Senate Plans to Tax Oil Companies


	Senate Plans to Tax Oil Companies

muckdog

6-20-2007 9:03 PM

498 views

tags:

taxes

muckdog says:

Interesting action on taxes in the Senate, as Democrats plan to increase taxes on oil companies.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/a10dd976-79a3-4f73-bf4e-c41b812b8d99/34CCF649-E5E6-4C0A-A9CA-960AF3C01A24/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.signonsandiego.com/news/nation/20070619-1726-congress-energy.html" href="http://www.signonsandiego.com/news/nation/20070619-1726-congress-energy.html" style="font-size: 11px;">www.signonsandiego.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.signonsandiego.com/news/nation/20070619-1726-congress-energy.html">A proposal to hit oil companies with $29 billion in new taxes advanced in the Senate on Tuesday, targeting the money to energy conservation, wind turbines, electric hybrid cars and clean coal technology.
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The massive tax package, double what Democrats had discussed as recently as last week, is “designed to promote clean and sustainable energy,” said Sen. Max Baucus, D-Mont.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.signonsandiego.com/news/nation/20070619-1726-congress-energy.html"><P>
The tax package that emerged from the Finance Committee reflected the dramatic tilt of congressional sentiment toward renewable fuels – and away from support of oil companies – since Democrats took over control of Congress. In part, the shift stems from concerns about the impact of fossil fuels on global warming and motorists' anger over soaring gasoline prices.
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The American Petroleum Institute, the oil company trade group, said in a statement that the taxes “will discourage new domestic production, discourage new investments in refinery capacity and would lead to the loss of good-paying U.S. jobs.”
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