Republicans block repeal of 21 Billion Dollars in oil subsidies

[rdean]

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.

 

[Mr. H.]

Bravo!

 

[Sunni Man]

Bravo!

I second that!!

 

[Dot Com]

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 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.

 

[Mr. H.]

There are plenty of flush industries out there. It's a witch hunt, and makes the Dems look good with elections on the horizon.

 

[boedicca]

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.

 

[Old Rocks]

Good ol' Republican morality.

 

[boedicca]

Indeed. Equal treatment under the law is a great old value to support.

 

[Dot Com]

 

[boedicca]

Are you stalking me again you PERV?

 

[Dot Com]

Go bump my thread some more dummy.

 

[Steve Hanson]

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.

Fair and equal treatment. Exactly how it should be.

 

[initforme]

You can bet that all those profits and tax breaks enjoyed by nobody else will result in no more jobs and they will not put the money back into the economy of the US. It seems people want some teacher making $50,000 to pay more for their benefits. Thats perfectly fine with me. But to ask the oil companies to pay their fair share is unthinkable. Something is wrong here. Wall street is not innocent either. Wall street is part of the problem as they are hurting and have been hurting this nation for many many years. They should have no protection whatsoever.

 

[boedicca]

You can bet that all those profits and tax breaks enjoyed by nobody else will result in no more jobs and they will not put the money back into the economy of the US. It seems people want some teacher making $50,000 to pay more for their benefits. Thats perfectly fine with me. But to ask the oil companies to pay their fair share is unthinkable. Something is wrong here. Wall street is not innocent either. Wall street is part of the problem as they are hurting and have been hurting this nation for many many years. They should have no protection whatsoever.

Sad little moron.

"All Those Profits" affect the stock price of the shares held by millions of Americans in their 401Ks, IRAs, and pension funds.

 

[Steve Hanson]

Indeed. Equal treatment under the law is a great old value to support.

It's what makes this country great. It's unfortunate some would like to change all that.

 

[rightwinger]

God knows the oil companies deserve our tax dollars. Who deserves it more......working stiffs or multimillion dollar corporations?

Thanks Republicans

 

[American Horse]

You can bet that all those profits and tax breaks enjoyed by nobody else will result in no more jobs and they will not put the money back into the economy of the US. It seems people want some teacher making $50,000 to pay more for their benefits. Thats perfectly fine with me. But to ask the oil companies to pay their fair share is unthinkable. Something is wrong here. Wall street is not innocent either. Wall street is part of the problem as they are hurting and have been hurting this nation for many many years. They should have no protection whatsoever.

These are so called "tax subsidies" put in place by the policy-makers/elected officials to incentivize and encourage companies to produce certain desirable results. In the case of oil companies it's to encourage exploration and investment in facilities that promote and provide for our energy plant. Other companies might be subsidized in the area of research and development. These seem to be worthwhile goals, and result in increased revenues to the US treasury in the future.

Removing these accelerated deductions will reduce employment, increase unemployment, and result in those same taxes being paid by those who need energy for their lives and livelihood, and all for nothing but tactical political gain by the party of "no new ideas."

Much more than half of the voting public is aware of these facts and will not be taken in. Also more speculation will result and have its own exacerbating affect on the cost of oil and gasoline.

 

[rightwinger]

You can bet that all those profits and tax breaks enjoyed by nobody else will result in no more jobs and they will not put the money back into the economy of the US. It seems people want some teacher making $50,000 to pay more for their benefits. Thats perfectly fine with me. But to ask the oil companies to pay their fair share is unthinkable. Something is wrong here. Wall street is not innocent either. Wall street is part of the problem as they are hurting and have been hurting this nation for many many years. They should have no protection whatsoever.

Sad little moron.

"All Those Profits" affect the stock price of the shares held by millions of Americans in their 401Ks, IRAs, and pension funds.

So they deserve corporate welfare on top of their profits......can't wait to check my 401k

 

[CrusaderFrank]

Keep those gas prices high!

Sweet!

Compared to the beating the Dems will get in 2012, 2010 will look pretty fucking good.

 

[Dot Com]

Thangod the Repubs know who they work for