Democrats in the House just passed legislation to end tax loopholes and force oil companies to pay their rightful royalties, but Republicans are against it, because they think oil company profits are more important than balancing the budget and funding alternative energy.
Do you agree with the Republicans?
2007-01-18 14:31:04 · 10 answers · asked by Anonymous in Politics & Government ➔ Politics
The oil company's should not get the tax breaks that the Republicans have been bestowing on them. They are going to price gouge us anyway, so why not make them pay their fair share?
2007-01-18 14:46:39 · answer #1 · answered by Anonymous · 1⤊ 3⤋
Why should the rich oil companies be allowed tax brakes. Doesn't this hurt the economy? It is not their right to pass it down to the consumer. If they can't handle a budget cut in there billion dollar industry they should just cry about it, enough damage has been caused by them. If losses in oil profits causes them to seek alternative source of energy and thus alternative souses of profits, then such an action will strengthen the overall economy.
2007-01-18 15:08:30 · answer #2 · answered by jerome2all 6 · 0⤊ 2⤋
Actually, the Republicans are against a tax increase. They're not saying the companies shouldn't be taxed.
However, I do think we SHOULD eliminate corporate taxes, not just for oil companies, but for all companies. Businesses factor in their tax liabilty when calculating their cost of doing business, and that expense is passed along to consumers. That, in effect, makes the coporate tax a regressive tax.
Eliminating the coroporate tax would allow companies to:
1. increase wages
2. lower prices
3. increase dividends paid to their investors.
#1 and #3 would increase the revenue from income taxes, and #2 would make consumer goods more affordable for lower income families.
2007-01-18 15:07:27 · answer #3 · answered by winters in buffalo 3 · 1⤊ 2⤋
please let us know where the money is going EXACTLY. it puts it into a fund but where does it go?
http://pearce.house.gov/News/DocumentSingle.aspx?DocumentID=55899
please tell us how this tax on US based oil companies is going to ensure less foreign oil production?
please tell us how a bill that will effect that many people and companies would they allow it to not go to ONE SINGLE SUB COMMITTEE to address what it will cause in the future....
please tell us how the companies will not want to take more business over seas when a contract was broken that was written under Clinton when since that time we have held the companies to the standards in the contract?
please tell us why an amendement was offered to allow subsidies the companies that put 80% of the monies back into the US based business that would ensure we could lessen foreign oil, however the speaker told the senator that it was a waste of time to discuss without mentioning it to any other members of the house
please tell me you know any of these answers because it seems an expert on this bill is in the mist.
2007-01-18 14:55:02 · answer #4 · answered by CaptainObvious 7 · 0⤊ 2⤋
Ignoring issues of partisanship I firmly believe that it is in the best interest of the U.S. economy and its national security to invest in the development of alternative fuels as it will diminish the political importance of the Mideast, enhance the environment and create a new manufacturing industry for Americans and our workforce.
2007-01-18 15:33:01 · answer #5 · answered by Anonymous · 1⤊ 0⤋
They have not had an unique thought in 30 years. and that's equipped which you communicate mugging the middle type, an unique thought. they have no innovative and prescient for united states of america, different than to work out their company pals get richer.
2016-12-16 07:59:14 · answer #6 · answered by lesniewski 4 · 0⤊ 0⤋
remember Carter and his 'taxing' scheme? Recollect what this did to the price of oil? Recall his, "Synthetic and Alternative Energy Plan" that cost us roughly 10 billion dollars and did nothing?
Was Carter a Democrat?
2007-01-18 14:38:56 · answer #7 · answered by Anonymous · 1⤊ 2⤋
Firstly, oil companies are taxed. The Dems want to raise those taxes. Raising those taxes raise gas prices, which hurt the economy.
2007-01-18 14:35:40 · answer #8 · answered by Anonymous · 1⤊ 2⤋
Listen, any time you tax a business they just pass the cost to the consumer.It might as well be a tax hike on every one of us. Why don't they teach economics in the schools any more?
2007-01-18 14:37:27 · answer #9 · answered by ? 6 · 1⤊ 2⤋
Nope...when they make record profits, of course they should be taxed.
Just not taxed to give more money to those who don't want to work.
2007-01-18 14:36:16 · answer #10 · answered by The Cult of Personality 5 · 2⤊ 0⤋