Big Oil says tax proposals "un-American (Full Version)

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Lucylastic -> Big Oil says tax proposals "un-American (5/15/2011 8:32:33 AM)

http://www.reuters.com/article/2011/05/11/us-usa-bigoil-taxbreaks-idUSTRE74A80920110511

(Reuters) - The world's biggest oil companies on Wednesday launched broadsides against Democratic plans to pare back some of their cherished U.S. tax breaks, saying the measure was "un-American" and would only push up already high gasoline prices. Top executives from the five biggest oil companies will testify about the tax breaks on Thursday before the Senate Finance Committee. A day before the hearing companies and lawmakers traded barbs over the effort that Democrats say could help cut the deficit by about $21 billion over a decade.Senate Majority Leader Harry Reid has said he hopes a bill repealing the tax breaks will be voted on in the full chamber next week.Eliminating the tax breaks has been a goal of President Barack Obama and the call by lawmakers has become louder with stubbornly high fuel prices ahead of next year's elections. The effort will face opposition by Republicans and some Democrats who fear it could send gasoline prices higher. But with $4 a gallon gasoline, it could also be an awkward time for many politicians to appear to be supporting oil companies.


But its the poor/union workers and sick and underemployed in the country and people who long to be able to own their homes that are the trouble with the US.
Here 's some  lube...I added sand so you get the real feel of being shafted





Sanity -> RE: Big Oil says tax proposals "un-American (5/15/2011 8:53:17 AM)


Sounds like the  Democrats

Fuel prices are already breaking Americas back so they say "raise taxes on fuel"

Pure genius





Lucylastic -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:02:45 AM)

I put Tabasco in your sample, Im sure you like the burning feeling as you get it.



Edwynn -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:09:34 AM)




Making the most profitable company in history (ExxonMobil) by a large margin, second place not even close, actually have to figure out how to survive with a proposal that would give them only two supertankerfuls of tax money instead of the three they are accustomed to  getting, while small businesses and individual taxpayers have had to pay to make up for it ... 

I don't know if I would call it genius, but it's a step in the right direction in any case.



PS


The effect of the elimination of these few tax breaks (out of many the oil companies currently enjoy) on pump price could easily be counteracted by increasing supply, which the oil companies are well able to do.


In fact, they could have increased supply this whole time to keep prices steady or rising more slowly.


Sorry, this whole laughable attempt at putting the onus of price increase on removal of some portion of tax gifts to the oil companies when they have been witholding supply the whole time won't cut it.









KenDckey -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:12:00 AM)

I say drop the tax cuts.   They may compensate by raising prices, but it isn't the business of govt to give handouts to anyone individual or any company



pyroaquatic -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:17:33 AM)

Surprise! Big Oil is not the only thing in existence.....

it's getting to the point where I don't care if the price goes up. I can barely afford to get into town as we speak. Give me the death knell already.

Exclamation POINT.



RacerJim -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:21:02 AM)

The U.S. Federal government makes many times over more money per gallon of fuel than any oil company does.



KenDckey -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:28:03 AM)

Fed Sales Tax is 15.436%    AZ sales tax is 5.6% and AZ Fuel Tax is 18% (total about 39% tax)



Edwynn -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:42:04 AM)




"many times over" ? Really now.

Let's see the numbers.

The federal gasoline tax is 18.4 cents/gal. Refinery profits are highly variable, and even the average changes a good bit. The refining industry claims long-term average refinery profit of 15 cents/gal. That's "many times over"?

In any case, the oil companies make money from things aside from refining gasoline. Did you know that?

The oil companies could easily increase refining profits by selling the oil at a better wholesale rate (especially to themselves), but they get a far better chunk of tax dollars on the pre-refining side of it, so it certainly makes sense to keep the higher profits on that end and keep refining profits intentionally low.











flcouple2009 -> RE: Big Oil says tax proposals "un-American (5/15/2011 9:42:57 AM)

quote:

ORIGINAL: RacerJim

The U.S. Federal government makes many times over more money per gallon of fuel than any oil company does.


[8|]



DomKen -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:27:15 AM)


quote:

ORIGINAL: RacerJim

The U.S. Federal government makes many times over more money per gallon of fuel than any oil company does.

bullshit.
Latest year I could find the data for was 2008. The feds took in $29.6B in taxes on vehicle fuel. Exxon's profit for the same year was $45B. Not revenue but actual profit.



MasterJaguar01 -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:30:41 AM)

quote:

ORIGINAL: Sanity


Sounds like the  Democrats

Fuel prices are already breaking Americas back so they say "raise taxes on fuel"

Pure genius






And what exactly does ending subsidies to oil companies have to do with raising taxes on fuel?   The last person to raise taxes on fuel (at a Federal level) was Ronald Reagan.  (Not exactly a Democrat (at least as President))

I'm no Socialist...  In fact I am an avid Capitalist.  But energy as public policy does NOT belong in the hands of the private sector.  The Republican idea that subsidizing oil companies is a way to ensure affordable energy has always been laughable.  "Drill baby drill" is a joke as well.  WHY?  Here is the little secret the Republicans and the oil companies don't want you to know:

Oil acquired on U.S. land (given almost free as a gift from WE the people) does NOT stay in some jar on a shelf, waiting to be refined and sold here in the U.S.  It is sold on the world market to the highest bidder.

W need to nationalize the oil industry and maintain control over the supply. We need to monitor and regulate the delta between what we have domestically and what needs to be purchased overseas.  We can then get back to what the TRUE price of exploring, transporting, refining, and selling a gallon of gasoline should be.  Energy and Healthcare are two areas where the private sector has been a complete and dismal failure.  (And this is coming from a Capitalist)

This so-called "Energy Policy" of lining the pockets of the oil companies needs to end.



willbeurdaddy -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:39:54 AM)

quote:

ORIGINAL: KenDckey

I say drop the tax cuts.   They may compensate by raising prices, but it isn't the business of govt to give handouts to anyone individual or any company


This. But at the same time drop ALL tax breaks for all organizations that arent exclusively charitable. No churches, no community outreach, no Planned Parenthood, no NPR, no alternative energy research, no farm subsidies, no ethanol subsidies, nothing. If 85% of your receipts arent paid out to needy recipients and there arent strict compensation limits for executives you pay taxes.



KenDckey -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:43:04 AM)

You question is a question to me    I didn't understand it



ArizonaBossMan -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:46:40 AM)

This is a perfect time for a flat, fair tax. I'd just as soon eliminate all tax deductions. Lower taxes for everybody AND have more people pay taxes. I'm talking the so called "poor people" of obama's... they need to learn no more freeloading. We have a HUGE percentage of people who pay NO taxes but do take take take. Like Lady Thatcher once said, socialism works great until you run out of other peoples money. Imagine a flat, fair, simple tax system where you don't have to hire accountants and tax lawyers? No need to cheat on taxes because it will be seen as fair and equitable. Now? Give any return to 20 IRS agents and you get twenty different answers. The IRS is also used to punish political enemies.



willbeurdaddy -> RE: Big Oil says tax proposals "un-American (5/15/2011 10:47:07 AM)


quote:

ORIGINAL: DomKen


quote:

ORIGINAL: RacerJim

The U.S. Federal government makes many times over more money per gallon of fuel than any oil company does.

bullshit.
Latest year I could find the data for was 2008. The feds took in $29.6B in taxes on vehicle fuel. Exxon's profit for the same year was $45B. Not revenue but actual profit.


Why dont you try comparing DOMESTIC profits on GASOLINE, not WORLDWIDE profits on EVERYTHING they do? Oh yeah, because intellectual honesty has never been your strong suit.



flcouple2009 -> RE: Big Oil says tax proposals "un-American (5/15/2011 11:00:19 AM)

wilbur discussing honesty,  that is a riot.

if this was about honesty wilbur you would quit trying to tie into gas while ignoring the parts that deal with exploration and oil.

You twisted the conversation from the start.



outhere69 -> RE: Big Oil says tax proposals "un-American (5/15/2011 2:55:47 PM)

quote:

ORIGINAL: Sanity
Sounds like the  Democrats

Fuel prices are already breaking Americas back so they say "raise taxes on fuel"

Pure genius

*gasp!*  You'd advocate the oil companies' taking a government handout????



willbeurdaddy -> RE: Big Oil says tax proposals "un-American (5/15/2011 3:44:39 PM)


quote:

ORIGINAL: KenDckey

You question is a question to me    I didn't understand it


I didnt ask you a question..I agreed with you and then added what else I think needs to be done.



willbeurdaddy -> RE: Big Oil says tax proposals "un-American (5/15/2011 3:46:01 PM)

quote:

ORIGINAL: flcouple2009

wilbur discussing honesty,  that is a riot.

if this was about honesty wilbur you would quit trying to tie into gas while ignoring the parts that deal with exploration and oil.

You twisted the conversation from the start.



I didnt twist anything. I responded directly to a point made and erroneously rebutted. But, to shamelessly echo my favorite response of the day...Im not surprised you cant follow that, because you didnt see it on the View. That is precisely the level of your political/economic acumen. So go back to the yentas and let the rest of us have a real conversation.



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