Another Victory for the Oil Companies thanks to the Republicans in the Senate

[Straw Man]

Yesterday the Republicans in the Senate succeeded in fucking the American People once again for the benefit of the oil companies.   

Part of the Democracts plan (which passed in the House) was to eliminate tax credit for oil companies (yes - if you can fucking believe it we still give the oil companies tax credits) and use the increase in revenue to fund renewable sources of energy.

The $22 billion tax package would have extended tax credits for wind, solar and other renewable energy sources, with support also earmarked for fuel cell development, clean coal. Much of the tax package would have been paid for by the repeal of several oil industry tax breaks, potentially costing the industry more than $13.5 billion.

Republicans had made it clear they would require the Democrats to find 60 votes on the oil taxes and the White House had said repeatedly the $13.5 billion in taxes on the five largest oil companies over 10 years would assure a veto.

On the 59-40 vote that failed to overcome a GOP filibuster, Sen. Mary Landrieu, D-La., whose state's economy is dominated by oil and energy activities, was the only Democrat to break ranks. Nine Republicans supported the tax measures.

"The future just failed by one vote," said Senator Richard Durbin, an Illinois Democrat in the wake of the cloture vote. "The past was preserved … the oil companies are now celebrating in their boardrooms. Not only do they have the highest profits in history, they continue to have a death grip on this Senate."

The White House has said the taxes would lead to higher energy costs and unfairly single out the oil industry for punishment. A Democratic analysis showed that the $13.5 billion over 10 years amounted to 1.1 percent of the net profits that five largest oil companies would be expected to earn given today's oil prices.

READ THAT AGAIN - the repeal of the tax credits on oil companies would amount to 1.1% of their NET PROFIT and those $$$ would have gone toward the development of alternative energy and as an extra benefit maybe created some new jobs.


http://www.mercurynews.com/business/ci_7708189?nclick_check=1

http://www.ens-newswire.com/ens/dec2007/2007-12-14-10.asp

[Slapper]

Yesterday the Republicans in the Senate succeeded in fucking the American People once again for the benefit of the oil companies.   

Part of the Democracts plan (which passed in the House) was to eliminate tax credit for oil companies (yes - if you can fucking believe it we still give the oil companies tax credits) and use the increase in revenue to fund renewable sources of energy.

The $22 billion tax package would have extended tax credits for wind, solar and other renewable energy sources, with support also earmarked for fuel cell development, clean coal. Much of the tax package would have been paid for by the repeal of several oil industry tax breaks, potentially costing the industry more than $13.5 billion.

Republicans had made it clear they would require the Democrats to find 60 votes on the oil taxes and the White House had said repeatedly the $13.5 billion in taxes on the five largest oil companies over 10 years would assure a veto.

On the 59-40 vote that failed to overcome a GOP filibuster, Sen. Mary Landrieu, D-La., whose state's economy is dominated by oil and energy activities, was the only Democrat to break ranks. Nine Republicans supported the tax measures.

"The future just failed by one vote," said Senator Richard Durbin, an Illinois Democrat in the wake of the cloture vote. "The past was preserved … the oil companies are now celebrating in their boardrooms. Not only do they have the highest profits in history, they continue to have a death grip on this Senate."

The White House has said the taxes would lead to higher energy costs and unfairly single out the oil industry for punishment. A Democratic analysis showed that the $13.5 billion over 10 years amounted to 1.1 percent of the net profits that five largest oil companies would be expected to earn given today's oil prices.

READ THAT AGAIN - the repeal of the tax credits on oil companies would amount to 1.1% of their NET PROFIT and those $$$ would have gone toward the development of alternative energy and as an extra benefit maybe created some new jobs.


http://www.mercurynews.com/business/ci_7708189?nclick_check=1

http://www.ens-newswire.com/ens/dec2007/2007-12-14-10.asp

The Democrats are a BUNCH OF SHITHEADS.

[Straw Man]

The Democrats are a BUNCH OF SHITHEADS.

no argument from me - they are  about to cave on FISA too

Dems suck - Repubs suck 10 times more

[Straw Man]

You'd think the Repbublicans would see the longterm benefit to our national defence for developing alternatives to our dependence on foreign oil and also being the pro-business party they would get the double benefit of maybe creating some new jobs.  Alternative energy is going to be a big business in the future so why not get out in front and become a leader.

Again - the bill that passed the House wanted to repeal the tax credits for oil companies (this was characterized by the White House as a tax increase) and give those credits to development of alternative/renewable energy.

The repeal of the tax credits would have been equivalent to 1.1% of the oil companies NET PROFIT

It's mind boggling that the Republicans could justify stripping this out of the bill

[youandme]

that's no big surprise, corporate america wins in the end of every "compromise" they will headline new enviroment protections which will cost the company x amount of dollars, joe public is happy even though the government just paid for the issue for issueing a tax break or other deal the public has no idea about

[Straw Man]

If I'm not mistaken, when the oil execs. testified before congress a few years ago (without being sworn in) they said they didn't even want the tax credits.

Why in the world are we giving tax credits to the most profitable business on the planet???

[240 is Back]

This is beyond hilarious.


Quick, can some of our resident neotaints defend giving tax credits to such a profitable group of firms, even as gas prices skyrocket, the nat'l debt climbs, and the dollar drops.

You fucks.

[youandme]

If I'm not mistaken, when the oil execs. testified before congress a few years ago (without being sworn in) they said they didn't even want the tax credits.

Why in the world are we giving tax credits to the most profitable business on the planet???

to maintain the status quo. The oil sector keeps things moving, we say the gas prices are high but that is not news that is noise, we keep paying the amount and buying big cars so as long as they keep things moving on their side, while getting heavily compensated "everything is dandy"

Without these "tax breaks" we limit the masses in jobs, expoloration jobs we are paying the executives to keep the ball rolling to the little guy

[Straw Man]

to maintain the status quo. The oil sector keeps things moving, we say the gas prices are high but that is not news that is noise, we keep paying the amount and buying big cars so as long as they keep things moving on their side, while getting heavily compensated "everything is dandy"

Without these "tax breaks" we limit the masses in jobs, expoloration jobs we are paying the executives to keep the ball rolling to the little guy

oil is a finite commodity - as it become more scarce it will only continue to go up in price

This is a threat to our national security

Even if one ignores that there is simply no way to justify giving tax credits to the most obscenely profitable business on the planet

Also, the proposol to help divert funds into alternative/renewable energy would not even be felt by the oil companies.

It would reduce their net profit by a measly 1.1%

it makes no f'ng sense any way you look at it

[youandme]

oil is a finite commodity - as it become more scarce it will only continue to go up in price

This is a threat to our national security

Real threat for the future, sure: but politicians don't think of the future they are always engaged in a re-election, they can only do that by passing along the incentives