Oil Companies - Wind Falls
Well according to this report it seems that the Republicans have beaten back those waskely democrats from trying to add a wind-fall profits tax to oil companies.
WASHINGTON — Senate Republicans beat back Democratic attempts Thursday to use a $60 billion tax bill to pinch oil and energy companies that have been reporting record profits while consumers pay high gasoline prices.
The bill, which would prevent a number of individual and business tax breaks from expiring, already levies almost $5 billion in taxes on major oil companies.
The energy amendments faced opposition from the Republican majority and stood little chance of success, but they reflected attentiveness on Capitol Hill to high gasoline prices and fears of skyrocketing home heating costs this winter.
Anyone who knows anything about taxes and corporations knows that corporations DON’T PAY TAXES. They simply collect taxes for the government they collect from consumers via higher prices. Also anyone who knows anything about economics knows this was STUPID LEGISLATION.
These two crack pot Senator’s tried this.
Democratic Sens. Byron Dorgan of North Dakota and Chris Dodd of Connecticut lost a bid to impose a temporary windfall profits tax of 50 percent on the sale of oil over $40 a barrel, applied to profits not reinvested in increasing domestic oil and gas supplies. They would have returned the money to energy consumers through an income tax rebate. A 35-64 procedural vote defeated their effort.
Fortunately for all of us, it failed.
Who would pay for this? We would through higher prices. Do they not think we already pay too much in gas taxes. Sadly for the American people have been shafted through corporate taxes for way too long. This is just another way politicians get our money without us realizing it.
Consider reading the Fair Tax Plan for more info on the subject.