http://news.yahoo.com/s/ap/20080610...oil_profits;_ylt=AojpN06QPRrwa.oKhrUBXPpI2ocA
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.
The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation"
While the country is reeling from higher gas prices the oil companies are making record profits.This bill would have taxed those "windfall" profits and repealed the tax breaks the oil companies were given which with the huge profits they don't need.Also they would have regulated the speculative oil market traders more which is blamed for some of the rapid recent price surge.So what do the pubs do? Stonewall it and block it!They are going to really pay the price for that I bet.They won't be blocking things like this soon because the dems will have big enough majority's after nov. to do these things no matter what the bought and paid for oil company lackeys (the pubs) want.
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.
The windfall profits bill would have imposed a 25 percent tax on profits over what would be determined "reasonable" when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation"
While the country is reeling from higher gas prices the oil companies are making record profits.This bill would have taxed those "windfall" profits and repealed the tax breaks the oil companies were given which with the huge profits they don't need.Also they would have regulated the speculative oil market traders more which is blamed for some of the rapid recent price surge.So what do the pubs do? Stonewall it and block it!They are going to really pay the price for that I bet.They won't be blocking things like this soon because the dems will have big enough majority's after nov. to do these things no matter what the bought and paid for oil company lackeys (the pubs) want.
anyway
