Skip to comments.Senior US Republican says oil tax may be needed
Posted on 10/28/2005 3:21:21 PM PDT by Crackingham
A senior Senate Republican said he would consider a windfall profit tax on oil companies to generate funds to help poor Americans pay home heating bills that are expected to be sharply higher this winter. Judd Gregg, chairman of the Senate Budget Committee, said he was concerned that U.S. oil companies were reporting record-high profits when some families will be unable to pay their natural gas and home heating oil bills because of high energy prices. Gregg said he would "pursue options in this area" in coming weeks.
"I believe it is time to take a serious look at reinstituting an excess profit tax on oil companies with the proceeds being put towards the Low Income Home Energy Assistance Program (LIHEAP) and deficit reduction," Gregg said in a statement.
On Thursday, Exxon Mobil reported quarterly profits of $9.9 billion amid other record high energy company earnings. The profit announcements prompted Senate Majority Leader Bill Frist to say he would ask the top executives of major oil companies to testify on why oil prices are so high.
Gregg, who was given high marks as a conservative Republican in 2004 by the American Conservative Union, acknowledged that it was unusual for him to call for a new tax.
"Some might call this a novel approach for me, but I cannot sit back in good conscience while those in our society struggling to heat their homes are being left in the cold by oil companies," he said.
Punish businesses that prosper.
That's the logic from Judd Gregg (RINO)
You can say all you want Gregg. You will never get any tax hike thru the US House.
Judd Gregg? Why doesn't he just give his $350 million Powerball lottery winnings to the poor, to help pay their heating bills, instead of advocating tired, old Carter lunacies?
Maybe we should set some price controls too Mr. Gregg?
It worked so well in the 70s and 80s...
Alaska has a program or two to help those with the proper welfare recipient creds to pay for heating their hovels. Should this become a FedGov responsibility? Why not. The states are still alive and twitching now and then.
viva la socialism!
How very liberal of him.
How the hell can you be a republican and back taxes?
I'm going to help my grandmother pay her gas bill this winter.
Why does she need Judd Gregg to do it for her?
The whole damn Washington, DC needs to be cleaned out and we need to start all over again. Go back to the original Constitution, trash all the crap that has been tacked on it since 1783 and start again, with some people with brains in their head running things.
How about letting them build refineries with the profits?
This is just grandstanding. Gregg knows very well that the House would never approve this, even if, by some chance, the Senate did.
The name Nelson Rockefeller should ring bells. Alarm bells, but bells nonetheless.
What is wrong with these people? I was just thinking about this and wondered if they would support a tax on other profit making companies.
It must be getting cold.
While you're at it, senator, hold some hearings on why the national debt is eight trillion dollars.
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