Wednesday, June 11, 2008

Wait, Don't Touch Those Tax Breaks

I was just reading about the Democrats trying to take away the BIG OIL companies tax breaks and to be honest I have some mixed feelings about this.

"Oil giants keep billions in tax breaks

With oil companies receiving more than $4 for each gallon of gas they sell, Senate Democrats today tried to eliminate the $17 billion in tax breaks Congress has awarded them in recent years.

It also imposed a windfall profits tax.

But Republicans wanted nothing to do with either. In a largely party line vote, they blocked the Democrats’ attempt to bring the tax issue to a vote, so it died on the Senate floor.

For the record, Republicans Kit Bond of Missouri and Sam Brownback and Pat Roberts of Kansas all basically voted to continue the oil company tax breaks. Missouri Democrat Claire McCaskill voted to kill them, the tax breaks that is.

"…if the choice is to do nothing, then I hope the people of this country rise up and scream like they've never screamed before," she said on the Senate floor. "How…dare us do nothing? That is what they're ready to vote on, saying, ‘We're not going to let you proceed to do something about this problem.’ It take a lot of nerve, Mr. President, it takes a lot of nerve."

"I’m from the Show-Me State," Bond said in a statement after the vote, "and you can’t show me a time when raising taxes on something lowered its price or increased its supply. With $4 a gallon gas, we need real solutions that open up supplies of energy here at home and give American families the relief they need."

Roberts spokeswoman Sarah Little said he opposed a vote on abolishing the tax breaks because if it passed, he believes it would amount to a tax increase on the oil companies and result in even higher gas prices.

Brownback aide Brian Hart said the Kansas Republican also opposed the tax increases in the bill. Hart said Brownback didn't think the measure did anything to increase energy supplies."

Don't take me wrong, it's not that I feel sorry for big oil companies and think they need these tax breaks or they'll go under. They didn't get BIG by playing nice, or fair. They got big by being cold hearted, ruthless and cruel. That's just the way the game is played. Do some of our elected officials really think the oil companies will just sit back and take it if they eliminate the tax breaks Congress has awarded them. If they lose the tax breaks someone is going to have to pay. My guess is that someone would be you and I. We thought $4.00 per gallon was to much. What do you think it would be if we were making up for the lost tax break? More than I can afford.

God Bless America, God Save The Republic.

Thanks go to:
Prime Buzz


Blogger Always On Watch said...

If they lose the tax breaks someone is going to have to pay.

I agree.

7:01 PM  
Blogger Katherine Thayer said...

Like all tax breaks, oil and gas exclusions are costly to the U.S. Treasury and shift the tax burden to others, either through higher current tax rates or borrowing that will increase taxes on future generations.

2:39 AM  

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