- Joined
- Sep 13, 2007
- Messages
- 79,903
- Reaction score
- 20,981
- Location
- I love your hate.
- Gender
- Male
- Political Leaning
- Libertarian
WASHINGTON – Senate Democrats are moving to quintuple the tax that oil companies pay into an oil spill liability fund.
The move would raise $15 billion over the coming decade as Congress seeks to shore up the fund in the wake of the catastrophic spill in the Gulf of Mexico. But it's also being used to ease a tax hike passed by the House on investment fund managers.
The new legislation would raise the tax on oil produced offshore from 8 cents to 41 cents per barrel. That's nine cents higher than legislation that passed the House last month.
Democrats propose further tax hike on offshore oil - Yahoo! News
That's right... where's the lockbox?None of this tax should be used for anything else.
None of this tax should be used for anything else.
Another stealthly tax to be levied on the citizenry. "never let a crisis go to waste"
Is it "stealthy" when every single act of congress is public knowledge? I hope the F-22 is sneakier than this.
I think you are missing the point.... it is a stealthy tax of the citizens as it will be perceived as a tax only on the oil companies. Most people can't connect the dots.
Before rushing to create a new federal tax, lawmakers should ask two questions:
(1) Do oil companies currently pay too little in taxes compared to profits?
(2) What was the effect of the last windfall profits tax enacted in 1980?
The answer to the first question is that over the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in taxes, after adjusting for inflation, to federal and state governments—including excise taxes, royalty payments and state and federal corporate income taxes. That amounts to more than three times what they earned in profits during the same period, according to the latest numbers from the Bureau of Economic Analysis and U.S. Department of Energy.
These figures do not include local property taxes, state sales and severance taxes and on-shore royalty payments.
The answer to the second question, according to the Congressional Research Service (CRS), is that the 1980s windfall profits tax depressed the domestic production and extraction industry and furthered our dependence on foreign sources of oil.1
Exactly. The oil companies will pass any tax increase onto their customers, us. I wish more people understood that using taxes as a way to punish companies really doesn't work.
Macro-economic mental midgets, libs.
"Lib" being a technical term for anyone who doesn't agree with your point of view.
This tax amounts to about $4.50 per person per year. If it affects the price of gas at all, it will be less than a penny a gallon. It isn't a big deal.
It isn't a big effing deal, not even in Biden's book.
Of course, it's possible that the federal government will use it for other things once it is passed, but wouldn't it be a good idea to have a contingency fund, paid for by the oil companies, for just such a disaster as is happening now?
or is it only "libs" who would like to see some preparation instead of waiting for disaster, then pointing fingers of blame and expecting the taxpayers to bail out the company that created the disaster through their own poor planning?
Exactly. The oil companies will pass any tax increase onto their customers, us. I wish more people understood that using taxes as a way to punish companies really doesn't work.
The customer is the consumer. We're not blameless in this energy situation, you know.
Did you **** up the oil platform?..... I know I am totally blameless, but you seem to have a guilty conscience.
Reread my post. You may notice I didn't mention the oil platform.
So what are you feeling guilty about?
The customer is the consumer. We're not blameless in this energy situation, you know.
I would agree to this on these conditions. 100% of the funds raised went to disaster preparedness and spill mitigation. Including funding and equipping the 1994 plan.
Reverend_Hellh0und said:This tax however should only be applied to barrels produced on the gulf.
I think you are missing the point.... it is a stealthy tax of the citizens as it will be perceived as a tax only on the oil companies. Most people can't connect the dots.
I would agree to this on these conditions. 100% of the funds raised went to disaster preparedness and spill mitigation. Including funding and equipping the 1994 plan.
This tax however should only be applied to barrels produced on the gulf.
None of this tax should be used for anything else.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?