We give tax breaks to oil companies, but not renewable energy companies
Yesterday Senate Republicans blocked the vote of a bill that would tax the windfall profits of oil companies as well as end their tax breaks. The Republicans said that we need to focus on more sources for oil.
Does this rub anyone else the wrong way? We are paying over $4 a gallon for gas in this country, Exxon makes billions in profit PER MONTH, we do not tax their absurd profits, and we give them $17 billion in tax breaks??? The Senate proposes a bill that would tax the windfall profits of these companies and end their billion-dollar tax breaks and elected officials have the gall to say no?
The Republicans said that raising the taxes on the oil companies will not lower the price of gas at the pump. This may be true, but wouldn’t that be the first step?
The oil companies have us by our throats, and this response by the Republicans only solidifies their grip. We need to start to shake free of these oil companies, there must eventually be a first step. Whats the worst that could happen $5 a gallon? That’s probably going to happen soon anyway!
“Besides the new levies, the bill would also have given the government more power to address oil market speculation, opened the way for antitrust actions against countries belonging to the OPEC oil cartel, and made energy price gouging a federal crime.” Does any of this sound bad?
Taxing windfall profits of oil companies, getting rid of their tax breaks (it should be a joke that they even get tax breaks), opening the way for antitrust actions against the OPEC oil cartel, and making energy price gouging a federal crime are things that should already be the norm.
It is absolutely absurd that it costs more for a gallon of gas than some people make an hour, the companies who sell gas are making billions in profit per month, and we give them tax breaks, and the freedom to price gauge.
We have all heard our members of Congress mention the need for alternative energy, but today they blocked a bill that would give $50 billion in tax credits to renewable energy research and development.
So let me get this straight, we give Exxon tax breaks, but not the companies who create renewable energy?
I guess it does make sense; oil companies have more money to contribute to politicians than renewable energy companies do. I wonder why nothing ever gets done?
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June 12th, 2008 at 2:53 pm
Stating that “we do not tax their absurd profits” is absolute b.s and I’m gonna have to call you on it Miller. Instead of getting your facts from the Sierra Club you ought to look at a financial statement sometime.
Exxon paid $9.3 Billion in worldwide income taxes in the first quarter of 2008 according to their latest quarterly report. That’s a 49% tax rate on it’s gross profit. Talk about absurd!
Yeah the U.S. government gives Exxon a break compared to the rest of the world. We only taxed Exxon an effective tax rate of 34% of their gross profits last year. The official US corporate tax rate is 35% and by the way, the average paid by the combined top 500 US companies was 26% for the same period.
You call that a break? Give me a break.
It’s sad that this blog has become nothing more than a portal for liberal bilge and no longer one who’s purpose is to “question all points of view…”