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Congress Gets Ready to Quadruple Tax on Oil


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Old 05-25-2010, 02:02 PM
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Default Congress Gets Ready to Quadruple Tax on Oil

Congress Gets Ready to Quadruple Tax on Oil

The tax is levied on oil produced in the U.S. or imported from foreign countries.

The tax increase is part of a larger bill that has grown into a nearly $200 billion grab bag of unfinished business that lawmakers hope to complete before Memorial Day, but the overall bill would add about $134 billion to the federal budget deficit, drawing opposition from Republicans and some Democrats.

Democratic Senate leaders hope to complete work on the bill before Congress goes on a weeklong break next week.
This will raise the average combined Federal, State, County and local gasoline tax to $1.93 per gallon!

The gross oil company profit per gallon is $0.03 per gallon or 1.6% of the new tax amount.

What are the new and proposed regulations and taxes doing for your business? Your bottom line?

Steve
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Old 05-25-2010, 02:11 PM
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I suppose we're all gonna blame it on Obama and the democrats now huh.
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Old 05-25-2010, 02:40 PM
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Finger pointing aside, I`m with Steve paying more for fuel means less take home for us, I`m not sure about anyone else but when I started my business I wasn`t invisioning how much more money I could give to uncle to uncle Sam to further misspend!
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Old 05-25-2010, 03:08 PM
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Well, it was Speaker Pelosi who said it is her goal to make gasoline $5-7 per gallon. I may be wrong, but I think she is a Democrat. Obama has continually said that all costs of the oil spill will be covered by BP. So why is the quadrupling of the gas tax to aid in cleanup even contemplated?
 
No it is not only the Democratic Party and Obama at fault. It's almost all elected officials who have forgotten that they are supposed to be our representatives. They are supposed to legislate to our needs and wants. They all have given an oath to support and defend the Constitution of the United States.
 
People say that the Republican Party has two arms, The RNC and the Tea Party. Maybe they do but the Democratic Party has two arms also, the DNC and the Unions.
 
Our freedoms and rights are at risk. We are supposed to be a nation of the people not a nation of the parties!
 
By the end of 2010 our GNP to debt ratio will be 96%. At the end of 2008 it was 12.9%. The Democrats took power of the House, the Senate and the White House but Representatives form the right and the left put us in this state.
 
Don’t blame the parties for our neglect! Blame our representatives and how they voted our wishes. Don’t send the same people back to Washington and expect different results.
 
Were you in favor of the stimulus package, the healthcare bill, the takeover of the auto companies, the taking over of the banks? How did your representatives vote? Was it how you would have voted if you were in Washington? Do you vote? If not, you have no say at all. If you do do yuou check out the “claims” made and compare it to past votes?
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Old 05-25-2010, 05:14 PM
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Quadruple tax for oil spills? Why not make BP and others insure themselves? - Responding to the massive BP oil spill, Congress is getting ready to quadruple — to 32 cents a barrel — a tax on oil used to help finance cleanups. The increase would raise nearly $11 billion over the next decade.

The tax is levied on oil produced in the U.S. or imported from foreign countries. The revenue goes to a fund managed by the Coast Guard to help pay to clean up spills in waterways, such as the Gulf of Mexico


I don't get this. As the article says, why not have the oil industries take care of this. Otherwise this tax money will end up in another fund that has nothing to do with cleanups. Most likely it will just end up in the general fund.
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Old 05-25-2010, 05:36 PM
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Quote:
Originally Posted by Steve View Post
Quadruple tax for oil spills? Why not make BP and others insure themselves? - The tax is levied on oil produced in the U.S. or imported from foreign countries. The revenue goes to a fund managed by the Coast Guard to help pay to clean up spills in waterways, such as the Gulf of Mexico

I don't get this. As the article says, why not have the oil industries take care of this. Otherwise this tax money will end up in another fund that has nothing to do with cleanups. Most likely it will just end up in the general fund.
I don't get this. As the article says, why not have the oil industries take care of this. Otherwise this tax money will end up in another fund that has nothing to do with cleanups. Most likely it will just end up in the general fund.[/

US law already requires such insurance to be carried by the oil companies. As the president has repeatedly stated, “BP will cover all costs of the Gulf oil spill and cleanup.”
 
Your right, it will probably go for something else. Probably payroll. According to the Whitehouse, income form private private sector jobs account for 47.6% of all US payrole. That means that 52.4% is for government jobs (payed by the 47.6%). The GAO predicts that the GDP to National Debt ratio at the end of 2010 will be about 96%. At the end of 2008, it was 12.9%.
 
Where do you think the money will go?

Steve
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Old 05-25-2010, 08:39 PM
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Our reps have all forgotten they are there to represent the people that elected them but their first priority is to do what is in the best interest of the country and not to bring pork home. The problem is that the voters do not realize this either.

I will not buy from Government Motors Corporation (GM)

Buy a Ford - They were the only ones to see what was really happening.

WOW! four arms? I think they are all in my pocket
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