Here we go again,,Tax Breaks for oil companies!

[steveox]

WASHINGTON – House Speaker John Boehner said Monday that Congress should "take a look at" repealing the multibillion-dollar tax subsidies enjoyed by the major oil companies.

The Ohio Republican told "ABC World News" that the government is low on revenues and that oil companies "ought to be paying their fair share." A gallon of gasoline exceeds $4 in some parts of the country

We certainly ought to take a look at it," Boehner said. "We're at a time when the federal government's short on revenues. We need to control spending but we need to have revenues to keep the government moving."

For example, Boehner said big oil companies don't need the so-called oil depletion allowance, but that taking it away from smaller producers would mean even less domestically produced oil. The allowance allows producers a tax deduction comparable to the break given manufacturers for depreciation of the value of an investment in plants and equipment.

http://news.yahoo.com/s/ap/20110426/ap_on_re_us/us_boehner_big_oil_tax_breaks_3

Isnt that we all voted for democrats for in the 2008 election? We wamt the wealthy to pay their fair share! Its pathetic that G.E Didnt pay a single penny to the I.R.S! Why not cut the Gas tax? Cut all 17 cents a gallon of gas instead?

 

[steveox]

So both republicans and democrats now speak for the rich! Its time for the Tea Party Revolution!! Sarah Palin in 2012!!!

 

[GenSeneca]

The Ohio Republican told "ABC World News" that the government is low on revenues and that oil companies "ought to be paying their fair share."

[O]ver the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in 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. - Tax Foundation​

A gallon of gasoline exceeds $4 in some parts of the country

Gas @ $4.00 per Gallon
"Big Oil" Profit 10.5% (0.42c/gallon)
Gas Tax (.18:Fed+.28:State=.46c/gallon) <---Direct tax
Indirect taxes - those levied on Oil Companies - are shown over a 25 year period to be 3 times what oil companies make in profits... thats $1.26 @$4.00/gal.

Compare profits on gas @ $4.00/gal:
"Big Oil" makes $0.42c/gal
Uncle Sam rakes in: $1.72/gal

Which one is ripping you off?

"We're at a time when the federal government's short on revenues."

Not from a lack of taxation John.

 

[steveox]

[O]ver the past 25 years, oil companies directly paid or remitted more than $2.2 trillion in 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. - Tax Foundation​

Gas @ $4.00 per Gallon
"Big Oil" Profit 10.5% (0.42c/gallon)
Gas Tax (.18:Fed+.28:State=.46c/gallon) <---Direct tax
Indirect taxes - those levied on Oil Companies - are shown over a 25 year period to be 3 times what oil companies make in profits... thats $1.26 @$4.00/gal.

Compare profits on gas @ $4.00/gal:
"Big Oil" makes $0.42c/gal
Uncle Sam rakes in: $1.72/gal

Which one is ripping you off?


Not from a lack of taxation John.

Uncle Sam is ripping us off!!!

 

[TruthSeeker]

Uncle Sam is ripping us off!!!

I don't have a problem paying taxes on gasoline and diesel, as long as there is a guarantee from the feds and all 50 states that ALL of the proceeds are being used to repair and upgrade this country's roads and bridges. But, we know that is not the case.

As long as we have our present taxation system, there are going to be loopholes and cheaters, from the individual taxpayer all the way up to the biggest corporations.

We all have to realize that NO company pays taxes.......they just pass on their tax obligations to the consumers, via higher prices and surcharges.

Change the taxation system, and the problem goes away. Seems pretty damn simple to me.

This country has reverted back to the 18th century, when "we the people" had "taxation without representation". Our so-called "representatives" in Washington, D.C. are only representing themselves and their own interests.

 

[steveox]

Why not just create Toll booths? Or congestion charge like U.K has? Put Cameras on highways and if your driving between the hours of 7AM-10AM 3PM-6PM You pay $2.50 each time you use the highway during rush hour. Look what the U.K is doing

http://usahour.users23.interdns.co.uk/?p=congestion.charge

Why not that alternative to Gas taxes?

 

[Dr.Who]

Reading between the lines "take a look" is a direct statement to the oil companies that they are not donating enough to the pub campaign funds.

They should never have received the subsidies in the first place and eliminating the subsidies should not be based on donations.

 

[TruthSeeker]

Reading between the lines "take a look" is a direct statement to the oil companies that they are not donating enough to the pub campaign funds.

They should never have received the subsidies in the first place and eliminating the subsidies should not be based on donations.

I'll go one or two steps farther. ALL subsidies should be abolished, period.

General Motors should never have received a dime of taxpayer money. Nor should have Goldman Sachs or Chrysler or AIG or Fannie Mae or Freddie Mac or Bank Of America or JP Morgan Chase Or Wells Fargo or GMAC or Morgan Stanley or American Express or Key Corp, etc., etc., etc.

Where is the accountability? There is NONE, and that is why these "bailout babies" haven't learned a damn thing from the messes they all got themselves into in the first place.

 

[Dr.Who]

I'll go one or two steps farther. ALL subsidies should be abolished, period.

General Motors should never have received a dime of taxpayer money. Nor should have Goldman Sachs or Chrysler or AIG or Fannie Mae or Freddie Mac or Bank Of America or JP Morgan Chase Or Wells Fargo or GMAC or Morgan Stanley or American Express or Key Corp, etc., etc., etc.

Where is the accountability? There is NONE, and that is why these "bailout babies" haven't learned a damn thing from the messes they all got themselves into in the first place.

I'll see you a GM and raise you an endowment for the arts, NASA, scientific research, and social programs that go beyond being a safety net.

 

[TruthSeeker]

I'll see you a GM and raise you an endowment for the arts, NASA, scientific research, and social programs that go beyond being a safety net.

There is plenty of rancid meat to cut from the entitlement bones.

NASA I can justify keeping around. Obama has already slashed NASA's budget significantly.

What needs to happen is a 100% review of every dime of money that the federal government doles out to agencies, departments, and all other federally funded freeloading entities.

Force these entities to justify their budgets, and/or their existence.

Balancing the federal budget is not difficult. It just takes courage, integrity, honesty, and accountability.

 

[Rick]

The oil company tax issue is just demogogy intended to take attention away from obozo's war in libya and his continued failures with the economy. The added revenue would be about $4 billion - chump change - about 1/5000th of the debt obozo has incurred in two years. The added oil company costs would just drive up pump costs.

 

[nobull]

There is plenty of rancid meat to cut from the entitlement bones.

NASA I can justify keeping around. Obama has already slashed NASA's budget significantly.

What needs to happen is a 100% review of every dime of money that the federal government doles out to agencies, departments, and all other federally funded freeloading entities.

Force these entities to justify their budgets, and/or their existence.

Balancing the federal budget is not difficult. It just takes courage, integrity, honesty, and accountability.

very well said...thanks

 

[Dr.Who]

What needs to happen is a 100% review of every dime of money that the federal government doles out to agencies, departments, and all other federally funded freeloading entities.

Sooomebody should run on that platform. Aaanyone. Any one senator from chicago. And then he should actually do it. And if not he should be abandoned by his own base. But whooo? Who could have said that?