GOP Blocks Measures Boosting Taxes on Oil Company Profits

[cal04]

Provisions Passed by Senate Would Raise About $5 Billion
While Republican leaders sharply criticize soaring gasoline prices and energy industry profits, GOP negotiators have decided to knock out provisions in a major tax bill that would force the oil companies to pay billions of dollars more in taxes on their profits.

House and Senate tax writers have been struggling to reach an accord on separate tax bills approved last year to extend some expiring tax cuts enacted during President Bush's first term. But House Republicans have raised strong objections to Senate-passed provisions that would raise nearly $5 billion in taxes over five years -- primarily by changing arcane accounting rules that have allowed oil companies to substantially lower their tax bills, according to House and Senate tax aides familiar with the talks.

The actions of Republicans hashing out a tax bill behind closed doors indicate that, despite tough talk from the White House and Capitol Hill, the party is not ready to hit the oil companies hard -- even on measures that have broad support in the Senate.

House Majority Leader John A. Boehner (R-Ohio) made it clear yesterday that the leadership would only go so far in punishing an industry enjoying record-breaking profits if that punishment could have broader negative consequences. In January, Exxon Mobil Corp. alone reported the highest corporate profit in U.S. history: $10.71 billion for the fourth quarter of 2005 and $36.13 billion for the entire yea

http://www.washingtonpost.com/wp-dyn/content/article/2006/04/25/AR2006042501738.html
start taking notes dems for election time

[cantstandbush]

1. Dems should hold a press conference on this and get on the Sunday

talk shows and put it in front of the TV viewers. And the answer to the proclamation that such taxes would raise prices is: "Look what's happening even WITH all those tax breaks. At least the public would be able to reclaim some of those profits for their benefit."

[cal04]

2. I agree. Why not make public all the bills

that the dems tried to put forward and they've said no to

[rodeodance]

3. like Pelosi said-there are two oil men in the WH. nothing will happen.