Don’t Like Gas Prices? Quit Voting Republican
25 April 2006 10:38 am by Taylor Marsh
Don’t Like Gas Prices? Quit Voting Republican –updated–
UPDATE: TPM Muckraker: Tax Breaks for Big Oil: Bush Was For it Before He Was Against It
“We can’t use all the corn — people gotta eat — animals gotta eat too!” – George W. Bush on ethanol
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We’re going to stay on the charade of Bush going after big oil because the
Democrats are joining in on the fun. Let’s get something straight now that this
issue is really starting to burn the public airwaves and web. If you voted for
George W. Bush or any other Republican in 2000, (2002, let me add) and 2004, you are partially responsible
for the fix we’re in. The American people have also got to quit looking to Washington
for someone to blame. If people elect oil men to the White House and people
sympathetic to them in Congress, this is what we’re going to get and it’s never
going to end. Americans go along and say nothing until it starts to hurt, then
turn to the oil men in office, who then turn to the guys that helped put them
in power. The circle goes on and on, meanwhile we don’t get a solution, while
Americans whine.
I’m also going to utter what many of you might think is heresy. Oil prices
aren’t close to where they should be. Republicans continue to offer subsidies
to big oil, while gutting environmental laws, ignoring the need for real research
into alternative fuels. I’m all for temporary relief, which is part of what
Senator Menendez is offering, but this isn’t even close to being a long-term
solution, but it’s all we’ve got to give. Sure, it’s politics, but the Republicans
control Congress so we can’t do much. In fact, we’ll be lucky to get this done.
I know, politics, you’re shocked! Here’s more of the Menendez plan from Raw
Story. There will be more up on this soon, which I will post when it’s available.
Menendez’s proposal would do the following to taxes for big oil companies.
• Foreign Oil & Gas Foreign Tax Credit and Income. Under present
law, US companies can claim a foreign tax credit for taxes paid to another
country and not royalties and similar payments related to an economic benefit.
The provision denies foreign tax credits for payments to a foreign country
if the foreign country does not have a generally applicable income tax.• LIFO – Oil & Gas. Under current law, businesses are generally
permitted to use a last-in, first-out (LIFO) method to account for their inventories.
This allows companies to create a tax advantage during times of rising prices.
This proposal limits the tax benefits of this LIFO method of accounting for
integrated oil companies with gross receipts in excess of $1 billion.• Elimination of Amortization of Geological and Geophysical Expenditures
for Large Oil & Gas Companies. Eliminates the tax break for accelerated
depreciation for these expenditures for fully integrated oil companies that
was passed in the Energy Bill.• Eliminates Royalty Relief and other Direct Spending. The amendment
also eliminates royalty relief and other direct spending for oil and gas production
incentives in Titles III and IX of the Energy Policy Act of 2005 totaling
approximately $700 million. In testimony before the Senate Judiciary Committee,
the major oil company CEOs testified that they did not need these incentives.
Republicans hate regulations and they don’t like to put heat on corporations.
They like giving their contributors tax breaks and loop holes on which they
can build their profit mountains. Republicans don’t care about setting up a
excessive profits fund that will be spent on finding alternative energy sources.
Republicans don’t care about hybrid cars or the environment. Bush thinks a golf course is a wetland! They want to drill
in ANWAR, then lie that it’s the solution. They don’t care about helping families like ours, for instance, who need our large
truck, which is a diesel, but that kills us every time my husband fills it up, especially now.
He’s got the most advanced system made and it’s still nowhere it should be regarding
fuel efficiency. We vote our pocket book, but we would like some help. We’re
not alone.
I’m all for temporary relief, which is all Democrats can offer at this point
because Republicans control everything in Washington. But if you really want
to do something about energy, you simply will stop voting for Republicans. I
can’t be any plainer than that.
