Big oil companies facing prospect of heavy tax hit

http://thehill.com/leading-the-news/big-oil-companies-facing-prospect-of-heavy-tax-hit-2007-06-19.html

Big oil companies facing prospect of heavy tax hit
By Jim Snyder
June 19, 2007

Senate Democrats need big bucks to help pay for a big increase in renewable fuels production, which could spell big trouble this week for Big Oil.

Senate tax writers are considering a package that may offer as much as $25 billion in tax breaks and other financial incentives to encourage production of renewable fuels and additional efforts designed to reduce greenhouse gas emissions.

Other federal incentives would be directed at efforts that include sequestering carbon dioxide before it is released into the atmosphere, encouraging investors to build transmission lines, and researching “clean coal” technologies. Coal could also win with new incentives for converting the mainstay in electricity production into a transportation fuel.

Much of the tab for the new efforts would land in the lap of large, integrated oil companies like ExxonMobil, Conoco Phillips and BP, among the small group of companies referred to as Big Oil.

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Harry and Nancy are trying to figure out what they're gonna feed us
when they bend over for the oil lobby.
These guys arent gonna do shit for us.
Taxing big oil..? hah what a laugh!

Totally not going to happen.

We will always need oil, and their lack of compassion is disconcerting, but they're never going to lose power. Especially if they have patents in alternative energy. Let them have it. A little compassion on those who still need to drive wouldn't hurt, and those people are doubtlessly finding ways to reduce their transit times. With the housing market in shambles, to relocate shouldn't be THAT difficult?

many are against taxes on production as opposed to taxes on profit. With a production tax, like a sales tax, the tax is ultimately going to hit consumers, not producers.

...good lord they are the greediest warmongering corporations in the world the very least they should do is pay us some damn taxes! The S.O.B.s!

Cat In Seattle