Pubs hurriedly abandoned tax proposal opposed by the oil industry

[dajoki]

NYT
http://www.nytimes.com/2006/05/02/washington/02cong.html?ex=1147147200&en=7d45c45d6479a62e&ei=5009&partner=MSN_NYTHOME

Republicans Drop a Tax Plan After Businesses Protest

By CARL HULSE
Published: May 2, 2006

WASHINGTON, May 1 — Senate Republicans on Monday hurriedly abandoned a broad tax proposal opposed by the oil industry and business leaders, another sign of their struggle to come up with an acceptable political and legislative answer to high gasoline prices.

Senator Bill Frist of Tennessee, the majority leader, said he had decided to jettison the provision, which would have generated billions of dollars by changing the way businesses treat inventories for tax purposes. Instead, he said the Senate Finance Committee would hold hearings on the plan "later this year, so the pluses and minuses of the provision can become well known."

The retreat came after a torrent of objections from business leaders and their advocates, who typically view Republicans in Congress as allies. They said they had been blindsided by the inclusion of the proposal as a central element of the Republican leadership's energy package late last week.

The centerpiece of the leadership proposal — a $100 rebate check to compensate taxpayers for higher gasoline prices — continued to receive a rough reception as well. Members of the public have been telephoning and writing to ridicule the idea, and even Republican lawmakers are finding fault.

<<snip>>

The Republican energy package was assembled quickly last week after lawmakers returned from a spring recess punctuated by public complaints about the rapidly rising cost of gasoline. Senate officials acknowledged privately that they were paying a price for rolling out the proposal before having time to vet it fully. Besides the tax provision and the rebate, the measure includes new protections against price gouging, incentives to expand domestic oil refinery capacity, support for new energy initiatives and tax incentives for buying hybrid vehicles.

<<snip>>

Major trade groups quickly and vociferously registered their disdain for the tax provision, saying the plan amounted to a hefty new tax not only on the oil industry, but also on many manufacturers, wholesalers and retailers that rely on large inventories as well.

[marmar]

1. But the Repugs aren't owned by the corporations or anything....

:sarcasm:

[dajoki]

3. Shocking, isn't it?

:sarcasm:

[blondeatlast]

2. The smart people are starting to speak up and it's a great day!

Doesn't matter what side of the fence they are on, they can spot a bribe when they see it--and this is a particularly stupid bribe, at that.

There is hope.

[DBoon]

4. "rolling it out before having time to vet it fully"

pretty much sums up the republican party - release no legislation without the support and endorsement of their corporate owners.

[dajoki]

5. How 'bout it...

come back from break with an idea and the big oil cos. say: "wait a minute."

[NativeTexan]

6. They SHOULD be concerned about the welfare....

.....of the American people!!!

[dajoki]

7. But they're NOT!!