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Senate Republicans Block Windfall Profits Tax On Big Oil Companies


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#1 Reaper527

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Posted 11 June 2008 - 07:42 PM

http://gas2.org/2008...tax-on-big-oil/

its a good thing we have some reasonable people in the senate. 2 reasons this bill was a bad idea

1. taxing corporations doesn't work. the tax would have been passed on to the consumer in the form of a price hike.

2. oil companies aren't making the huge profits people think they are. look at their profit margins versus any other industry
http://biz.yahoo.com/p/s_qpmu.html

(it is under basic materials). the guys drilling are making pretty good money, but that is VERY dangerous work. the actual oil co's are making 4 or 5 percent. oil companies are making less per gallon than our government with the currently existing taxes.

this "lets raise taxes to lower prices" concept just boggles the mind.

---edit---

http://www.statesman...liams_edit.html

QUOTE

According to Department of Energy data, from 1977 to 2004, federal and state governments extracted $397 billion by taxing the profits of the largest oil companies and an additional $1.1 trillion in taxes at the pump—that's nearly three times what the oil industry made in profits over that same period.

Edited by Reaper527, 11 June 2008 - 08:04 PM.


#2 damam

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Posted 13 June 2008 - 09:56 PM

i saw the title on this, was itchin for a smack down, and was going to rip you a new one. But too my total dismay i completely agree with you. biggrin.gif

edit****
and what is the tax on gas . . . 18 cents per gallon, and the oil companies are making a ball busting 4 cents per gallon.

Edited by damam, 13 June 2008 - 09:58 PM.


#3 Reaper527

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Posted 15 June 2008 - 07:17 AM

QUOTE(damam @ Jun 13 2008, 05:32 PM) View Post

i saw the title on this, was itchin for a smack down, and was going to rip you a new one. But too my total dismay i completely agree with you. biggrin.gif

edit****
and what is the tax on gas . . . 18 cents per gallon, and the oil companies are making a ball busting 4 cents per gallon.


i think 18 cents is the federal tax, this is before the state tax is added in.

#4 lordvader129

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Posted 15 June 2008 - 03:37 PM

QUOTE(Reaper527 @ Jun 14 2008, 10:53 PM) View Post

i think 18 cents is the federal tax, this is before the state tax is added in.

a few years back when the state of illinois dropped it gas tax prices dropped about 25 cents a gallon

of course that period expired so now the state is making the tax again




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