Senate GOP says no to windfall tax on Big Oil

June 10th, 2008 • Related • Filed Under

We were spared a potential nightmare by Republican Senators when they blocked the call by Senate Democrats who planned windfall profits tax that would take away billions of dollars in tax breaks from the oil companies. You read that right, they saved us. Meaning, you and I, the consumer, would have ended up paying the taxes, not the Big Oil companies.

We have to get with the reality. These oil companies are a business and one where they do not get substantial profits as compared with Wal-Mart or other businesses. It’s just 6% profit on billions and billions of dollars adds up quickly. And the fact that they are a business tells us they will not pay those taxes. When any company is hit with a higher cost they make their losses back from the consumer. They simply mark up the price on their product. We would have been the one hit with higher prices.

There Are 2 Responses So Far. »

  1. Comment by Swordfish on 10 June 2008:

    I disagree entirely. You take what matters from them, MONEY and POWER, and only then will you be able to get them to deal fairly. If they try some trickery at the pumps, hit’em back even harder.

  2. Comment by Loozianajay on 10 June 2008:

    You believe that? You believe that is the way it will happen? Who will “hit’em back even harder”? The U.S. gov? Do you really think that is a good thing to have government interfereing in markets and dictating to companies how they will conduct business? There are laws against that; furthermore, it goes against everything our capitalist-system nation stands for.

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