Republican mulls over windfall-profits tax on oil companies

[bigtree]

LaHood mulls windfall taxes on oil companies

Copley News Service
http://qconline.com/qcnews/archives/qco/sections.cgi?prcss=display&id=285127

SPRINGFIELD -- U.S. Rep. Ray LaHood said he's "never been much in favor of raising taxes," but gasoline prices have him "outraged," and he thinks it might be time to consider a windfall-profits tax on oil companies.

The Peoria Republican fielded questions from reporters after visiting the Lincoln Home site in Springfield Thursday, and said a catalyst for his feelings is a recent article he read about the retirement package of an oil company executive.

While LaHood identified the company as Conoco, spokesman Tim Butler later said LaHood was actually referring to Exxon Mobil. A New York Times article spelled out the $140 million compensation package retiring chairman Lee Raymond got last year. Together with stock options and long-term compensation worth at least another $258 million, "the total sum for Raymond's golden years comes to at least $398 million," the article states.

"I think all of us should be outraged at gas prices," LaHood said.

"I'm in favor of putting out there as a marker the idea that we pass, or at least hold hearings, on a windfall-profits tax on oil companies, and give the money back to the consumer at the gasoline pump. I mean, there's something wrong here."

[rurallib]

1. I thought maybe they were looking at a way to cut oilco's taxes

a little more. I'll bet the repugs have staffers working on a way to twist things so it LOOKS like oil companies are paying mare but actually pay less. The public is too stupid to realize it. That would be us.

[TheFarseer]

2. yep, you've got the basic idea

How about this one: if profits reach a certain level, then oil companies pay a windfall profits tax. Meanwhile, we increase the "oil exploration" subsidy by double that amount.

[bigtree]

4. you just know that anything they propose will have a slick provision

that enables the industry further at our expense.

Yeah, I can see some on our side falling for it in the end as they usually do, to get something passed. I guess we should look under the 'Hood' before buying anything from the pigs who've been robbing us all along.

[bigtree]

3. If you look at the rest of the article, this republican is set to enable

his military industry benefactors (Catipillar is a huge defense contractor) while at the same time he's floating this. I find it hard to believe that he would go along with any real reform. He must be feeling some heat for the high prices though. Good to see, at least, that the prices are causing them to slip-slide away from their enabling of the industry rape of our treasury. LOL

[Norquist Nemesis]

5. Oh sure...then he'll turn around in December and give a tax cut! n/t

[Kansas Wyatt]

6. The only thing he cares about

Is that voters see oil companies ripping them off under a Republican Dominated Government. If it weren't an election year, he would rubbing uglies with the oil companies in front of everyone.

[bigtree]

7. I don't think they can ride that bull into the election

Good question for the congressman would be what is he planning to do with the revenue? Most Democrats would put the money into alternative fuels, energy conservation measures, and alternative transportation.