Little-Acorn
New member
Looks like the Democrats will once again fail to cut our noses off to spite our faces.
Had the tax hike on oil companies passed, oil companies would have simply passed the costs on to their customers (you and me), thus raising the price of gasoline even higher. Oil companies don't have money trees. Where else did the Democrats expect them to get the extra money to pay for this new tax?
OTOH, if Democrats actually want oil prices to go DOWN as they claim, they could cut, say, the peresent Federal tax of $0.18/gallon on gasoline. Then the amount we pay for gas would go down.. along with the amount we pay for foodstuffs transported by truck or train, furniture made with power tools, anything containing vinyl plastic (made from petroleum), and lots of other things whose prices have been going up.
How about it, Dems? Do you actually want to HELP?
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http://www.newsmax.com/newsfront/Republicans_Tax_oil/2008/06/10/103266.html
Republicans Block Extra Taxes on Oil Companies
Tuesday, June 10, 2008 12:55 PM
WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.
The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.
"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.
But Republicans argued the Democratic proposal focusing on new oil industry taxes is not the answer to the country's energy problems.
"The American people are clamoring for relief at the pump," said Sen. Pete Domenici, R-N.M., but if taxes are increased on the oil companies "they will get exactly what they don't want. The bill will raise taxes, increase imports."
The Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration.
Had the tax hike on oil companies passed, oil companies would have simply passed the costs on to their customers (you and me), thus raising the price of gasoline even higher. Oil companies don't have money trees. Where else did the Democrats expect them to get the extra money to pay for this new tax?
OTOH, if Democrats actually want oil prices to go DOWN as they claim, they could cut, say, the peresent Federal tax of $0.18/gallon on gasoline. Then the amount we pay for gas would go down.. along with the amount we pay for foodstuffs transported by truck or train, furniture made with power tools, anything containing vinyl plastic (made from petroleum), and lots of other things whose prices have been going up.
How about it, Dems? Do you actually want to HELP?
----------------------------------------
http://www.newsmax.com/newsfront/Republicans_Tax_oil/2008/06/10/103266.html
Republicans Block Extra Taxes on Oil Companies
Tuesday, June 10, 2008 12:55 PM
WASHINGTON - Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.
The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.
"Americans are furious about what's going on," declared Sen. Byron Dorgan, D-N.D., and want Congress to do something about oil company profits and "an orgy of speculation" on oil markets.
But Republicans argued the Democratic proposal focusing on new oil industry taxes is not the answer to the country's energy problems.
"The American people are clamoring for relief at the pump," said Sen. Pete Domenici, R-N.M., but if taxes are increased on the oil companies "they will get exactly what they don't want. The bill will raise taxes, increase imports."
The Democrats failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster and bring the energy package up for consideration.
