Senate Republicans blocked a proposal Tuesday to tax the windfall profits of the largest oil companies, despite pleas by Democratic leaders to use the measure to address America's anger over $4 a gallon gasoline.
The Democratic energy package would have imposed a tax on any "unreasonable" profits of the five largest U.S. oil companies and given the federal government more power to address oil market speculation that the bill's supporters argue has added to the crude oil price surge.
(...) "The American people are clamoring for relief at the pump," said Sen. Pete Domenici, R-N.M., but if taxes are increased on the oil companies "they will get exactly what they don't want. The bill will raise taxes, increase imports."
Raising taxes sure does seem to be the default position of the Democrats isn't it!
Taxing away your freedom doesn't leave you very free does it.
Corporations aren't evil and taxes on corporations are taxes on us -- either via higher prices, lower employment, or lower investment returns. Corporations don't pay.
Here is the strange thing -- and I've heard O'Reilly repeat it often -- why don't the oil companies all lower the price and give us a break?
Well, for a few reasons. In many states it is actually illegal for gas to be sold below a certain margin, undercutting competitors.
If one company lowered their price then others would follow and they would be accused of colluding illegally.
If the price of the company suffered at all, the company, the CEO, and everyone else involved would be sued and possibly held criminally responsible for any loss investors suffered.
Making money doing something legal and moral should be admired and praised, not demonized! Especially when we have made it as hard to do business as any business out there.
DKK
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