Senate panel demands oil co. tax records

[quaoar]

http://seattlepi.nwsource.com/national/1153AP_Oil_Taxes.html?source=mypi

By H. JOSEF HEBERT
ASSOCIATED PRESS WRITER

WASHINGTON -- A Senate committee Wednesday announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns.

The Senate Finance Committee promised "a comprehensive review of the federal taxes paid" by the oil companies on their record profits last year.

Sen. Charles Grassley, R-Iowa, the committee's chairman, said the panel was concerned about high profits and executive compensation at oil companies.

[rodeodance]

1. this investigation has been going on since Katrina-NOW they get

'serious" talk about politics.

[tridim]

2. Isn't that already public information?

[quaoar]

4. I don't think tax records are

[Sparkly]

3. Up on Yahoo

http://news.yahoo.com/s/ap/oil_taxes;_ylt=AglB64dDrdK4m76q9k7_qzGs0NUE;_ylu=X3oDMTA2Z2szazkxBHNlYwN0bQ--

Rate it up!! :thumbsup:

[cal04]

5. Committee Will Probe Oil Industry Tax Records(WP)

A Senate committee yesterday announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns. The Senate Finance Committee promised "a comprehensive review of the federal taxes paid" by the 15 largest oil and gas companies. The panel said it wants to inspect their tax returns for the last five years.

Sen. Charles E. Grassley (R-Iowa), the committee's chairman, said the panel is concerned about high profits and executive compensation at oil companies. With gasoline prices soaring and oil companies announcing record profits, "it's relevant to know what the real financial picture is for this industry," said Sen. Max Baucus (Mont.), the ranking Democrat on the committee.

It is highly unusual for the Senate committee to seek corporate tax records. The last time it was done was when the panel asked the IRS for the tax records of Enron Corp.The committee announcement came as Congress showed increasing concern amid political fallout over high gasoline prices and oil industry profits. Lawmakers began moving on various fronts to eliminate loopholes and some tax provisions that save oil companies billions of dollars.

In their request, the senators noted not only the industry profits but also "an extremely lucrative retirement plan by one oil and gas industry executive." The compensation package given by Exxon Mobil Corp. to outgoing Chairman Lee Raymond is said to total $400 million when all pension payoffs and stock options are included.

http://www.washingtonpost.com/wp-dyn/content/article/2006/04/26/AR2006042601897.html

[struggle4progress]

6. US lawmakers demand oil companies' tax records

... A CNN poll this week found that 69 per cent of adults said high fuel prices had caused financial hardship ...

But in their letter, the senators said the were concerned that the record profits -- and a highly publicized $400m retirement package for Lee Raymond, former Exxon Mobil chief executive -- "may have been subsidised in part by the taxpayers".

http://msnbc.msn.com/id/12503251/

[lovuian]

7. Senate Panel Demands Oil Co. Tax Records

http://feeds.bignewsnetwork.com/redir.php?jid=27f46322b50454c2&cat=c08dd24cec417021

By H. JOSEF HEBERT
Associated Press Writer





WASHINGTON (AP) -- Responding to an election-year spike in gasoline prices, Senate Republicans on Wednesday drafted legislation providing $100 rebates for taxpayers as key lawmakers sought access to Big Oil's income tax returns.

The rebate legislation also calls for oil drilling in the Arctic National Wildlife Refuge, an intensely controversial proposal that will probably contribute to the defeat of the overall measure.

Other elements of the package would provide additional tax rebates for manufacturers of hybrid vehicles and urge President Bush not to add oil to the nation's strategic petroleum reserve for six months. No cost estimates were available.

A vote was possible by week's end.




Republicans filed their bill several hours after the Senate Finance Committee announced an investigation into the taxes paid by major oil companies, which reported record profits last year. The committee asked the Internal Revenue Service for the firms' tax returns.

Sen. Charles Grassley, R-Iowa, the committee's chairman, said the panel was concerned about high company profits and executive compensation.
more...
I'm sure a 100 dollar rebate is gonna make things Better... are these guys for real???

[Canuckistanian]

8. Bread and circuses

Meanwhile, the real crime goes undiscussed.

[radfringe]

9. they must have updated the article... new lead line:

Senate Republicans advocate sending $100 rebate checks to millions of taxpayers, and a Democrat is leading the campaign for a 60-day gasoline tax holiday.

Either way, it seems no one in Congress wants to be without a plan, however symbolic, to attack the election-year spike in gasoline prices.

A vote is possible as early as this week on the Senate GOP approach, which calls for $100 rebate checks for taxpayers to cushion the impact of higher gasoline prices. The measure seems unlikely to prevail, at least initially, since it includes a highly controversial proposal to open a portion of Alaska's Arctic National Wildlife Refuge to oil drilling.

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although I wouldn't mind an extra $100.00 in my pocket - it's not enough to offset the gas prices. My car has a 13 gallon tank so at $3.00++/gallon I'll get a little over 2 tank fulls of gas - it doesn't make up for the past months of gouging. plus by the time this passes, checks are printed and mailed - gas will probably be even higher, and that means less gas for the money.

is this hush money to shut us up? and what good does it do to address future gouging? Are the republicans going to send us a check everytime the price of gas goes up?

Following the money: government gives us $100.00 check, we spend it at the gas station - $100.00 ends up in Oil/Gas company pockets.