You have commented 339 times on Rantburg.

Your Name
Your e-mail (optional)
Website (optional)
My Original Nic        Pic-a-Nic        Sorry. Comments have been closed on this article.
Bold Italic Underline Strike Bullet Blockquote Small Big Link Squish Foto Photo
Submit your comments on this article
Home Front: Culture Wars
Senate Goes After Big Oil
2011-05-11
Senate Democrats unveiled a plan Tuesday to save $21 billion over the next decade by eliminating tax breaks for the nation's five biggest oil companies, a move designed to counter Republican demands to control the soaring national debt without new taxes.

With the proposal, Democrats sought to reframe the debate over debt reduction to include fresh revenue as well as sharp cuts in spending. For the first time, Democratic leaders suggested an equal split between spending cuts and new taxes -- "50-50," said Senate Majority Leader Harry M. Reid (Nev.).
Hey! they left off the (D)!
(D-ipshit).
(D-$21 bil. taxes)
"We're not going to raise taxes," Senate Minority Leader Mitch McConnell (Ky.) told reporters.
And the (R)
(R-ino).
(R- $2 tril. spending cuts, if he's willing to go to the mattresses along with House Speaker John Boehner (R- $2 tril. spending cuts))
"That was decided in last November's election. I think the American people pretty clearly believe that we have the deficit problem because we spend too much, not because we tax too little."
Good for you, Mitch!
The clash over oil company subsidies is the latest flare-up in a broader battle over the most controversial budget issues: Republican demands for cuts to Medicare and other entitlement programs, and Democratic insistence on new revenue.
So, as usual, the Dims want to compromise and raise taxes.
Posted by:Bobby

#13  A nice cup of chamomile tea for dear USN, Ret. And another for Glenmore, who knows whereof he speaks.
Posted by: trailing wife   2011-05-11 23:32  

#12   Thus, what President Obama's team is proposing is that the oil business no longer be allowed to work under the same rules as all other businesses that file tax returns in the U.S.
And also TW, the recess-appointe head of the NLRB, a former union thug, is going after the Boeing Company for their new second assembly SC 787 plant, saying that they have caused job loss in the other WA. Can't figure out how a NEW plant as a second facility is causing job loss back at the ol' homestead ( its not but the IAM is all panty-wadded up about the SC plant being in a right to work state). do you really expect anything else from this POS muslimhugging POS ( ok maybe my meds need adjusted)
Posted by: USN,Ret.   2011-05-11 23:17  

#11  Actually, Alaska Paul, I think the public IS that stupid, thanks to decades of mis-education and indoctrination. And there is just enough truth in the allegations that the rest is given credibility. Because petroleum products are so critical to everything in our lives, we believe it is our 'right' to have it, and cost and profit have no place in the discussion. If there is no course change, I fear the industry will be nationalized within 4 years.
Posted by: Glenmore   2011-05-11 22:45  

#10  BO Admin thinks that they can beat on the oil companies and blame them for high prices. They think that the public is that stupid. Well they are not that stupid.

Once again, BO plays politics and offers no solutions. Nothing.
Posted by: Alaska Paul   2011-05-11 18:49  

#9  Â So you'd like to see them subsidize one industry but not others?

Rant burg has several posters who work in, or with, the oil industry. They have informed us repeatedly that the so-called subsidies are merely normal business tax credits for investment in future business and depreciation of assets currently in use. Thus, what President Obama's team is proposing is that the oil business no longer be allowed to work under the same rules as all other businesses that file tax returns in the U.S.
Posted by: trailing wife   2011-05-11 17:30  

#8  So you'd like to see them subsidize one industry but not others?
Free markets means just that, free from govt meddling. If the govt is subsidizing the oil industry, rest assured it is somehow driving up the price.
Posted by: Bugs Cleasing5509   2011-05-11 15:35  

#7  No one is paying the oil executives for the time they waste in these clown shows in DC (District of Clowns). There has been no price gouging, just the foolish notion that you do not have to drill to get lower prices. Things are just too stupid anymore.
Posted by: newc   2011-05-11 12:52  

#6  The jerks in Congress must take their constituents for utter fools.
Posted by: Anguper Hupomosing9418   2011-05-11 11:31  

#5  "We're not going to raise taxes," Senate Minority Leader Mitch McConnell (Ky.) told reporters.

So my taxes stay the same but now the oil companies have to ask for more to maintain profitability.

Sounds like another tax.
Posted by: gorb   2011-05-11 11:07  

#4  You stupid punks.
Posted by: newc   2011-05-11 10:09  

#3  The more of the oil industry they export, the more they hate the remnant that's left.

They want to pretend they can shoot Bin Laden with their right hand and then it won't matter that they've given away entire industrial sectors to his nominal allies with their left.
Posted by: Thing From Snowy Mountain   2011-05-11 09:34  

#2  Most of the tax 'breaks' are just accounting rules, and they apply to all corporations. If they try to just change them for certain companies, or even industries, they should have Constitutionality issues (not that that matters anymore.)
In any case, the oil companies will just embed the increased cost of doing business in the price of the products sold and pass it on to the consumer. Total profits and return on investment won't change much. It's a way of raising taxes in the background and getting to blame Big Oil. But at this point it's not like people can hate the oil companies more than they already do.
Long-term, I anticipate nationalization of the US oil industry, 'for the good of the people', and running it like AMTRAK.
Posted by: Glenmore   2011-05-11 08:54  

#1  Great idea! Now is an excellent time to make gas more expensive. It will encourage people to go out and buy a new $40,000 electric clown car from Government Motors.
Posted by: CincinnatusChili   2011-05-11 06:55  

00:00