He would approve of your actions:
Posted on 04/29/2008 7:08:59 AM PDT by Born Conservative
WILKES-BARRE – U.S. Rep. Paul Kanjorski said it’s time for America to stand up to the big oil companies and shout out, “We’ve had enough.”
Kanjorski, D-Nanticoke, was in town Monday to announce his introduction of House Resolution 5800, the Consumer Reasonable Energy Price Protection Act of 2008. The bill, introduced on the House floor April 15, would allow the federal government to tax windfall oil and gas profits resulting from historically high oil and gas prices that average Americans struggle to afford, he said.
The 12-term incumbent acknowledged his proposal and four similar ones in the House of Representatives don’t have a chance of becoming law.
“But even if we can get them through Congress, the president has already said he will veto them,” Kanjorski said. “Thank goodness this is a presidential election year. We really need new leadership. People will be voting on substantive issues in this election – the economy, health care, education.”
Kanjorski said industries yield windfall profits when earnings exceed what a Reasonable Profits Board determines is rational, as laid out in the legislation.
The proposal was referred to the Committee on Ways and Means, and to the Committee on Appropriations, for a period to be determined by House Speaker Nancy Pelosi.
Speaking at Phil’s Sunoco Gas Station on South Main Street, Kanjorski blasted the Bush administration, saying the more than $15 billion in tax breaks given to oil companies have “done nothing” to benefit consumers. Gas was priced at $3.59.9 for octane 87 at Phil’s on Monday.
In 2007, Kanjorski said the Big Five oil companies reported record profits, with Exxon Mobil making more than $40 billion -- the largest corporate profit in American history. In a few days, Exxon is expected to announce its net income will rise around 22 percent. A windfall tax would help discourage these industries from consistently increasing their prices, the congressman said.
Kanjorski said the oil companies are not sympathetic to the plight of the American gas customers. He said things have to change soon.
“We’re paying $120 per barrel of oil, when we used to pay $20 or $30,” Kanjorski said. “And we have sent 130,000 of our sons and daughters to fight to preserve their independence. The oil countries are trying to bring America to its knees, and we can’t let that happen.”
Kanjorski said his bill is the latest of five proposals that have passed the House of Representatives. He said the bills always seem to stall in the Senate.
Kanjorski said he can’t understand why the oil companies can’t take a lesser profit.
“If gas costs $8 per gallon, will people still buy it?” Kanjorski asked. “I’m convinced that the only way to make it affordable is to use less gas. We have to send a message.”
Phil Pisano owns the Sunoco station that his father opened in 1958. He said he hasn’t seen a drop off in gas sales despite the rising cost per gallon.
“They’re still buying it,” Pisano said. “But they are always complaining about the high prices. They understand it’s not my fault.”
Pisano’s dad died on March 12. Pisano said his dad had hoped to celebrate 50 years in the business.
“He never retired,” Pisano said of his father. “My son works here now. Thank God we have our repair business or we couldn’t survive.”
Pisano said even though the price at the pump is higher, his profits haven’t increased.
While Pisano was working, Joseph and Rosemary Morrash stopped to fill up. They were returning to Pittsburgh after attending a family reunion in Wilkes-Barre over the weekend.
“It’s a little ridiculous,” said Mr. Morrash about the price of gas. “I don’t mind them making a profit, but there should be a limit. The oil companies make enough money; they shouldn’t be so greedy.”
Morrash said he will contact his congressman, U.S. Rep. Mike Doyle, D-Pittsburgh, when he returns to ask him to support Kanjorski’s bill.
Kanjorski’s plan • H.R. 5800 would tax industries’ windfall profits.
• The bill would set up a Reasonable Profits Board to determine when these companies’ profits are in excess, and then tax them on those windfall profits.
• As oil and gas companies’ windfall profits increase, so would the tax rate for those companies.
• Kanjorski said his legislation will encourage oil companies to lower prices to prevent them from receiving higher tax rates.
• According to AAA, gas prices have reached a record $3.613 a gallon in Northeastern Pennsylvania, more than 70 cents higher than the pump price a year ago and more than double the price in 2001.
Microsoft and Oprah are making too much money also. /sarcasm
Until then, it's all blather and drivel.
how come this doofus doesnt rail against the huge profit the government makes on the outrageous taxes per gallon????
how come he doesnt lash out at the anti american greenie weenies who have regulated our energy companies and stopped up from using our own abundant oil supplies that would help bring down the cost????
damn leftists...
How is increasing the tax, lowering the return on investment on my 401K, and giving the money to the government a solution to anything?
“The 12-term incumbent acknowledged his proposal and four similar ones in the House of Representatives don’t have a chance of becoming law.”
But it’s OK for him to posture and prate and act like he gives a crap or even knows anything about the subject matter. It’s time to invoke a “loser pays” system for specious bills in Congress, where a representative is charged back for administrative time. Where was this guy with the oil company sob story when oil was $10 a barrel back in ‘00?
Who’s next - Big Pharma, Microsoft, Soros, trial lawyers, unions? Oh.
Who’s next - Big Pharma, Microsoft, Soros, trial lawyers, unions? Oh.
What an idiot!
Your question contains its own answer.
Probably the only true statement in this entire article.
Actually it’s time for America to stand up to the environmentalist pigs and start drilling at home.
Coca Cola is completely out of control.
The last thing the oil industry needs now is uncertainty on how much taxes they will pay.
Say, Paul, find some more railroads to pave over so we can drive our gasoline buggies even more instead.
A windfall tax would help discourage these industries from consistently increasing their prices, the congressman said.
- - - - - -
How about the taxes they already pay? When is government going to quite putting it to us at the gas pump and also open up some resources?
ExxonMobil 2007
Revenue $404.6 Billion
Profit $40.6 Billion (10.0%)
Taxes $102.5 Billion (25.3%)
Sales-Based taxes $31.728B
Other taxes and duties $40.953B
Income taxes $29.864B
2007 Financial & Operating Review
http://www.exxonmobil.com/corporate/files/news_pub_fo_2007.pdf
Page 16
- - - - - - - - -
ConocoPhillips 2007
Revenue $194.5 Billion
Profit $11.9 Billion (6.1%)
Taxes $30.4 Billion (15.6%)
Taxes other than income taxes $18.990B
Income taxes $11.891B
2007 Annual Report
http://www.conocophillips.com/NR/rdonlyres/3838234F-F20C-4BCE-AE8D-78DE29D67455/0/07RevisedARfinal.pdf
Page 60
- - - - - - - - -
Chevron 2007
Revenue $220.9 Billion
Profit $18.7 Billion (8.5%)
Taxes $35.7 Billion (16.2%)
Taxes other than income taxes $22.266B
Income taxes $13.479B
2007 Annual Report Supplement
http://media.corporate-ir.net/media_files/irol/13/130102/reports/CVX_ARsupp07.pdf
Page 3
- - - - - - - - -
Marathon 2007
Revenue $62.8 Billion
Profit $4.0 Billion (6.3%)
Taxes $8.5 Billion (13.5%)
Consumer excise taxes $5.163B
Other taxes $0.394B
Income taxes $2.901B
2007 Annual Report
http://www.marathon.com/content/documents/investor_center/annual_reports/annual_report_2007_book.pdf
Page F-4
Exactly. How does this benefit the average American? This is a tax hike specifically targetting and discriminating against a single industry. Doesn’t this idiot realize that all taxes are ultimately paid by the comsumer and not the corporations? That was a rhetorical question; of course he does. He’s just another Democrat trying to reach into our pockets while telling us it’s for our own good. Why don’t these knuckleheads simply cut out the pork? The government has plenty of money already.
They won't be buying it when your tanks are empty moron!
Yes, lets revisit 1970’s gas rationing. 12 year Congressman and this jackass still doesn't know jack sh** about economics. I can picture people today going through gas lines like we did in the 70’s. The carnage would be spectacular.
Guys like Kanjorski are why we have to put up with Polish jokes.
How about the all the underworld money. Let’s tax all the drug dealers. They make too much profit. Since it it hard to find them just tax them if think they are importing drugs.
Shades of Atlas Shrugged!
“It’s a little ridiculous,” said Mr. Morrash about the price of gas. “I don’t mind them making a profit, but there should be a limit. The oil companies make enough money; they shouldn’t be so greedy.”
Use of the word "greedy" in an economic discussion serves as the flag from the "State of Ignorance."
Committee Assignments (Paul Kanjorski)
Financial Services Committee
As a senior member of the Financial Services Committee, Congressman Kanjorski has been a leader in economic development issues, including improving the ability of small businesses and start-up technology companies to gain access to capital. His efforts to promote home ownership have earned him numerous awards, and his influence played a part in Sallie Mae’s recent decision to maintain current staffing levels at its Wilkes-Barre center even as other centers were cut back or closed.
Congressman Kanjorski helped to spearhead the successful effort in 2000 to pass President Clinton’s New Markets Initiative, a package of legislation designed to create incentives to invest in economically distressed areas of the country. In 1999, Congressman Kanjorski joined the President for two cross-country tours of areas that will benefit from the passage of this legislation.
Congressman Kanjorski was the lead Democratic sponsor of a 1998 law to preserve the right of consumers to join credit unions. Because of the strong opposition, the accomplishment has been called “a victory of David over Goliath.”
Capital Markets Subcommittee
In the 110th Congress, Congressman Kanjorski is the Chairman of the Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, which has jurisdiction over securities, exchanges, and insurance matters generally, except for health insurance.
Congressman Kanjorski recently requested a Congressional Field Hearing at East Stroudsburg University so that Members of Congress could gather information about allegations of mortgage fraud for new homebuyers in the Poconos. More than 200 people attended the hearing, over which Congressman Kanjorski and Congressman Richard Baker (LA-5) resided.
Congressman Kanjorski has made investor protection a top priority. During the 107th Congress, the corporate misdeeds at companies such as WorldCom and Enron challenged the credibility of our corporate financial reporting system. Congressman Kanjorski played a key role in developing in negotiating the Sarbanes-Oxley Act, the historic law that responded to these problems. Among other things, this law is now working to restore business accountability, punish corporate wrongdoers, foster investor confidence, and protect workers’ pensions. In the 110th Congress, Congressman Kanjorski continues to work on the Financial Services Committee to protect the interests of investors and promote financial literacy.
Committee on Oversight and Government Reform
Congressman Kanjorski is a member of the Committee on Oversight and Government Reform, ranking fourth in seniority among 22 Democrats. He serves on two subcommittees: the Subcommittee on Government Management, Organization and Procurement and the Subcommittee on Information Policy, Census and National Archives. He has a strong record in leading efforts to streamline and improve the operations of government.
House Committee on Science and Technology
Congressman Kanjorski is a member of the House Committee on Science and Technology, which has jurisdiction over non-defense federal research and development. He serves on the Subcommittee on Energy and Environment, which oversees issues related to environmental science and U.S. energy policy.
No, you idiot, it's time for America to stand up to Big Government.
Straight from the horse's mouth: "Federal, State, and local taxes are a large component of the retail price of gasoline." (U.S. Department of Energy)
And demagogues like Kanjorski have the nerve to bitch about oil companies' profit margins while gouging their constituents with increased gasoline taxes at the same time.
When is America going to stand up to big government and shout out "We've had enough?"
How much of the cost of a gallon gasoline is for federal, state and local taxes? Sir,oh sir I was talking to you sir.
Actually, he’s a 12 TERM congressman (12 term = 24 years)
If we're lucky, this November.
Exxon is a huge company. Its profit margins are less than that of Apple Computer. Is this guy mad at Apple's profits too?
I went through and did a breakdown on the price of oil per barrel earlier this month to see the profit margins. I asked others on another forum if the below was correct and they did not argue it. Anyone see a problem with the below breakdown?
Each barrel of oil can be refined to the following:
21 gallons of gas
6 gallons of heating fuel
5 gallons of jet fuel
Now, let’s note cost per gallon (using 4/2/2008 price in california):
gas = 3.652/gal for regular
Jet Fuel = 4.90/gal
Heating oil = 3.01/gal
Let’s break down the current tax per gallon prices:
Gas:
- 6% sales = .198
-.18/gal cali tax
- 1.25% county = .04
- 1.2 state UST fee
- 18.4 federal
——TOTAL Tax per gallon: .722
Jet Fuel: .219/gal
Now, let’s determine the overall sale price of the above gas:
- heating: 3.01/gal x 6 = 18.06
- jet: 4.90/gal x 5 = 24.5
- gas: 3.652 x 21 = 76.692
-— TOTAL pre-tax per barrel based on sale price: 119.252
Now, total taxes per barrel:
- gas: 15.162
- Jet: 1.095
-— Total tax per barrel based on sales: 16.257
Subtract tax from sale per barrel: 102.995
Current price per barrel (4/2/2008): 100.98
Total left over: 2.015
So, based on the above, the Gov’t gets $16.27 in taxes per barrel of oil. The $2.015 left over is further broken down via the store selling the gas, multiple transports, refining, labor, expenses, etc. End result is a small amount of actual profit via the oil companies themselves and they are further taxed via the Gov’t?
I wish
You are only looking at taxes of the final product.
Governments have taxes on every step from the Reserviour, Pumping, Refining, Transporting and Marketing.
For Example:
See Post #16
http://www.freerepublic.com/focus/news/2008600/posts?page=16#16
Correct. Those taxes would have been taken out of the 2.015 that is left over, correct? Thus, out of the 2.015, a portion of that goes to each “step in the process” and the Gov’t taxes those portions as well...
Looks straight out of the USSR. It's no wonder his part of the country is economically depressed. I can't imagine any businesses would be thrilled to expand into a place where people think like this.
The mayor, Lou Barletta,of Hazleton Pa. is running against
him.
How will passing this bill lower gasoline prices at the pump?
commie ping.
I assume this is just political posturing otherwise the ignorance of the man is scarcely believable. Which congressional district has the embarassment of being represented by him.
• The bill would set up a Reasonable Profits Board to determine when these companies’ profits are in excess, and then tax them on those windfall profits.
So reading this it is not just the oil companies they can tax away the profits from.
If they can tax the profits from all company's then the socialist will run the country take over by taxes.
It should be noted private company profits bad
government profits good
He would approve of your actions:
WTF! Who gets to decide what constitutes a Reasonable Profit?
Who has Kanjorski endorsed for president? It would be interesting. It looks as though he nothing to run on, if he is advocating a raid on “big oil profits”. I think that by now people are beginning to realize that any time the gov’t tries to “rein in” the oil companies, the only ones that gets hurt are the public.
Ten bucks says that’s not the only thing he doesn’t understand.
Only a fool would take that bet. Someone like the good Congressman... :^D
When over half of America isn't dependendent on that selfsame big government.
IOW, it's already too late.
Probably true.
He's solidly behind the Hildebeast.
The Soviet Politburo in Washington, DC.
We're almost certain to get a Democrat Congress, along with a President who is prepared to -- at least -- go along with them.
That means we're almost certain to get some kind of "windfall profits tax" on the oil companies. And some kind of price-fixing at the pump.
The almost certain result of these machinations is that:
a. We'll get gasoline capped at, say, $2.999
b. And there won't be any.
See Carter Administration ("old oil/new oil").
How often do we need to go through this BS to understand that liberals are only capable of increasing the pie when they're allowed to crap in the plate?
Will homeowners face a windfall tax on whatever this Reasonable Prices Board defines as an excessive real estate profit? Congressman Kanjorski? Anyone? Anyone?
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.