Republicans block repeal of 21 Billion Dollars in oil subsidies

Discussion in 'Congress' started by rdean, May 17, 2011.

  1. rdean
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    rdean rddean

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    The heads of the five oil companies defended the tax breaks at a Senate hearing last week, saying they just want the same tax advantages enjoyed by other industries. The companies are Shell Oil Co., ExxonMobil, ConocoPhillips, BP America and Chevron Corp.

    Together, they logged profits totaling $36 billion during the first quarter. The Democrats say that with profits that high, the big oil companies wouldn't miss tax breaks that average $2 billion a year.

    The U.S. Chamber of Commerce called the tax increases "misguided, unwarranted, and ultimately counterproductive."

    Republicans argue that their bill, which is backed by the Chamber of Commerce, would increase domestic oil production, sending a signal to the market that could eventually lead to lower gas prices. Similar measures easily passed the Republican-controlled House.

    The bill being voted on Tuesday would target only the five largest oil companies, raising about $21 billion over the same period.

    Senate takes up bill repealing $2B oil tax breaks | KETK

    Yes, that is the SAME Chamber of Commerce that worked with the Republican Party and the Chinese government to move 2.4 million jobs to China from 2001 to 2008. The same Chamber of Commerce that has received tens of millions from China. The same Chamber of Commerce that gave tens of millions to Republicans in the last election. According to the Chamber of Commerce, the money that came from China and the money they gave to Republicans are in "separate" accounts. Because of the Supreme Court ruling, The Chamber of Commerce are not obligated to say where the money they gave to Republicans came from. I've linked to all this stuff before. In fact, I even posted the "Invitation" that came from the China and the Chamber of Commerce inviting business owners to come to the sponsored seminars to learn how to outsource to China.
     
  2. Mr. H.
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    Mr. H. Diamond Member

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    Bravo! :clap2:
     
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  3. Sunni Man
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    Sunni Man Diamond Member

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    I second that!! :clap2:
     
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  4. Dot Com
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    Dot Com Nullius in verba Supporting Member

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    The operative word being "could". They will protect the uber-rich, at the expense of the other 95% of the citizenry, to their last breath as they are against campaign finance reform in any form.
     
  5. Mr. H.
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    Mr. H. Diamond Member

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    There are plenty of flush industries out there. It's a witch hunt, and makes the Dems look good with elections on the horizon.
     
  6. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Good news. Why should oil companies be treated to a tax policy equivalent of a "bill of attainder"?

    Other industries with heavy capital investment requirements are allowed to accelerate depreciation on equipment (which just means less write-offs and higher taxes in the future). The oil industry should not be singled out with a differing tax policy.
     
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  7. Old Rocks
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    Old Rocks Diamond Member

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    Good ol' Republican morality.
     
  8. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Indeed. Equal treatment under the law is a great old value to support.
     
  9. Dot Com
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    Dot Com Nullius in verba Supporting Member

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    [​IMG]
     
  10. boedicca
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    boedicca Uppity Water Nymph Supporting Member

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    Are you stalking me again you PERV?
     

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