Senate Republicans Block Windfall Profits Tax On Big Oil Companies Options

[Reaper527]

http://gas2.org/2008/06/10/senate-gop-bloc...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.com/opinion/content/e...liams_edit.html

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.

This post has been edited by Reaper527: Jun 11 2008, 08:04 PM

[damam]

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.

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.


This post has been edited by damam: Jun 13 2008, 09:58 PM

[Reaper527]

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.

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.

[lordvader129]

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