What do you think about the big tax breaks for big oil companies? Should they still be getting those tax breaks in light of the huge profits they're making now? That was the subject of debate on Capitol Hill Thursday. Frustrated with the high prices at the pump, congressional democrats put the heat on top oil executives, proposing a bill that would eliminate tax breaks for the companies. The Democrats claim such a move would raise billions of dollars and help reduce the deficit. But the oil companies fought back, saying it's unfair to single them out... and that doing away with their tax breaks could make things worse for consumers. While Democrats are calling for an end to tax breaks for the oil giants, Republicans want more areas in the country to be opened for drilling. But neither proposal is likely to help drive down prices at the pump? Are you for or against eliminating the big tax breaks for oil companies?
If you are talking tax monies that comes from the citizens thru the gas pump tax, or other means, I think it is fair and justified. Oil companies have huge expenses in the discovery, drilling and recovery plus refining the oil to produce a product we need. There are good days and bad days in their business. Don't punish the good days. Look at the General Motors "tax" where the public throws money into government owned GM only to have them waste it away. Look at the Postal service owned by the government who takes in very large sums of your money only to waste it away. Look at almost ALL government owned operations and you will see a loosing situation where your taxes are wasting away. We should spend our time fixing these losers, and congratulating the private industry for making profits that are put back into the industry to make it better. Taxing them and giving that money to the government is a WASTE and it does not fix the huge debt and spending spree our current government is on. We need a major overhaul. I hope we find a way to take advantage of the oil industry expertise to give some dignity to our loosing economy. Drill now.
Posted by: jock martin | May 13, 2011 at 06:09 AM
The water is a little muddy on this one or should I say Oily. It's hard to feel sorry for someone making Billions and they also want a tax break to. One of the Oil executives said he felt the pain of the American people I really believe that one. Our Government takes in Billions in Taxes and spends Trillions someone please tell me that makes sense.We give a lot of that money away to nations who don't like us and never will.Last night I listened to a D. Trump speech he made a lot of good points I need to pay a little more attention to him.
Posted by: WhoMe | May 13, 2011 at 06:29 AM
Go ahead, they will pass it on to the consumer, just like Gardner for Mayor said on an earlier topic.
Posted by: UpNorth | May 13, 2011 at 06:50 AM
NO TAX BREAKS!!! They should have to pay up just like the rest of us.
Posted by: ol dead eye | May 13, 2011 at 07:01 AM
Can anyone tell me how much profit the oil companies make on a gallon of gas, and how much profit the government makes on that same gallon?
And now the "speculators" are causing the price of gas to go up AGAIN simply because there might be some flooding. To heck with the fact that there is ample supply and decreasing demand. There always seems to be some EXCUSE to raise prices
Posted by: Hahaha | May 13, 2011 at 07:18 AM
If I was getting a huge tax break and you said you're going to take it from me, of course I would give you numerous reason why you should NOT. I trust the oil companies as much as I trust our politicians. Now if they were to remove the tax breaks AND then remove the federal tax on gas, which THEY would not need anymore due to the money now being collected thru taxes. That would help US, but we all know in the end any money that an oil co. has to spend will be passed on to it's customer. Heck that's just basic business.
Now I have heard that the we have enough oil on our soil to provide America for a few hundred years, but we can not use for one reason or another, either the EPA or some wild life. We really need to focus on this and stop buying oil from countries that use our money to buy weapons to kill each other and us.
Posted by: DA. GARDNER FOR MAYOR | May 13, 2011 at 07:26 AM
HAHAHA- You said it brother. Let me share with you one of my afternoons: I drive by two gas stations located at Nelson and Prien, gas is 3.66 per gallon. I go into wally world to have images of people who should not wear spandex burned it my brain, when i leave 20 mins. later I see gas is 3.77 a gal. NOW i was told gas stations do this if the know the incoming shipment is going to cost more so they can pay for it. Well I sat there and then I called o the Gardner Girls to help me out, 2.5 days later the truck came.
So bottom line we are getting screwed by the local guys. Funny ending called friend of mine in Kinder said gas price's there had not raised in last 3 days. Whats up with that. Do I smell a KPLC story.
Posted by: DA. GARDNER FOR MAYOR | May 13, 2011 at 07:41 AM
If they can give the big oil companies a tax break give us hard working people with no dependants at home any more a tax break. I have spoken to people that have 2 to 4 children at home husband works makes a decent living but yet got $10,000 to $14,000 back on their income tax. My husband & I work and pay boocoo taxes and get barely anything back we too old to be having kids cant use the dogs as tax right offs.Wheres the tax breaks for us older people who have not yet reached retirement age.
Posted by: Frustrated Tax Payer | May 13, 2011 at 08:40 AM
Stop all Subsidies to all big corporations.
with 35 Billion in profits this year alone for the big 5 oil companies. Oil companies have never had a loss sometimes they dont reach the projected profit they want for a given quarter and because they dont make their intended goal they count that as a loss.
wouldn't it be nice if the regular taxpayer could do that,just predict that you are going to make $100,000.00 this year and only make your regular 40,000.00 and get the government to pay you because you didn't make what you predicted.and the rich get richer and the poor slobs(voters) keep believing them.just read Jock Martins write up above .The oil companies never lose money.
Posted by: fed up with big oil | May 13, 2011 at 09:50 AM
A long time ago I suggested that we do across the board taxes. For business and personal: 10% you make 100,000 you pay 10,000 you make 10,000 you pay 1000, you make 65M you pay 6,500,000.
Now NO one more time NO tax exemption no breaks NOTHING this is all based on your net profit for business no fair charging them on gross. Also no kids.
Next they tax unemployment so we will now tax food stamps and welfare benefits and if you live in subsidized housing you will pay tax on the fair market rent value that you are not paying.
Posted by: DA. GARDNER FOR MAYOR | May 13, 2011 at 11:13 AM
GE paid ZERO ( O nada )taxes on 14 BILLION last year , OIl companies pay BILLIONS in taxes EVERY YEAR - OBAMA and GE are Butt brothers , GE makes Wind Gens , NO oil wells , who is LYING about what ????
OKAY DEMOCRAPS ----lift the tax breaks and close the Lake Yuck refineries , put up wind mills --- yea , now that's real smart.
Don't your knuckles hurt being dragged around like U do ? MONKEYCRATS - King Barry in their lead.
Posted by: Tailspin Oil Can Harry | May 13, 2011 at 12:09 PM
I haven't read or responded to the hot topic for a while now so bear with me please...
On the Reynaud issue -- a 6:1 classroom ratio is pathetic...either find a way to close the school or stop the busing of students to SLC. Notice my opinion is based on economics...lol
On the Tobacco Tax -- for those of you in favor let me remind you that the OVERWHELMING cause of health care increases and the #1 cause of death in the US is obesity NOT tobacco. That aside it is a violation of free choice and a form of social engineering (by government) both violations of the Constitution. Another thought for all the cheerleaders...drink cokes, eat chips, buy hamburgers...guess what you are next...the government will remove your right to choose what you eat and you will be screaming from the rafters. It is high time that Americans (all of us) realized that one of this country's perks is the ability to CHOOOSE your path in life without fear of recrimination from the government...once this tax passes that will no longer be the case because it will be open season on all of us.
OIL TAXES -- The government needs to STOP punishing business and people for being successful. Since when is it criminal to succeed in life? The message being sent to our children and grandchildren is this...DO NOT SUCCEED...because if you do the government will punish you for it!
Anyway those are my thoughts.
Posted by: Mom | May 13, 2011 at 01:25 PM
All of you in favor of giving these subsidies...do you realize that the big 5 oil and gas companies made $35 BILLION in profit in the last QUARTER. Not year, QUARTER. These companies are making profit hand over fist, meanwhile, the little guy is getting screwed, fast and furiously! The head of Conoco Phillips who is saying its un-American to end the subsidies also said almost 10 years ago when oil was $50 per barrel that at those profits, they didnt' need any subsidies. And now they do? Their expenses have not gone up to the level to justify the breaks, they are just being GREEDY. What makes you think that these people making all this money give a crap about the little guy. Sucess or not, you don't have to screw folks over to be successful and that is EXACTLY what these oil companies, Big Business and Banks are doing. They aren't hiring, they aren't giving any breaks. If anything, all they've done with the subsidies and bailouts is stuff their coffers.
Posted by: Chelle | May 13, 2011 at 02:40 PM
All you Brainiacs - NOT - have to do to supposedly " Get In " on the Cash Avalanche by the OIL COMPANIES is buy their stock. OIL Companies are owned by STOCKHOLDERS.
Most UnAmericans are jealous that they were too lazy to get out , get dirty and work hard to produce OIL WELLS
Posted by: Tailspin Oil Can Harry | May 13, 2011 at 02:56 PM
Your children are lucky to have a Mom that cares about the world around them. People like you are why this country is the best in the history of the world. It aint rocket science it is small government. I am lucky enough to remember when all one needed was a desire to suceed in this country. I would not blame the oil companies one bit if they went overseas where people appreciate electricity not expect it.
Posted by: td | May 13, 2011 at 03:13 PM
Owners of Big Oil: Many of you who participate in 401k and other retirement plans are owners. Those plans buy stock. profitable stock. Otherwise YOUR retirement investment goes away.
So while you're running around with the vapors over oil profits...
And look around here. If it weren't for the presence of Big Oil, this town around a puddle would be a fifth-rate railhead/port, Ryan Street High would fit in the back of a grocery store/gas station,and this place would be a ghost town.
Those nasty ol' plants? Conoco? Citgo? They provide the feedstocks for many of the rest, and the roots are in Big Oil.
So let's just KILL that goose and get ALL them golden eggs RIGHT NOW!
Posted by: etaoin shrdlu | May 13, 2011 at 09:09 PM
The oil companies make 7 or 8 cents profit on a gallon of gas. The government makes 32 cents on a gallon of gas(taxes). If the government was really concerned about the high cost of gas then the government would cut out the 32 cent tax per gallon. The so called hearings we are seeing on tv is nothing more than a dog and pony show.
Posted by: Monica | May 13, 2011 at 11:26 PM