Senate Republicans Block Windfall Profits Tax

[timblaxton]

It's not windfall profit. The companies EARNED their profits. Look up the definition of windfall profits before you accuse them of it.

[WaffleBakingStar]

(Open Sarcasm)

It is a windfall profit!

Oil companies invested money in the lottery and WON it. That's why they're so rich.

Oh, and then the men who founded the company died and gave all his inheritance to the oil companies.

Afterwards, there was a demutualization that caused their money to pour.

Those are windfall profits that the Dems are going to tax......not fair money they earned.

(Sarcasm Over)

[pfriverrat]

glad i checked this one out. Guys your bickering will do nothing, just like the fools you put blind faith in. Why do dems, want to punish sucsess? Oil companys have a much lower profit on the dollar then most other companys. And what the dems are talking about is not a true windfall(just cause they went to ivy schools, don't mean they got brains) just look up what it means. Any profit you make, from something you did not provide. I.E. mcdonalds charging normal price for a salad w/o tomato.

[jasprer]

Why are liberals so angry? Damn dusty you ok?

[jasprer]

Take this stupid windfall tax idea and suck it. We already have a highly progressive income tax. The tax code rewards bad choices and punishes good ones. Russia has moved to a 13% flat tax. So we have Karl Marxs tax system and Russia has Steve Forbes. If you dont see a problem here, you are probably a registered democrat.

[subach]

Just what we need, the state to raise fuel prices even more, but don't worry as you pay $6 at the pumps you can tell yourself that those "big oil companies" are getting taxed. What was that in econ 101 where it told me how companies pay taxes? Oh well they get the money from somewhere.

[dustynbones]

Do you know what the difference is between a Congressional Act and some totally worthless bogus NEOCON study coming out of the G H W Bush administration?

NOTHING coming out of a Libertarian or a REPIG is worth spit.

[AntonBatey]

The CRS (Congressional Research Service) is a non-partisan research committee of the U.S. Congress, and sitting presidents don't have control over its conclusions. This particular one, for example, backed up what it said with those silly little things called "facts" that get in the way of what you advocate. Congressional Acts (like the "antitrust" ones you alluded to) only creased more oligopolies than previously existed (the one passed in 1890, for example).

[iNsyNR8R]

Tell me what new energy source came out of the last time we had a 'windfall profits tax'? Nada - Zip - NOTHING! All it did was supply Jimmy 'The Gangster' Carter and the rest of those commies with more limos. WAKE UP AMERICA!

[dustynbones]

It's worked for nearly 30 years you POS when applied and enforced by honest government and media. Why do you think that the Democrats were thrown out of office in the 1990?

Fuel Prices didn't start dramatically increasing until BUSH/CHENEY took office.

YOU WAKE THE FUCK UP MORON!

[jasprer]

Has that been shown to happen? i saw the 1980's one fail and also the GM one Jim described fail. Where has it done good. Not being sarcastic I want to know.

[Jimraynor45]

Yes, sorry, I meant the 1980's, not the 70's. THe windfall profit taxes dicourages innovation, raises the costs to expand business and makes business owners afraid of making too much profit. THis increases unemployment and slows down the economy. Why should we be taxing innovation? This is just anticapitalist propaganda.

[Jimraynor45]

The Windfall profits tax does nothing more but weaken our economy.Back in the 1970s,a windfall profit tax was put on the automobile companies.Companies like GM are smart and they pay attention to laws like this. The owner of GM at the time reacted by haulting the expansion of automobile plants and also by reducing spending,building and etc. He did this to avoid the tax. So,in short,this tax discourages companies from innovating and expanding their business,and thats why gm has problems today

[dustynbones]

TOUGH!

Nobody can afford the price of fuel MORONS!

[iNsyNR8R]

Get a job you lazy sod! Then maybe you could afford your trips to your weekly Marxist meetings.

[dustynbones]

Come say that to my face you worthless little POS.

I got 12 years in the military and two tours of duty in the Middle East. My Social Security goes back to 1979 when I started out as a dish washer.

You fucking momma's boy.

[iNsyNR8R]

Any time. Any place.

Still a dish washer, pogue?

[dustynbones]

Today in Tacoma, WA. Bring it mother fucker, I will fuck your ass up just like you need done.

I told you Bitch, I was in the Military and started out as a dishwasher at 15yo. Why is it you motherfuckers have a hard time understanding simple commonsense. Maybe because your Mom pampered your ass for too long, when she should have been beating it on a daily basis.

Why is it you have this need to have your ass kicked to the pavement?

[eekdog2005]

If you can't pass the windfall tax atleast cut the tax breaks to these oil profiteering scum.

[AntonBatey]

The government makes more money on oil than those "evil oil companies".

[dustynbones]

Don't believe a word from the REPIGZ.

A windfall tax reduces speculation on the futures, thus forces a drop in the price.

Privatizing the USA Natural Resources amounts to about the same efficiency as a privately run military erroneously invading the Middle East.

[AntonBatey]

It would reduce speculation? How? If anything, it would increase speculation since investment would curtail. Taxing company A for making more than B is unethical and will increase prices.

[dustynbones]

You ask ... "How" since it "would" curtail?

You don't know WTF you're talking about.

WTF are you talking about "investment would curtail"?

I won't hold my breath waiting for some kind of logical answer, because I'm all ears.

[jasprer]

"A windfall tax reduces speculation on the futures, thus forces a drop in the price."

How I am wanting to know in all seriousness for I don't see it. Thank you.

[AntonBatey]

I'll be happy to explain. Implementing a tax where the government arbitrary decides how much companies will generate would lower investment because investors would know they would be allowed only to either lose or make sparse profits, but not be allowed to make average or above average profits. It's equivalent to advocate an increase in capital gains taxes. If there isn't as much investment in oil, not as much would be produced, which would increase prices.

[AntonBatey]

The way to decrease gas prices is manifold, and NONE have to do with the government. If the government artificially lowers gas prices, shortages will occur since supply wouldn't be in accordance with demand, etc. The way to lower prices is by tapping known oil reserves like ANWR and the Rockies, lower or eliminate the gas tax, abolish tariffs on refined gas being imported, build new refineries, stop printing fiat dollars willy-nilly, etc.

[dustynbones]

WTF is "The way to decrease gas prices is manifold"?

You keep trying to throw out words like "curtail" & "manifold". Alternative? WTF! Biodiesel is $6.00 a gallon.

FU! The way to decrease gas prices is to break the companies up AGAIN! Just like the USA did before,and TAX the living shit out of them.

That is how to decrease the price of Gas.

COMPETITION IN THE MARKET!

Don't think I'm not aware of your Ron Paul Libertarian BS! The US Government has a RIGHT, DUTY and an OBLIGATION to step in.

[AntonBatey]

Taxing companies never works because companies it will just be pushed off on the consumer, and breaking up the companies by force wont work because the oil abundance still won't be amplified. The government is the problem.

-It's the government that imposes tariffs on refined gasoline

-It's the government that does not allow drilling in ANWR or the Rockies

-It's the government that imposes taxes that make up about 20% of what we pay at the pump

[dustynbones]

You're insane.

Taxes pay for society.

Good! ANWR and the Rockies are not FOR FUCKING SALE!

It is WE The People's LAND!

It is not for some Oil barons to rape and pillage.

[AntonBatey]

-It's the government that curtails new refiners to be built

-It's the government that calls on the Federal Reserve to print more money, thus deceasing the purchasing power of the dollar, which contributes to higher prices

-It's the government that stocks the Strategic Petroleum Reserve, taking has off the market

-It's also the governments of China and India that are buying more oil, decreasing supply on the world market

-And OPEC is a cartel formed by governments.

[dustynbones]

Go take it up with Ron Paul.

What did he get 1-2% of the electorate?

NOBODY CARES about your Libertarian ideology.

[AntonBatey]

Taxation is theft. It's taking money by force. And if you're opposed to increasing the supply of oil, which would lower prices, you have no business complaining about high gas prices. Oil companies make (roughly) a 9% profit while the government makes over double that in taxes. It's the oil companies that pay for exploration, drilling, extracting, refining, exporting, etc. while the government does nothing but create artificial barriers which hikes prices.

[dustynbones]

Taxation is necessary moron.

Oil Companies do not make "roughly" 9% profit. You better tack on another 10,000X that 9%.

Companies, businesses and corporations are ripping the people of the planet off and you're a total F'n MORON to say the least.

Oil Corporations DO NOT pay taxes. "exploration, drilling, extracting, refining, exporting, etc." IS ALL WROTE OFF ... MORON!

You don't know WTF you're talking about. You're just regurgitating Ron Paul and REPIG Libertarian BS & TOTAL LIES.

[AntonBatey]

No, the average oil company makes a 9-10% profit margin -- which is comparable to other industries, if not significantly less than other industries. The water utility industry, for example, has a 10.2% profit margin, the tobacco industry 19%, application software 22.5%, shipping industry at 18.8%, periodical publishing 24.9%, Intel 24-25%, Citigroup 36%, Yahoo 45%, etc. Oil companies are making these "record profits" (on a weak dollar) because the world is buying in record sales.

[AntonBatey]

There is no such number is "10,000%" in profit margins. You don't have any objective standard to determine if a company is "gouging" the consumer, and are just railing against oil companies because that's who our politicians are railing against. The exploring, drilling, extracting, refining, exporting is paid by oil companies, and even if they receive tax write-offs (as they should), they still pay for it.

[AntonBatey]

According to a 1990 Congressional Research Service study, in accordance with basic economic principles, that taxing oil companies discourages expansion of domestic energy supplies and leads to more dependency on foreign imports (which are taxed since the government slaps tariffs on refined crude), and since the taxes levied discouraged investment, less oil was being produced, which led to an increase in price.

[VasiliArkhipov]

lol, I love Anton's responses to you. You call him a "moron", "stupid", and are swearing at him, talking about Ron Paul and the Libertarian Party, which Anton never even mentioned...and Anton doesn't even respond to your childish attacks and just responds in an adult, mature way.

By the way, Dusty....you don't know what the hell you're talking about and is getting your ass whipped.

[dustynbones]

FUCK YOU PSYCHOPATH!

Taxes are needed moron to pay for you're damn Military retirement MORON!

Like I can get my hands on some BS 1990 Congressional Research Service study and that is WTF he's Talking about BS Libertarianism BS!

Have you ever heard of the Sherman Acts?

Don't answer you people are a bunch of total fucking morons. Like we can afford the price of fuel MORONS! You don't want affordable fuel, you don't want taxes ... YOU PEOPLE A RETARDED TOTAL FUCKING MORONS.

[AntonBatey]

The 1990 government study contradicts what you propose since it proved that excessive taxing on domestic industries would restrain investment and increase foreign imports which are subject to tariffs. The Sherman Acts (like other "antitrust" Acts) arbitrarily pick and choose which businesses to go after. It should be noted that there has never been a monopoly in the United States without the government helping it become a monopoly through legislation. So it's the gov't that creates monopolies.

[dustynbones]

It's a Totally BS study MF!

Excessive High Fuel Cost sends the USA into economic catastrophe MORON!

It doesn't take a fucking genus to figure that out MORON!

[AntonBatey]

No, it's a legitimate study. It showed that domestic investment decreased which caused production to drop about 6% while foreign imports (that were subject to tariffs) grew about 16%. It's illogical to complain about having the desire to be "oil independent" when the government implements laws that superimpose tariffs on refined crude, restrict supply and investment and are opposed to drilling.

[AntonBatey]

Vasili, his emotional outbursts are typical of people who don't know the first thing about economics.

[jasprer]

Wow Dusty. That's pretty socialized.

[TELEVISIONARCHIVES]

They should block it. And someone needs to ask democrats why they have added taxes to the price of a gallon of gas this year. In Illinois they have added taxes. That's one reason why it cost more in that part of the country.

[alwan11]

I'm curious why did the reps vote against the windfall tax? should it help us americans or what does it really do?

[Jimraynor45]

The tax discourages companies from expaning their business, they put the tax on car companies back in the 1980s and one result of that is that gm can't compete as well with Honda because it's afraid of the tax. And thousands of jobs are being lost as a result, all thanks to jimmy carter and the democrats.

[cowboycarl04]

Another thing...

the CEO of Exxon actually said oil should be 50-60 per barrel, but they don't control the price...

[cowboycarl04]

Harry Reid... shame shame... you blame OPEC and Exxon and that's about it...

but let's veto drilling in our own country... i mean that's crazy talk

[spiller1975]

We need to have a national "dont buy gas for one day" ralley..this will force the gas companies to lower their prices....that will show em who's boss...damn jerks

[spiller1975]

this is outrageous

[spiller1975]

Goverment regulation on oil and pharmaceutical companies..not a communist, I repeat- not a communist!... for all you judgemental conservatives!

[jasprer]

It may ned more gov't regulation but not in the form of taxation. Can we agree on that?

[spiller1975]

I will think about it! lol

[spiller1975]

Yes, I would agree with you on that...but some form of gov. legislation needs to be put in place...it's comes down to the question of:If they are taxed, where would the money go to help the average consumer?

[jasprer]

Ok good point but I see it as more of a less potential for large profit meaning less incentive to invest in exploration, drilling, and refinery development; thus, it will lead to supply problems and greater foreign oil dependence.

Spiller there's got to be another way than taxation.

[spiller1975]

I'm just not a fan of scarce natural resources in combination with the free market...whos to say these large profits are being invested into research?? Of course there are examples, look at Norway's economy..one of the wealthiest coountries in the world, there oil is gov. ran and the gov. reinvests its profit into the country making it economically excellent

[jasprer]

No problem. I am not sure what a debate will do besides give you personal gratification for I think I know your basic topics and you know mine. Its quite obvious so not sure what that will do except you wanting to show the you tube world that you can debate anon...talking points vs talking points. Its just easier to say your wrong and the fact is...is was shot down for now. I am not saying the republicans have a better idea, its just simple...this idea was bad. Its more what they tacted onto it.

[spiller1975]

This would have been excellent for our economy!...Oil is considered a nonrenewable resource and it does unfortunately need more government regulation and control and not left to the free market for ceos to benefit millions from...not socialism or communism, rather pure intelligent conservation

[spiller1975]

Just soo funny how people try to speak with such misguided convictions..just because they here one argument from 30 years ago

[jasprer]

Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel."

Ya that will work!

[spiller1975]

jerks this would have been justice finally for big oil and crooks like Lee Raymond with his 350 million dollar compensation package from Exxon..this would have been excellent and accountability for the oil companies!

[chevick]

Good stuff only you wont see the second half on television...

[jasprer]

Why don't they just stick an iron rod up my #@$# when I have diarrhea? Napolean Dynamite could do better than Palosi, Biden, Boxer, Reid and Co. Denis should bring aliens to come solve the problem since he talks to them...don't get me wrong..all them republicans do is sit on their thumbs. Whats worse? In action or wrong action

[jasprer]

Way to go! So glad they filibustered this and not enough votes for cloture. Not that it matters now...both parties suck. Americans lets give rise to common sense and stop this nonsense political crap and stalling. I am ashamed of this bill and that it even was brought up. I mean come on how stupid can you get? Taxing to solve a high cost problem....pfft.

[spiller1975]

you should get an education so you can understand economics..this would have been effective, PERIOD

[jasprer]

Love how you attack me. That is the basis of your arguement aye? I may have agreed with you that "punishment" for what you say or what someone proved they did is true, the fact of the matter is that it wouldn't of work. Those evil oil cronnies would of passed it onto us or the government would of wasted it in some fashion. Sorry to make ya soo mad that you think I need an education because I voiced my opinion based on facts I read. And since you ended your debate with the word PERIOD I guess so.

[spiller1975]

I would love to debate you on this topic whenever you would like..just please try and use an original argument and not simply pass off speculation as fact..let me know when your ready, I apologize for the education comment is was uncalled for

[ForSale113]

I'm horney and want to have sex with someone!

[PizzaGuy109]

You can fuck me.

[ForSale113]

Alright, let's go. Oh oh oh oh oh. Bring it in! Bring it in! Yesssss. It feels so good!

[PizzaGuy109]

You're pretty good.

[defzepled]

When "windfall profit taxes" on oil were enacted in 1980.

According to a study published by the Congressional Research Service, the tax discouraged investment in the domestic oil industry to such a degree that domestic oil production was 3 percent to 6 percent less as a result of that tax, and foreign oil imports grew accordingly by 8 percent to 16 percent. There isn't a single credentialed oil economist in the country who would argue that windfall profit taxes are good for consumers.

[Omega7adam]

Obama wants to raise taxes God help us.

[Omega7adam]

Reid is coward.

[starcatcheer779]

and not even the senate can stymie my need for muslim cock. (insert uneducated rant) yummy uncircumcised penis...in my mouth.

[neotoy]

Our political system is just too slow to deal with the change that is to come. It's a new world, and we're stuck with an impotent old world government.

[bigkyle07]

As a Republican I supported this measure. My only concern would be that the oil companies would raise prices even more. I am upset that this measure was knocked down. Our Senators need to do something.

[karinablack]

I don't think I understand the bill or its implications in their entireties.

The name of this is a Windfall Tax, meaning they would tax on huge profits?

(I think this is the part I don't understand properly)

Where does that money go?

Why does costing domestic oil companies MORE money lower our gas prices or reduce dependence on foreign oil?