Instead of raising taxes on the oil companies, why not provide them with a targeted tax credit that financially incentivizes them to aside a small portion of their profits for developing alternative energies domestically? Reducing our dependency on Middle East oil is crucial to our national security. Meanwhile, Senate Democrats could help their own cause by doing more outside the box thinking while simultaneously avoiding being correctly labeled as tax raisers.
Senate Republicans blocked a broad energy bill Thursday because it included billions of dollars in new taxes on the biggest oil companies.
Supporters say the bill would move the country away from gas-guzzling cars and toward nonfossil fuels.
Democratic leaders fell one vote short, 59-40, in getting the 60 votes needed to overcome a GOP filibuster. Democrats said they would strip the taxes from the legislation to move the bill forward.
Majority Leader Harry Reid of Nevada said he hoped to get the revised energy package approved later in the day, including the first increase in automobile fuel efficiency in three decades and massive increases in the use of ethanol as a motor fuel.
He said we will “eliminate the tax title.”
Republican leader Mitch McConnell of Kentucky predicted the revised bill would be approved with wide bipartisan support.
One vote short on big tax increases. I wonder which Senate Republican recently received a large donation to his re-election campaign from the energy lobbyists.
Regarding the comments by the oil industry representatives regarding the removal of the $13 BILLION dollar a year tax incentives granted for the expressed purpose of expanding and improving production capacity. What a load of pure, unadulterated crap. For over a year now, according to the National Petrochemical and Refiners Association, refineries have been operating at 78% or less. Instead of increasing production capacity ( as required by the tax incentives directives), the oil industry has closed many, many refinery/production facilities. Ask why we have $3.00 a gallon gas–and the answer is that the oil industry is manipulating supply in order to “justify” higher prices. And congress is lame and limp enough to buy that tale.
Jarhead,
The best way to deal with this dilemma is by enacting substantive campaign finance reform which eliminates the practice of selling our Congress to the highest bidder.
Our lawmakers should not be bought and sold by the oil industry which is why none of seriously argues for increased production and our dependency on foreign oil continues to enrich the very same lunatics that want to kill us.
Eliminate the quid pro quo between government and business and real regulation and enforcement is possible.