US should tax excess oil company profits -senator (Dorgan)

[sabra]

http://www.alertnet.org/thenews/newsdesk/N07538599.htm

US should tax excess oil company profits -senator

WASHINGTON, Sept 7 (Reuters) - With crude oil and gasoline prices surging to record highs after Hurricane Katrina, a U.S. senator on Wednesday introduced legislation to tax some of the extra profits big oil companies are earning.

Profits earned by the major oil companies on crude oil above $40 a barrel would be subject to a 50 percent excise tax under the bill proposed by Sen. Byron Dorgan, a North Dakota Democrat. The revenue would be rebated back to consumers.

...

Dorgan said major oil companies were reaping record profits "off the backs of consumers," and their earnings will keep increasing from higher crude oil prices and pump costs that jumped above $3 a gallon nationwide following the disruption in petroleum supplies caused by Katrina.

"Everyone expects American businesses to make a profit and I don't begrudge them that. But the big oil companies are now reaping an unbelievable windfall, and it's time for Congress to help consumers," Dorgan said.

[Robert Oak]

1. Dorgan for President!

This D ND senator is in the background most of the time, but he
has done so much good, especially with the DPC (Democratic Policy committee).

Besides he's a "behind the scenes" guy I believe but brings to light so many corrupt issues against the American people with the DPC hearings.

[TheWraith]

2. Kick ASS! NT

[IndyJones]

3. That's great!!!

[bearfan454]

4. Isn't that the windfall profits tax from the 70's ?

[yppahemnkm]

5. This makes complete sense.

will it go anywhere?

[cmdrxog]

7. because it makes sense

it is very unlikely to happen; in fact the more sense anything makes the less likely it is to occur. This is one of the underlying precepts of the current universe.

[Tace]

6. I Was Thinking That This Would Be A Better Idea Than Price Controls

Part of the way that Walmart has such low prices is that it "beats up" its suppliers, by demanding to know the details of the costs of production and allowing only a modest profit for very efficient suppliers. This is part of the reason for the low prices to consumers.

[EVDebs]

9. Price controls worked in WWII and we're in perpetual war right now

under the War on Terror, if I'm not mistaken.

[EVDebs]

8. Windfall profits ... not your free-market anything goes economics

The US tolerates a well regulated free market capitalist economy. The kind of ripoffs that communism allowed for at one end of the political spectrum shouldn't be allowed at the other end of the political spectrum either.

[BamaBecky]

10. NO, they should seize all the oil profits!...n/t

[pa28]

11. In a rational world.

In Bushworld the oil companies are going to receive a multibillion dollar emergency aid package. You watch.

[katinmn]

12. Exactly. This one measure would do a lot toward correcting the

imbalances in our society.

[stevedeshazer]

13. UP OR DOWN VOTE

I can't wait for all the Big Oil Senators to support America in time of need.

Oh wait... :rofl:

[Sugarbleus]

14. It used to be called REGULATION OF BIG BUSINESS

The concept died when Reagan arrived... :puke:


I agree with Dorgan...GO GET 'EM...

[sam sarrha]

15. But that is socialism.. and socialism is Communism and we won that war.!!

[Delphinus]

16. My mom said Carter did that

back when he was president. It was called an "Obscene Profits" tax (or something similar).

[redtapeblues]

17. I hope not...

Because they will only pass it on and that means higher prices for us.

[Toots]

18. I thought most oil companies are National and not American

How can we tax an international company that isn't home based in america?

[RaleighNCDUer]

19. Problem is, in Republicanworld

there is no such thing as "excess profits". There's just profits and better profits. And really, really, good profits.

They can never get too much, or more than they deserve.

[NNN0LHI]

20. End the tax cuts for the wealthy and rescind all federal taxes on gas...

...while your at it too.

Don

[ecoalex]

21. So we pay $4/gal, the oil cos pay higher taxes?

Why don't we just pay less for the gas?This is allowed gouging, then they pay taxes? This is bullshit.