Senate conservatives block windfall profits tax.
By on Jun 10th, 2008 at 2:23 pm
Senate conservatives block windfall profits tax.
The AP reports that Senate Republicans have blocked a plan to “tax the windfall profits of the largest oil companies. Democrats on Tuesday failed, 51-43, to get the 60 votes needed to overcome a GOP filibuster of the energy package, and bring the bill up for consideration.” Proponents of the legislation “said the huge profits enjoyed by the largest U.S. oil companies should be reined [in] with motorists paying more than $4 a gallon for gasoline and oil prices soaring well beyond $100 a barrel.”
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*What* a surprise.
NOT.
June 10th, 2008 at 2:25 pmI wonder how many of these (R)’s are up for re-election?
McConnell has to go, but I hope all those obstructing Repukes that are due have their hometown newspapers plastering this story all over the front page.
They still don’t get it. $4/gal gas on it’s way to $5/gas isn’t ‘citizen dissent’, it’s going to spark a vast sea change in voter support, and those good ‘ol boys back home are not going to be happy.
June 10th, 2008 at 2:30 pmThank you, Senate Republicans.
$5 per gallon gas will start to wake up those who habitually vote against their own interests.
Another gift for the Obama campaign.
Keep up the good work, Republicans!
xoxox
June 10th, 2008 at 2:30 pmThe right side will always choose it’s parties interests rather than the interests of it’s constituants. Always. It is a wonder why so many Americans think the GOP speaks for them.
June 10th, 2008 at 2:30 pmAh, and the raping of America continues. This is what happens to people when they vote against their own interest.
Repukes = Corporations have more rights than citizens.
June 10th, 2008 at 2:32 pmAnd corporate media will report how the Dems, once again, FAIL to pass the bill NOT that Repukes filibustered and blocked the vote. I am so sick of these games. We can barely afford gas and food as we are getting evicted from our homes. We are wasting billions on a war killing our soldiers and paying “private contractors” to do our dirty work with full immunity. Vote out anyone who backed the filibuster.
June 10th, 2008 at 2:33 pmthis is right out of a horror film…
June 10th, 2008 at 2:34 pmBuckie! Where were you on the Grampy “$200k isn’t rich” thread?
I haven’t sprayed my monitor with coffee in a week – IT is getting worried.
June 10th, 2008 at 2:34 pmI wonder how many of those Republicans have Big Oil to thank for campaign contributions? We have record deficits and they still protect their major contributors.
I bet the lobbyists will be celebrity another win tonight, rotten basta*ds… I can’t wait til they are voted out of office..
June 10th, 2008 at 2:34 pmnot to mention, I lost my job because they can’t afford anymore full timers!
June 10th, 2008 at 2:35 pmwho are these asses who blocked it anyway?
June 10th, 2008 at 2:36 pmninique,
I’d be interested to see how many Dems voted with the Repukes.
June 10th, 2008 at 2:38 pmBukie Boy says:
Repukes = Corporations have more rights than citizens.
I hear you, brother!
June 10th, 2008 at 2:38 pmninique Says:
——————————————————————————–
who are these asses who blocked it anyway?
Look at the numbers 51-43 and take a guess.
June 10th, 2008 at 2:39 pmcan you find that out, Zooey?
June 10th, 2008 at 2:39 pmthat’s one way of getting to the bottom of this mess of secrecy in this corporate twisted soup.
June 10th, 2008 at 2:40 pmthe power of these crooks lies in secrecy, lies, deception and fear.
June 10th, 2008 at 2:41 pmThe Dems really should club them over the head with this. What a weapon for the fall.
Are Republicans ever for anything good? The Democrats really should see what they can get Republicans to vote against and veto now. Rainbows? Puppies?
June 10th, 2008 at 2:43 pm#10 ninique Says:
not to mention, I lost my job because they can’t afford anymore full timers!
I am so sorry to hear that. That seems to be the way many companies are going so that they don’t have to pay out for benefits. I wish you luck in finding a new job..
June 10th, 2008 at 2:43 pmwoodguy Says:
ninique Says:
——————————————————————————–
who are these asses who blocked it anyway?
Look at the numbers 51-43 and take a guess.
yeah, that’s the part where deception comes to play… especially in the role of the Democrat seeking democracy.
June 10th, 2008 at 2:43 pmI will try, ninique. It’s usually posted a couple hours after the vote. :)
June 10th, 2008 at 2:43 pmI am sick of this artificial 60% threshold to ensure filibuster proof passage. I agree with Beat Goes On on how it will be spun as the D’s failing to pass the bill. Make the damn R’s filibuster and point it out to the press that they are the ones letting Big Oil screw us! Make them the bad guys.
June 10th, 2008 at 2:44 pmThe most disturbing thing about this vote is the wingnuts don’t even have to vote against it; because of the threat of a filibuster (only allowed to be used by wingnuts, evidently) the ones that are up for re-election can hide from the voters by abstaining and then claiming to their constituents, “I didn’t vote for that Democrat (sic) tax increase.”
A bunch of gutless crooks.
June 10th, 2008 at 2:44 pmthe repukes suck, the Dems who support them, now how much do they suck, eh? are they really as democratic as they claim to be?
June 10th, 2008 at 2:45 pmCan you say infiltrate?
June 10th, 2008 at 2:45 pmoh, and who was the idiot claiming to be an independent?
June 10th, 2008 at 2:46 pmLike I said when I broke this earlier….http://www.tagg-theangrygayguy.com
June 10th, 2008 at 2:46 pmthanks, Zooey, :)
June 10th, 2008 at 2:46 pmTAGG, that clip always cracks me up
June 10th, 2008 at 2:48 pmSomeone please tell Harry Reid that a real life Filabuster will not kill the Democratic majority but will force the PIGS to show the world what greedy, neocom, SOB they (Republicans) are. Who needs enemies when we have a feckless majority leader.
June 10th, 2008 at 2:49 pmThe windfall profits bill would have imposed a 25% tax on profits over what would be determined “reasonable” when compared to profits several years ago. The oil companies could have avoided the tax if they invested the money in alternative energy projects or refinery expansion. It also would have rescinded oil company tax breaks — worth $17 billion over the next 10 years — with the revenue to be used for tax incentives to producers of wind, solar and other alternative energy sources as well as for energy conservation.
These guys could have gotten out of paying for part of the taxes if they started investing in alternative energy. Greed over what is best for the environment.
June 10th, 2008 at 2:50 pmTeleMan Says:
I am sick of this artificial 60% threshold to ensure filibuster proof passage. I agree with Beat Goes On on how it will be spun as the D’s failing to pass the bill. Make the damn R’s filibuster and point it out to the press that they are the ones letting Big Oil screw us! Make them the bad guys.
omg, how? there’s a will but is there a way?
June 10th, 2008 at 2:51 pmRemember just two years back, when the R’s were the majority party and how they’d have a total conniption fit when the D’s even breathed a word of filibustering? How they were trying to even get rid of the ability to filibuster?
Now that they’re in the minority the D’s automatically have to a filibuster proof majority when they barely have a simple majority (if you count Lieberman). Weak.
June 10th, 2008 at 2:51 pmninique Says:
omg, how? there’s a will but is there a way?
No. There is a way (make them filibuster, make a big stink and get the press to cover it!) there just isn’t the will.
June 10th, 2008 at 2:55 pmwhy aren’t they getting off their buts to stop this crap? if they invest in other means then we need to discuss a word and that word, my friends, is called- regulations. There’s no control or limitaions as to what these oily greedy F@#ks are allowed to do and get away with.
Question: why?
June 10th, 2008 at 2:56 pmthe answer does not lie with taxes. the answer lies with ethics. Their business practices are abusing and depleting Nigeria, for God’s sake! They should not be imposed taxes. They should be fined for monopolizing and abusing. If you don’t make an example of them then when the —- is it going to end?????
June 10th, 2008 at 2:58 pmHarry Reid, Chickenshit, strikes again.
On a bill like this he hasn’t the goddam stones to force prissy Mitch and the rest of the GOPuks to walk the futhermocking walk, and actually stand in the well of the Senate, before the silent, scanning cameras and defend their craven obeisance to their corporate paymasters.
June 10th, 2008 at 2:59 pmThis crapfest in the Senate’s GOTTA end in 09. GOTTA.
June 10th, 2008 at 3:02 pmI’m with lefty CPA. Why doesn’t Reid allow a true filibuster? It would force the Repiglicants to state to the public why they don’t think this is a sound idea. It would make them look even more ridiculous trying to rationalize how the oil companies couldn’t afford to take one for the nation in an era of record profits at the expense of the average schmo just trying to keep enough gas in the tank to make it back and forth to work every week. Is he afraid the Boehner will cry again? I’ve got an idea, any Congress critter or Senator that accepts money from a lobbying group should be banned from voting on measures that affect said lobbying group. Conflict of interest and all that ya know. THEN we’d see a more honest vote on many of these issues.
June 10th, 2008 at 3:04 pmWhy do the Dems always play to a different set of rules than the Repubs play by? Why do they always lose when the vote is 51-43 in their favor? Like Teleman said above, let the filibuster go ahead so the people can see who is on their side and who is on the side of the oil corps making unbelieveable profits.
And the Dems should filibuster to prevent the Repubs from ever getting anything they want.
June 10th, 2008 at 3:04 pmHere’s the Senate Roll Call Vote guys.
June 10th, 2008 at 3:06 pmRepublican leader Mitch McConnell of Kentucky has acknowledged that Americans are hurting from the high energy costs but strongly opposes the Democrats’ response and has ridiculed those who “think we can tax our way out of this problem.”
Why Kentucky keeps voting this jerk in office is beyond me. He is one that voted against the bill.
The five largest U.S. oil companies earned $36 billion during the first three months of the year.
Like the top 5 are going to miss alittle money with records earnings of $36 billion in just the first 3 months. Give me a break. What the bonus checks at the end of the year might not be over $3 million, I guess that is considered a hardship to them.
— Required traders to put up more collateral in the energy futures markets to curb speculation.
This is hurting us big time. The speculators are the ones that caused the last and biggest spike in price of oil per barrel.
June 10th, 2008 at 3:06 pmI’m just really angry right now.. for real though, enough is enough.
June 10th, 2008 at 3:06 pmninique,
Ethics is right. We’ve lost our country to the excesses of capitalism. We no longer are a country of morals. Greed is good is the new motto and the dollar is our god.
Not that capitalism is all bad. It just the total unregulated capitalistic orgy of greed at all costs has damaged our country in the last 8 years (or more).
June 10th, 2008 at 3:07 pmfilibuster, filibuster, filibuster, come on, guys!
June 10th, 2008 at 3:08 pmThe vote:
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00145#position
June 10th, 2008 at 3:09 pmTeleman,
I agree 100%. If these clowns are going to threaten a filibuster then MAKE THEM FILIBUSTER. Make them read until their voices are hoarse. Our country is at stake for the love of God.
June 10th, 2008 at 3:10 pmOHC, the starry-eyed optimists like Open Left say 56 or 57 Dim senators in the BEST of scenarios. And that will include a pretty large number of so-called Blue Dogs: Lincoln, Salazar, Johnson, the Nelson boys. So on almost ANY progressive measure, the mrgin is STILL only gonna be 52 or 53. Obama can’t sign bills he doesn’t get.
The power doesn’t change, only the nominal responsibility.
Once the fix is in, you don’t just bring in a new dealer, or even a new deck, and expect a clean game.
June 10th, 2008 at 3:11 pmJust roll-back the tax breaks CLIN-TON gave them, that’ll be enough.
June 10th, 2008 at 3:14 pmSo Reid voted against and LIEberman voted for it? WTF?!
June 10th, 2008 at 3:17 pmof those that cast no vote:
Clinton D-NY
June 10th, 2008 at 3:18 pmMcCain R-AZ
Obama D-IL
Byrd D-WV
Graham D-SC
Kennedy D-MA
five Democrats, and I think this makes all the difference in the world!
One way to lower gas prices is to threaten to nationalize the energy industry, tout suite.
Which, really, is the ONLY sensible policy. If ‘energy’ really is a paramount concern of national security, and if the defense of energy resources is a NATIONAL priority, then that which is being protected belongs to the People paying the bill for said defense, not to private interests extorting speculative surcharges on this “national resource.”
June 10th, 2008 at 3:19 pmSo their solution was to further tax the profits the companies who refine our oil for us.. huh? How the heck will that help? Oil companies would have just passed the cost back to the consumer. It makes zero sense and is clearly just a populist attack on “big oil”. Totally meaningless.
If congress were even half serious about solving the energy crisis they’d ease or eliminate the current federal taxes we pay at the pump. That’s immediate relief for everyone. Next they’d lift the large tariffs they impose on importing Brazil’s cheap sugar fuels. Third they’d ease restrictions to enable more drilling for oil in our country and fourth they’d encourage alternative fuels with tax credits.
June 10th, 2008 at 3:20 pmoh, brother!…
June 10th, 2008 at 3:20 pmanyone got any duct tape?
June 10th, 2008 at 3:21 pmninique, lindsey graham’s a Puke, literally and figuratively
June 10th, 2008 at 3:21 pmThey didn’t pass this one either.
June 10th, 2008 at 3:23 pmYou pass a bill that imposes a 20% surcharge on profits.
June 10th, 2008 at 3:27 pmIn the bill, you offer a $1-for$1 trade-off for every project devoted to developing and expanding the use of the ‘free,’ non-polluting energy sources, i.e., sun and wind.
To turn that highly vaunted engine of progress that is sold to us daily as the ‘genius’ of the Murkin Corporation on to the problem. Give ‘em a choice to be “patriotic.”
Or tax the shit out of ‘em.
Isn’t it strange that democrats want a profits windfall tax on the oil industry but it doesn’t want one on hollywood or trial lawyers. Could it be because hollywood and trial lawyers are democrat contributors while the oil industry isn’t? What makes you think that the oil companies won’t simply raise the price of oil by another 50%, 100% or 200% to cover whatever tax increase that democrats slap on them? It’s this kind of lame-brain ideas that account for congress having an approval rating even lower than Bush.
June 10th, 2008 at 3:29 pmhahahaha… E.D.Hill apologizes!… lololol
June 10th, 2008 at 3:31 pmYa-no, RightOf Attilla would have a point…
if we drove lawyers or movies.
June 10th, 2008 at 3:31 pmyey! she’s canceled!
June 10th, 2008 at 3:31 pmMiss Graham is a Repub.
June 10th, 2008 at 3:33 pmJust to let RightofAtilla know:
A windfall profits tax by definition, would eliminate any windfall profits thereby removing any incentive to “raise the cost of gasoline by 50%, 100% etc.
A windfall profits tax IS punitive but it is not destructive.
June 10th, 2008 at 3:50 pmI think there may be some downside (in terms of supply) by increasing the tax burden on oil companies:
http://www.taxfoundation.org/news/show/1168.html
If the supply decreases and demand increases, won’t gas prices go higher?
June 10th, 2008 at 4:04 pmGraham is a R not a D.
Byrd and Kennedy are sick.
McCain would have voted against, as would have Graham.
June 10th, 2008 at 4:05 pmWhat filibuster? It is not a filibuster unless you make the bastards get on their feet and talk til they are blue in the face. Make them show the public where they are on an issue. Make them all stand up and go on record to show that the oil companies own them. Reid is an ass for just looking around, not seeing 60 votes and cratering. Where is the Democratic party that we elected to put things right?
June 10th, 2008 at 4:05 pmhttp://www.taxfoundation.org/news/show/1168.html
June 10th, 2008 at 4:06 pmI’ve heard oil companies make about 8 cents on the gallon profit. Does anybody have a better figure?
If oil companies make 8 cents on the gallon (as they are working to maintain a supply of oil for us) and the government is making 46 cents on every gallon (and presumably doing nothing to ensure the oil supply), shouldn’t we really be more upset at the government than we are at oil companies?
June 10th, 2008 at 4:11 pmbackup Says:
I think there may be some downside (in terms of supply) by increasing the tax burden on oil companies:
You might try doing your research somewhere besides the websites of anti-tax foundations, if you’re even faintly interested in objectivity.
June 10th, 2008 at 4:13 pmIf you have a better source for government taxes per gallon vs. oil company profits per gallon, I will consider it.
The price of oil depends on the relationship of the supply vs. the demand.
Oil companies are making huge profits, but I think it’s important to remember that it is their desire for profit that is creating the supply. It is that level of supply that creates any downward pressure on the price.
Hinder the supply and the increasing demand will only further raise oil prices.
June 10th, 2008 at 4:21 pmIgnoranceIsNotBliss Says:
Here’s the Senate Roll Call Vote guys.
FCUKHEAD Harry Reid is the only Dem to vote with the repukes. Impeach his sorry ass.
June 10th, 2008 at 4:24 pmAt the very least, we need a new Senate leader. This one’s in the tank. They must have some juicy stuff on his sorry a$$.
June 10th, 2008 at 4:26 pmNot to mention a new Speaker of the House.
June 10th, 2008 at 4:36 pmbackup Says:
If you have a better source for government taxes per gallon vs. oil company profits per gallon, I will consider it.
The price of oil depends on the relationship of the supply vs. the demand.
Oil companies are making huge profits, but I think it’s important to remember that it is their desire for profit that is creating the supply. It is that level of supply that creates any downward pressure on the price.
Hinder the supply and the increasing demand will only further raise oil prices.
First of all, it’s incredibly simplistic to say that the price of a commodity like oil depends on “supply and demand.” You don’t need a website, you need a few courses in Economics. If you would do even a little research in the news, you’d know that much of the current increase in price has to do with speculation, based on Bush’s pugnacity toward Iran.
Also keep in mind that before the oil companies were seeing the grotesque profits they’re seeing now, they were producing a least as much petroleum as they are now, so you’re suggestion that a reduction in profits would reduce supply makes no sense at all. Do you
Oil is definitely demand-driven, which is why those of us the Left have been screaming about reducing oil dependency for years. Increase conservation, utilize alternatives, and the demand goes down.
June 10th, 2008 at 4:38 pmIn a vote like this, for parliamentary procedural reasons, Reid usually votes with the other side so that if conditions change he can call for a new vote. I think he actually supported the amendment.
June 10th, 2008 at 4:39 pmFor those who asked. These are the Nay’s:
NAYs —44
June 10th, 2008 at 4:42 pmAlexander (R-TN)
Allard (R-CO)
Barrasso (R-WY)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Coleman (R-MN)
Collins (R-ME)
Cornyn (R-TX)
Craig (R-ID)
Crapo (R-ID)
DeMint (R-SC)
Dole (R-NC)
Domenici (R-NM)
Ensign (R-NV)
Enzi (R-WY)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Kyl (R-AZ)
Lugar (R-IN)
Martinez (R-FL)
McConnell (R-KY)
Murkowski (R-AK)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Specter (R-PA)
Stevens (R-AK)
Sununu (R-NH)
Above info from: http://senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00147#position
June 10th, 2008 at 4:43 pmGas prices get high. People complain. Congress feels compelled to take some action. Tax the profits of oil companies.
Okay. Let’s say that oil companies are causing the excessive prices at the pump by gouging us for huge profits. (They’re not, but humor me).
The high gas prices are doing what a hundred Al Gores and a thousand well meaning bureaucrats could never do: Drastically reduce our CO2 emissions and significantly helping to reduce our dependence on foreign oil by considering other (cheaper) alternatives.
Think about the anecdotal evidence. People have cut way back in their fuel use. Combining trips. Vacations closer to home. Trading in SUVs for more fuel efficient cars and hybrids. More energy conservation. The list goes on.
If we plead to Congress to lower the gas prices, won’t that postpone what we should be doing anyway? Using less gas. Lessening our dependence on oil and the foreign countries that produce it. Switching to better alternatives.
Attacking oil company profits is a bad idea on either count.
June 10th, 2008 at 4:45 pmI’ve been to Business school and some grad school. But, I’m still listening. Go on.
June 10th, 2008 at 4:47 pmGrotesque profits?
Shell and ExxonMobil made $25 BILLION dollars in FIRST QUARTER (08) profits.
That’s Billion with a B. One quarter!
Nah, not grotesque at all.
June 10th, 2008 at 4:54 pmbackup is 100% correct.
most of you act like oil companies set the prices. newsflash, they don’t, the world market does via demand via your use of gas and products made from oil. sure hedge funds are probably driving up oil prices to an extent but again, that’s not the oil companies.
if you bought a house in 1990 and sold it in 2006 for twice what it cost you I suppose you agree the govt, should levy a windfall tax against you because housing prices were so high and lots of people couldnt afford to buy a home. oh right, it’s ok when you rake it in, just not a corporation.
June 10th, 2008 at 4:58 pmfor the record i do want the tax breaks repealed.
June 10th, 2008 at 5:01 pmwwew, you can make up to $250,000 ($500,000 if married) without paying capital gains. Your home sale doesn’t impact millions of people.
You’re not comparing apples and oranges, you are comparing apples and carpets.
June 10th, 2008 at 5:13 pmFreedom Rebel Says:
#10 ninique Says:
not to mention, I lost my job because they can’t afford anymore full timers!
I am so sorry to hear that. That seems to be the way many companies are going so that they don’t have to pay out for benefits. I wish you luck in finding a new job..
thanks, Freedom Rebel, I’m fine, I sould be working by the end of the month! :D
June 10th, 2008 at 5:16 pm#72 Exit Stage Left Says:
IgnoranceIsNotBliss Says:
Here’s the Senate Roll Call Vote guys.
FCUKHEAD Harry Reid is the only Dem to vote with the repukes. Impeach his sorry ass.
I heard Reid had to vote against it if he knew it wasn’t going to pass, it’s a procedural thing. This way it can be brought back again for a vote. I’m going to have to check that out. (it had to do with Reid being Majority Leader) There is one other dem that didn’t vote for this bill, the one from Louisana. also, I was surprised to see both Independants voted for this bill. (Liebermann for once did the right thing.)
June 10th, 2008 at 5:18 pmThe repugs clearly said early on that they would obstruct anything and everything put forward by the Democrats. Period.
They boldly admitted the new motto was “just say no.”
They weren’t kidding.
June 10th, 2008 at 10:45 pm