifting shadows."

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    rattler's Avatar
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    #1 the feds and states make more from a gallon of gas than the oil companies and get the money with out risking a god damn thing....the oil companies are making huge $$ due to volume of sales

    #2 the price of oil is going up because demand is going up.....India and China are very oil hungry at the moment....and before you say there are more cars in the US than in both countries combined let me ask you this....where are all your plastic toys and crap made? 55% of a barrel of oil goes towards manufacturing such as plastics, rubber, solvents, paint ect......not to mention ALOT of China's electricity is produced by diesel generators..

    #3 part of the reason the price per barrel is going up is the fact its sold world wide based on US Dollars....the value of US dollars has been falling....hell a few years ago $1USD = $.85 Canadian......they are damn near equal now......

    #4 the oil companies do not have a monopoly on oil, especially US companies.....Exxon only controls 2% of the worlds oil reserves......countries such as Saudi Arabia or Venezuela have Exxon beat by a large margin on percentages of the worlds oil under their control....

    #5 oil is a commodity TRADED on the world market....just like grain, just like gold, just like silver, just like copper, just like lead....prices on ALL of these have gone up just like oil....hell while oil has only doubled in price...wheat has quadrupled.......the prices of ALL OF THESE are set on the world market....not by companies....

    #6 slapping oil companies with a windfall tax is going to screw up many ppls retirements as most retirement plans have oil company stocks included in them....stock prices are linked to profits, take away profits and stock prices fall.....not to mention it sends a shockwave through the whole economy because it means congress gets to dictate wiether or not your making to much money........

    #7 our congress keeps shutting down attempts to drill offshore and ANWR....aswell as tree huggers throwing a fit over new refineries being built....you want cheap gas? drill here drill now and build more refineries.......also its the wacko tree hugger types that keep shutting down nuclear power plants, wind power plants and all that.........if you look at why they arent being built its because idiots who say we cant drill for oil in ANWR also appose us building nuclear power plants to help get those in the northeast of of fuel oil heat and on to using electric heat.........

    im glad congress didnt pass the windfall tax....that whole idea is just plain fugging retarded
    cervid serial killer
    Know guns, know peace, know safety. No guns, no peace, no safety
    I didn't get stimulated but he kept his promise on change, that's about all I got left!
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    The are the only companies that haven't been hurt.
    + pharmaceutical companies, insurance companies, and credit card companies. Those 4 industries combined will always continue to make larger and larger profits, even in a recession.
    Z polski y dumny
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    rattler's Avatar
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    the credit card companies only make money cause ppl choose to live on credit which if they actually wanted to they wouldnt have to, but ppl like living above their means....pharmaceutical companies make big bucks cause americans want a pill to cure their ills rather than adjusting their diet or exercising......
    cervid serial killer
    Know guns, know peace, know safety. No guns, no peace, no safety
    I didn't get stimulated but he kept his promise on change, that's about all I got left!
    http://www.wolfpointherald.com/--http://www.safety-brite.net/

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