Thursday, February 28, 2008

Guess who will end up paying for this?

The Associated Press reports that "The House approved $18 billion in new taxes on the largest oil companies Wednesday as Democrats cited record oil prices and rising gasoline costs in a time of economic troubles.
The money collected over 10 years would provide tax breaks for wind, solar and other alternative energy sources and for energy conservation. The legislation, approved 236-182, would cost the five largest oil companies an average of $1.8 billion a year over that period, according to an analysis by the House Ways and Means Committee. Those companies earned $123 billion last year.
Senate Democratic leaders said they would put the bill on a fast track and try to avoid a Republican filibuster. The White House said the bill unfairly takes aim at the oil industry. President Bush is expected to veto the legislation if it passes Congress...
Republicans said the measure unfairly targeted a single industry.
"It punishes the oil and gas industry. This is wrongheaded. It will result in higher prices at the gasoline pump. It's spiteful and wrong," said Rep. Jim McCrery, R-Louisiana.
McCrery, the top Republican on the Ways and Means Committee, which developed the tax proposals, cited statistics that show oil companies already pay more taxes than many other industries..."
Yes, you and I willl be paying thos higher taxes as they as passed down to us. The cost of doing business will handed off to the consumers again.


bluedreamer27 said...

gheeeh thats a great politically informative issue but i havent heard it do far or havent read yet in news paper
thanks for sharing all seeing eye

The All Seeing Eye said...

You're welcome, Bluedreamer27

Cennetta said...

OMG! When does it stop? We're already paying too much at the pump.

The All Seeing Eye said...

You're so right, Cennetta. You would think that Congress wouldn't kick us while we're down. But then it is so popular to sock it to the big companies. so few realize that the costs are eventually passed on to us the consumers. And we are the ones that end up paying for it in the end.