Top Dems call on House GOP to eliminate oil industry tax breaks

[blacken700]

Source: The Hill

Top Senate Democrats are calling on House Republicans to agree to a plan to eliminate oil industry tax breaks as a means of reducing the deficit.

The proposal comes as House Republicans have pledged to cut federal spending by billions of dollars in an upcoming government funding measure that must be approved by Congress by early March.

<...>

In a Tuesday letter to Boehner, Senate Majority Leader Harry Reid (D-Nev.) and other senior Democrats call on Republicans to consider the proposal.

“We are concerned that some of the cuts you may propose could undermine future growth just as our economy is beginning to recover,” the letter says. “Instead, we urge you to consider ending a number of tax loopholes and other subsidies that benefit big oil and gas companies. Closing these loopholes would save the federal government more than $20 billion over 10 years.”

[Soul Crusher]

Open up vast areas for drilling, build more refinieries, and then discuss this   

[tonymctones]

Source: The Hill

Top Senate Democrats are calling on House Republicans to agree to a plan to eliminate oil industry tax breaks as a means of reducing the deficit.

The proposal comes as House Republicans have pledged to cut federal spending by billions of dollars in an upcoming government funding measure that must be approved by Congress by early March.

<...>

In a Tuesday letter to Boehner, Senate Majority Leader Harry Reid (D-Nev.) and other senior Democrats call on Republicans to consider the proposal.

“We are concerned that some of the cuts you may propose could undermine future growth just as our economy is beginning to recover,” the letter says. “Instead, we urge you to consider ending a number of tax loopholes and other subsidies that benefit big oil and gas companies. Closing these loopholes would save the federal government more than $20 billion over 10 years.”

I find the contradiction in his sentence extremely funny

[whork25]

I find the contradiction in his sentence extremely funny

Same here.
I think the oil companies has got Boehner by the balls somehow

[Soul Crusher]

I really don't get the hate on the oil companies.

[whork25]

I really don't get the hate on the oil companies.

No hate but tax breaks for the oil industry companies. Really?
The tax breaks should be for the small to medium firms not these guys

[Soul Crusher]

Oil, like food, is the life blood of this nation. 

[whork25]

Oil, like food, is the life blood of this nation. 

Yup but isnt it better to use the tax breaks on small to medium companies?
The oil companies are fine either way but we need to build up small businesses to get production back on american soil

[240 is Back]

I really don't get the hate on the oil companies.

they made 5 to 10 billion profit per year, and didn't have the brains to buy a $5000 piece to prevent a blowout?  The cleanup?  The shit they sprayed all over to clean it being more toxic than the oil itself?

Maybe we owe them an apology, like that one GOP congressman...

[Soul Crusher]

they made 5 to 10 billion profit per year, and didn't have the brains to buy a $5000 piece to prevent a blowout?  The cleanup?  The shit they sprayed all over to clean it being more toxic than the oil itself?

Maybe we owe them an apology, like that one GOP congressman...

  

[whork25]

they made 5 to 10 billion profit per year, and didn't have the brains to buy a $5000 piece to prevent a blowout?  The cleanup?  The shit they sprayed all over to clean it being more toxic than the oil itself?

Maybe we owe them an apology, like that one GOP congressman...

Nice

[Kazan]

So what happens if they eliminate tax breaks? Price of gas goes up, doesn't matter what business it is, the cost gets passed to the consumer. Then transportation...... costs more, food prices go up more, retail prices go up. So why now all of the sudden are the Dems interested in getting rid of the tax breaks?

[Soul Crusher]

So what happens if they eliminate tax breaks? Price of gas goes up, doesn't matter what business it is, the cost gets passed to the consumer. Then transportation...... costs more, food prices go up more, retail prices go up. So why now all of the sudden are the Dems interested in getting rid of the tax breaks?

Because they WANT energy prices to skyrocket.    I mean seriously, when they tell you this directy time and time again, what more else do you eed to know?     

[whork25]

So what happens if they eliminate tax breaks? Price of gas goes up, doesn't matter what business it is, the cost gets passed to the consumer. Then transportation...... costs more, food prices go up more, retail prices go up. So why now all of the sudden are the Dems interested in getting rid of the tax breaks?

So why even have the tax in the first place? If the cost get passed on to the consumer anyway?

[Kazan]

So why even have the tax in the first place? If the cost get passed on to the consumer anyway?

Are you under the impression that the government actually gives a shit? Next time you fill up your car with gas, look on the pump and see how much tax you are paying per gallon. Guess what you can't, because if you could, people would shit a brick knowing that for every gallon of gas about $1 goes to state and Fed taxes. Depending on where you live of course.

[Soul Crusher]

High energy prices are goin to send us into anther collapse.   If you look at when we had the lat collapse, it came fresh off the period gasoline went to $4.00 a gallon. 

And now obama and the other morons are talking about trains?   Honestly, I really am ebarrassed for our coutnry with economic stupidty and lunacy like we get from the WH and top leaders.   

[Soul Crusher]

[tonymctones]

Same here.
I think the oil companies has got Boehner by the balls somehow

the contradiction is worrying about growth and then closing tax loop holes for one of the biggest industries in the US...

LOL

[Fury]

$20 billion over 10 years. This is earth-shattering!

[Soul Crusher]

$20 billion over 10 years. This is earth-shattering!

Funny - Dems have held te congress since 2006, the WH an both houses from 2008 - 2010, and nw tey make this an issue?   

[kcballer]

I find it funny when 'free market' lovers like 333 get upset when the government wants to cut off it's welfare program for big business.  In this case big oil, in other cases food crops.  Hey i'm all for subsidized business but i'm a commie aren't i?  What does that make you 333 oh free market warrior?  A socialist too? 

[pedro01]

the contradiction is worrying about growth and then closing tax loop holes for one of the biggest industries in the US...

LOL

I guess the question is - how much are the oil companies going to grow if these taxes aren't applied ?

How many new jobs will now not be created because of the tax?

[Soul Crusher]

I find it funny when 'free market' lovers like 333 get upset when the government wants to cut off it's welfare program for big business.  In this case big oil, in other cases food crops.  Hey i'm all for subsidized business but i'm a commie aren't i?  What does that make you 333 oh free market warrior?  A socialist too? 

No, read my first post.  

[tu_holmes]

Funny - Dems have held te congress since 2006, the WH an both houses from 2008 - 2010, and nw tey make this an issue?  

Like Healthcare in 2008... The republicans could have done anything they wanted for 8 years and didn't do anything.

I know... not really the topic at hand, but if we're talking about hypocrisy... let's be real across the board.

[OzmO]

What happens to the price of gas when you tax oil companies more?  Does it go up or down?