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Energy Bill Blocked by Senate Republicans Because of Taxes on Oil Companies

Discussion in 'BBS Hangout: Debate & Discussion' started by hotballa, Dec 13, 2007.

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  1. hotballa

    hotballa Contributing Member

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    ok well this is frustrating. lobby dollars hard at work. perosnally i'd like to tax these companies to death. conservatives talk all the time about taking away welfare to force people to get a job, so why the hell don't we do the same to the oil companies and force Americans to get something other than oil?

    http://www.cnn.com/2007/POLITICS/12/13/congress.energy.ap/index.html

     
    #1 hotballa, Dec 13, 2007
  2. weslinder

    weslinder Member

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    Second-highest average corporate income taxes in the world. Corporations don't pay taxes. It's a backdoor way to raise the taxes on consumers.
     
    #2 weslinder, Dec 13, 2007
  3. insane man

    insane man Member

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    but corporations are persons!!!!!
     
    #3 insane man, Dec 13, 2007
  4. DonkeyMagic

    DonkeyMagic Member
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    tax them to death huh? really think that will solve anything?
     
    #4 DonkeyMagic, Dec 13, 2007
  5. hotballa

    hotballa Contributing Member

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    yes actually I do. the other option is to break them up like we did to AT&T, and I doubt that's ever going to happen
     
    #5 hotballa, Dec 13, 2007
  6. rhadamanthus

    rhadamanthus Member

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    We don't need new taxes. We need to cut government spending.

    50%.
     
    #6 rhadamanthus, Dec 13, 2007
  7. DonkeyMagic

    DonkeyMagic Member
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    what will it solve, exactly?
     
    #7 DonkeyMagic, Dec 13, 2007
  8. hotballa

    hotballa Contributing Member

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    which part? breaking them up? or taxing them to death? I'm for both :D
     
    #8 hotballa, Dec 13, 2007
  9. updawg

    updawg Member

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    Do you mind if they do the same to your employer?
     
    #9 updawg, Dec 13, 2007
  10. hotballa

    hotballa Contributing Member

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    if my employer was a bloodsucker that was stealing billions of dollars from the general public every year then no I wouldn't at all.
     
    #10 hotballa, Dec 13, 2007
  11. updawg

    updawg Member

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    they are making around 10% profits
     
    #11 updawg, Dec 13, 2007
  12. rhadamanthus

    rhadamanthus Member

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    link?
     
    #12 rhadamanthus, Dec 13, 2007
  13. hotballa

    hotballa Contributing Member

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    so you're telling me that MObil had revenues of $100billion in one quarter? :D
     
    #13 hotballa, Dec 13, 2007
  14. hotballa

    hotballa Contributing Member

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    none whatsoever. they make billions of dollars every quarter and then have the nerve to complain about prices being too low
     
    #14 hotballa, Dec 13, 2007
  15. updawg

    updawg Member

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    (not sure if you are being sarcastic or not)

    Heres an article, a little old, but a good example....

    Most financial institutions, such as commercial banks, are routinely more profitable than Exxon Mobil was in its third quarter. For example, Exxon Mobil's gross margin of 9.8 cents of profit for every dollar of revenue pales in comparison to Citigroup Inc.'s 15.7 cents in 2004. By percentage of total revenue, banking is consistently the most profitable industry in America, followed closely by the drug industry.

    Altria Group, the maker of Marlboro and other cigarettes, made 22 cents for every dollar of revenue in 2004, and pharmaceutical company Merck made 25.3 cents for every dollar of revenue in 2004.

    link
     
    #15 updawg, Dec 13, 2007
  16. SamFisher

    SamFisher Member

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    I don't think youre aware of the level of windfall tax breaks that oil companies have been the beneficiaries of recently. Back in the early 90's when oil pirces were low, they received special tax breaks. However those tax breaks have not been rescinded despite skyrocketing energy prices and record-smashing profitabilty by oil companies.

    That's just part of this energy bill - it contains a whole lot more that is extremely urgent (alternative fuels, fuel efficieny standars etc) - the fact that it is being blocked is a completely shameful travesty. Senate Republicans should hang their heads in shame.
     
    #16 SamFisher, Dec 13, 2007
  17. updawg

    updawg Member

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    I can understand getting rid of some of the bogus tax breaks and subsidies they get. But trying to tax them to death just because they are in a good business environment is crazy.
     
    #17 updawg, Dec 13, 2007
  18. lpbman

    lpbman Member

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    The reason that oil companies aren't making a ridiculous % of profit is because they are spending tons of money going after every previously failed well, drilling deeper and taking bigger risks to make more money.
     
    #18 lpbman, Dec 13, 2007
  19. hotballa

    hotballa Contributing Member

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    they reporta quarterly profits of like $10 billion or something like that. Going by the 10% rule, and I know its a very simplistic way of looking at it,m that would mean they had $100 Billion in revenue would it not?
     
    #19 hotballa, Dec 13, 2007
  20. hotballa

    hotballa Contributing Member

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    thank you. I knew I could count on a liberal to back me up on this.
     
    #20 hotballa, Dec 13, 2007
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