Posted on 10/03/2008 11:48:58 AM PDT by truthandlife
President Bush has long opposed singling out oil and gas companies for higher taxes.
But he is poised to sign a bill that will do just that.
The massive financial bailout package approved by the House today — supported by the administration and now heading for the president's desk — blocks oil and gas companies from enjoying nearly $5 billion in anticipated tax cuts, while raising nearly $4 billion more in new taxes to help fund tax breaks for renewable energy.
The legislation freezes the tax deduction oil and gas companies receive for their domestic manufacturing operations at 6 percent, while other American manufacturers will see that deduction rise to 9 percent in 2010. That provision will raise $4.9 billion over 10 years.
The legislation would raise another $2.2 billion by tightening the rules applying to oil and gas companies' taxes on income earned overseas.
And the bill would raise $1.7 billion by increasing what producers must pay to the Oil Spill Liability Trust Fund from 5 cents per barrel to 8 cents per barrel starting in 2009 and then 9 cents a barrel in 2017.
Oil industry leaders remain opposed to those provisions but recognize they probably will be signed into law.
(Excerpt) Read more at chron.com ...
Well isn’t that rich - spit.
This gets more and more disgusting with each peice I read about it. Shame on you, President Bush, for pushing this garbage.
BUSH should Veto this thing if for Sh^&ts and giggles
With friends like these, who needs enemies.
For all the good this bailout will do, it should be vetoed.
Bush has nothing to lose.
I hope he indeed does veto the bill.
Nobody cares...
(L-R) US House Minority Leader John Boehner (R-OH), Rep. Roy Blunt (R-MO) and Rep. Adam Putnam (R-FL) speak about their efforts to rally fellow Republicans to help pass a bill to provide a $700 billion bailout for the current financial and banking crisis, on Capitol Hill in Washington, October 3, 2008. (Jonathan Ernst/Reuters)
All the e-mailing, calling, and faxing was all for naught...
We have some hard work ahead of us, these idiots in Congress think they can just go against those who voted for them... they've got another thing comin'....
Hah i was just thinking the same thing. why are we not doing anything? we have friends at the papers that endorsed mccain, we can have videos (cspan and burning down the house) even though time warner took the original down (anyone contacted THEM)? time warner gave 388,000 to the obama campain. got aol? hbo? whats wrong with FR? did all the trolls feel mission accomplished today? lets do something people! why arent we making calls, sending emails, contacting folks that can get the truth out? we do far more over far less. FIGHT!!!!!
The GOP is shifting their position to parallel Sarah Palin's.
She took on BIG OIL and kicked their butt.
Today George Bush became the worst POTUS in the history of the republic.
I hope only ill will fpr him in the future.
McCain is not much better, he voted for the bill.
I find it hard ti believe that socialism made such a huge advance without a fight from conservatives.
Today is perhaps the darkest day in thw history of the republic.
The GOP no longer represents my values.
great, more dependence on foreign oil. so much for listening to Newt
The oil companies should shut down completely and go out of business.
Their % profit on investment doesn’t justify their staying in business.
Gas and oil products aren’t a right they are a commodity to be paid for.
The GOP represents the values of its own political elite. Traditional conservative values were abandoned by the GOP long ago. Since the time of Reagan, there haven't been any--just enough lip service to those values to fool those sheeple inclined to vote (R).
And just when prices started dropping!
Bastards!!
I don’t know why the libs hate W so much - turns out he’s one of them.
We need to get rid of some of those Republicans.
Tellingly, since DOW and S&P went down significantly as soon as the vote was counted, so Fox had their designated financial center fold explain that the market was "already thinking about Monday". In other words, nothing has changed and Monday will only usher in more ills.
She told me that the bail out will not bring recovery - it may ease a recession.
Then congress varmints lined up to say that the bill will only provide time for MORE legislation after the new president is in office. (If that fails to frighten - you've seen too many scary movies)
Another, Shadegg, R from somewhere, added that opposition to the bill had NOT subsided between Monday and Friday - he'd gotten more calls from 'businessmen' about tight loans however.
(Adding, of course, "we had to do something")
The talking heads are STILL calling this a crisis resolution even as they add that the economy is going to suck anyway.
The same newsies continue to tell me that the market tanked because of Monday's vote - when it was in the hole Monday but rising on Tuesday after the initial rejection(!)
Oh, yeah, and Arnie has already announced that California needs a federal government "loan" or the lights will go out.
(Oddly enough, no one is talking about how much of the nearly one trillion dollars will go into european pockets....Uhuuuum.)
Even more ominous is the now established precedent of congress (a) hearing the popular protest and (temporarily) killing off bills they know are not in the public interest, only to (b) slap fresh stucco on the package over night, and (c) heroically pass the same damn thing while claiming its all better now, despite (d) unabated popular opposition.
Immigration reform come to mind?
I'm going to be quiet now, the list remains too long to address and life beckons.)
“(Oddly enough, no one is talking about how much of the nearly one trillion dollars will go into european pockets....Uhuuuum.)”
Well, China sunk about $386B into the failing financial markets, and we just paid for all that. We being the tax payers, of course.
The GOP stopped representing my values about the time Juan McCain & Jorge Bush tried to make 30 Million illegal aliens in my country legal with a behind closed doors legislative ramjob.
Fred teased me, and now Palin too. We need a true Conservative Party to rise up against the other two -Democrats I & Democrats II.
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