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Senior US Republican says oil tax may be needed
Reuters ^
| 10/28/5
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.
TOPICS: Business/Economy; Constitution/Conservatism; Culture/Society; Extended News; Government; News/Current Events; Politics/Elections
KEYWORDS: energy; gas; gasoline; oil; taxes
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To: Crackingham
Punish businesses that prosper.
That's the logic from Judd Gregg (RINO)
2
posted on
10/28/2005 3:22:42 PM PDT
by
RWR8189
(George Allen 2008)
To: Crackingham
You can say all you want Gregg. You will never get any tax hike thru the US House.
3
posted on
10/28/2005 3:22:51 PM PDT
by
MNJohnnie
(I'll try to be NICER, if you will try to be SMARTER!.......Water Buckets UP!)
To: Crackingham
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?
To: Crackingham
Maybe we should set some price controls too Mr. Gregg?
It worked so well in the 70s and 80s...
5
posted on
10/28/2005 3:23:49 PM PDT
by
RWR8189
(George Allen 2008)
To: Crackingham
The oil companies are going to need those profits to bring new wells and refineries on line.
If not oil prices are really going to go through the roof.
You'd think a Republican could understand simple economics.
6
posted on
10/28/2005 3:24:12 PM PDT
by
BenLurkin
(O beautiful for patriot dream - that sees beyond the years)
To: RWR8189
That's right Judd, the oil companies would never pass along a tax increase to the consumers --- doofus.
To: Crackingham
those in our society struggling to heat their homes are being left in the cold by oil companies 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.
8
posted on
10/28/2005 3:28:04 PM PDT
by
RightWhale
(Repeal the law of the excluded middle)
To: RWR8189
9
posted on
10/28/2005 3:28:43 PM PDT
by
Stellar Dendrite
( Mike Pence for President!!! http://acuf.org/issues/issue34/050415pol.asp)
To: Crackingham
10
posted on
10/28/2005 3:29:04 PM PDT
by
SmithL
(There are a lot of people that hate Bush more than they hate terrorists)
To: Crackingham
How the hell can you be a republican and back taxes?
11
posted on
10/28/2005 3:29:53 PM PDT
by
Dan from Michigan
("My Gov'nor don't got the answer")
To: Crackingham
I'm going to help my grandmother pay her gas bill this winter.
Why does she need Judd Gregg to do it for her?
12
posted on
10/28/2005 3:30:43 PM PDT
by
VeniVidiVici
(What, me worry?)
To: Crackingham
Well just where does the good Senator think the oil companies will get the money to pay his tax?
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.
13
posted on
10/28/2005 3:30:57 PM PDT
by
Flint
To: Crackingham
How about letting them build refineries with the profits?
14
posted on
10/28/2005 3:31:05 PM PDT
by
arjay
(May God give President Bush strength and comfort in this time of struggle!)
To: ReaganRevolution; albertp; Allosaurs_r_us; Abram; AlexandriaDuke; Americanwolf; Annie03; ...
"That's right Judd, the oil companies would never pass along a tax increase to the consumers --- doofus."
---
RINO Judd is following in the footsteps of the Hillary Clinton Proposal, but you are exactly right, it is a tax on the US consumer. Accomplishing the opposite of government's intentions it will raise, not lower, oil prices!
Libertarian ping! To be added or removed from my ping list freepmail me or post a message here.
15
posted on
10/28/2005 3:31:22 PM PDT
by
traviskicks
(http://www.neoperspectives.com/janicerogersbrown.htm)
To: Crackingham
This is just grandstanding. Gregg knows very well that the House would never approve this, even if, by some chance, the Senate did.
16
posted on
10/28/2005 3:31:28 PM PDT
by
sinkspur
(Trust, but vilify.)
To: Dan from Michigan
How the hell can you be a republican and back taxes? The name Nelson Rockefeller should ring bells. Alarm bells, but bells nonetheless.
Regards, Ivan
17
posted on
10/28/2005 3:32:55 PM PDT
by
MadIvan
(You underestimate the power of the Dark Side - http://www.sithorder.com/)
To: RWR8189
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.
18
posted on
10/28/2005 3:35:01 PM PDT
by
MamaB
(mom to an Angel)
To: Crackingham
19
posted on
10/28/2005 3:35:03 PM PDT
by
Crawdad
(So the guy says to the doctor, "It hurts when I do this.")
To: Crackingham
Bill Frist said he would ask the top executives of major oil companies to testify on why oil prices are so high While you're at it, senator, hold some hearings on why the national debt is eight trillion dollars.
20
posted on
10/28/2005 3:36:14 PM PDT
by
layman
(Card Carrying Infidel)
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