Support Kucinich's HR 2070: excessive profit tax on gasoline and diesel

[paineinthearse]

With gasoline prices already reaching over $3 a gallon, and likely to rise further, it is time for Congress to get serious, break the stranglehold that the big oil and gas companies have over the government, and take real action to end the price gouging and lower the price of gasoline.

Since 2001, the five largest oil refining companies operating in America have recorded over $280 billion in profits. In 2005, Exxon Mobil alone made $36 billion. Clearly, the market is flawed and Congress must intervene to defend consumers.

Consumers nationwide are being gouged at the pump while the big oil and gas companies are reaping historic profits and Congress sits on its hands.

It is far past time that Congress stands up for the consumer and not the big oil companies. Last May, I introduced legislation - The Gas Price Spike Act, HR 2070 - to lower the price of gasoline. The Gas Price Spike Act, co-sponsored by close to 50 Members of Congress, will place a 100% excess profit tax on the oil companies.

The Gas Price Spike Act does not tax the price of gasoline, so it will not increase the cost at the pump. Instead, HR 2070 will lower the price of gasoline by stopping the price gouging.

HR 2070 will:

· Institute an excessive profit tax on gasoline and diesel. Such a tax is to be imposed on all industry profits that are above a reasonable profit level. This proposal would not increase the cost of gasoline because this proposal does not tax the price of gasoline. It only taxes excessive profits of refineries and distributors. Any attempt to increase prices to recover the lost revenue in taxes is simply taxed at 100% making the price increase worthless.

· Transfer the revenue from the excessive profits tax to Americans who would buy ultra efficient cars, made in America, with a tax credit. These will be made directly available to the purchaser of a car that traveled over 65 miles on a single gallon of gas. Today average cars get less than 30 miles per gallon.

· Establishes a broad based, far reaching program to promote mass rail transit inter- and intra- city. The bill makes funding available to regional transit authorities to offset significantly reduced mass transit fares during times of gas price spikes.

The Gas Price Spike Act is the best, fastest, and most prudent intervention to quickly drop the price of gasoline and restore the integrity of the market.

I will continue to work with my colleagues to pass this vital legislation.

Sincerely,

Dennis

For more information on this and other topics, please visit my website at http://kucinich.house.gov.

[Acebass]

1. we got a petition going here...

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=364x1032540