"Tax Cuts For The Wealthiest 1%"

[Diamond Dandy]

Amazing... :creepy:

Senate wants oil companies' tax records

 

P-I NEWS SERVICES

 

The Senate is seeking tax returns from Exxon Mobil Corp., Chevron Corp. and others among the 15 largest U.S. oil and gas companies to ensure that they are paying the full amount due on record profits.

 

In a letter Wednesday to Internal Revenue Service Commissioner Mark Everson, Sen. Charles Grassley, R-Iowa, the Senate Finance Committee chairman, and Montana Sen. Max Baucus, the committee's ranking Democrat, said they need the information to "better understand the federal tax posture of the industry."

 

In a statement, Grassley said, "I want to make sure the oil companies aren't taking a speed pass by the tax man."

 

The request is for federal corporate tax returns for the past five years of the 15 largest companies based on sales.

 

It's highly unusual for the Senate committee to seek corporate tax records.

 

The last time it was done was when the Senate panel asked the IRS for the tax records of Enron Corp.

 

 

 

Yep....Amazing

[Booge]

Amazing... :creepy:

 

...yet totally predictable. The something for nothing crowd would cheer a 100% tax rate for any individual or entity with the least bit of wealth/income...and be able to convince themselves that it was justified.

[shooter]

Never said I paid them directly, but the 2.7 million they owed but did not pay was supposed to go somewhere, was it not?

 

Therein lies the rub. That never was the government's money -- it was Exxon's money. The government deciding not to take $2.7M from Exxon is not the same as the government giving Exxon $2.7M. Exxon earned the $2.7M not the government. With your kind of thinking I suppose I should thank the government for not taking even more of their money from my paycheck since clearly they have the right to take all of it!

[75center]

Senate wants oil companies' tax records

 

P-I NEWS SERVICES

 

The Senate is seeking tax returns from Exxon Mobil Corp., Chevron Corp. and others among the 15 largest U.S. oil and gas companies to ensure that they are paying the full amount due on record profits.

 

In a letter Wednesday to Internal Revenue Service Commissioner Mark Everson, Sen. Charles Grassley, R-Iowa, the Senate Finance Committee chairman, and Montana Sen. Max Baucus, the committee's ranking Democrat, said they need the information to "better understand the federal tax posture of the industry."

 

In a statement, Grassley said, "I want to make sure the oil companies aren't taking a speed pass by the tax man."

 

The request is for federal corporate tax returns for the past five years of the 15 largest companies based on sales.

 

It's highly unusual for the Senate committee to seek corporate tax records.

 

The last time it was done was when the Senate panel asked the IRS for the tax records of Enron Corp.

 

Anger over soaring gasoline prices and record oil profits is putting pressure on Congress to eliminate loopholes and some tax provisions that save oil companies billions of dollars. A CNN poll released this week found that 69 percent of U.S. adults say higher fuel costs are causing financial hardship.

 

"The whole country is trying to figure out what should be done about record high gasoline prices at a time of record oil company profits," Baucus said in a statement. Congress needs to know "what the real financial picture is for this industry, because the financial picture for American consumers is pretty bleak."

 

In their request, the senators noted not only the industry profits, but "an extremely lucrative retirement plan by one oil and gas industry executive, benefits which may have been subsidized in part by the taxpayers."

 

 

 

The retirement 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.

 

The three largest U.S. oil companies -- ConocoPhillips, Exxon Mobil and Chevron Corp. -- are all reporting earnings this week and are expected to report a total of more than $16 billion in first-quarter profits.

 

President Bush urged Congress on Wednesday to remove those tax provisions, worth $2 billion over 10 years. He said people should not pay for such subsidies when the industry is wallowing in cash.

 

Executives of the major oil companies said at a recent hearing they do not need those tax breaks.

 

"They feel they are not necessary. We are not involved in trying to hold them in place," Red Cavaney, president of the American Petroleum Institute, said Wednesday at a news conference.

 

Cavaney criticized the proposed changes on oil inventory accounting, calling them "equivalent to a windfall profits tax" for the five largest U.S. oil companies.

 

The Senate-passed plan would change accounting rules for oil kept in inventory.

 

The changes would raise $4.3 billion in additional taxes from the companies over five years, according to a congressional analysis.

 

Cavaney said it was unfair to single out the five companies -- Exxon Mobil, Chevron, BP, Shell and ConocoPhillips -- for an accounting practice widely used both inside and outside the oil industry.

 

This report includes information from The Associated Press and Bloomberg News.

 

 

 

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Yep....Amazing

 

Not amazing at all. They are attacking the lifo method and trying to replace it with the fifo method. These are standard accounting practices used everywhere. It makes a great sound bite and will result in more taxes being collected in the next few years. What they neglect to say is that fewer taxes will be collected in future years. The net long term effect is nil.

[HHSDad]

Senate wants oil companies' tax records

 

P-I NEWS SERVICES

 

The Senate is seeking tax returns from Exxon Mobil Corp., Chevron Corp. and others among the 15 largest U.S. oil and gas companies to ensure that they are paying the full amount due on record profits.

 

In a letter Wednesday to Internal Revenue Service Commissioner Mark Everson, Sen. Charles Grassley, R-Iowa, the Senate Finance Committee chairman, and Montana Sen. Max Baucus, the committee's ranking Democrat, said they need the information to "better understand the federal tax posture of the industry."

 

In a statement, Grassley said, "I want to make sure the oil companies aren't taking a speed pass by the tax man."

 

The request is for federal corporate tax returns for the past five years of the 15 largest companies based on sales.

 

It's highly unusual for the Senate committee to seek corporate tax records.

 

The last time it was done was when the Senate panel asked the IRS for the tax records of Enron Corp.

 

 

 

Yep....Amazing

Isn't this the IRS's job? How many Senators do you think do their own taxes, let alone are able to examine the returns of one of the largest multi-national companies in the world?

[GusMcRae]

Therein lies the rub. That never was the government's money -- it was Exxon's money. The government deciding not to take $2.7M from Exxon is not the same as the government giving Exxon $2.7M. Exxon earned the $2.7M not the government. With your kind of thinking I suppose I should thank the government for not taking even more of their money from my paycheck since clearly they have the right to take all of it!

 

Well put:thumb:

[Diamond Dandy]

My point is, if there isn't a problem with it then why would Congress investigate it. Why would the energy companies and Cheney refuse to testify under oath and why would the energy companies be so willing to forgo these bennefits? Perhaps to prevent further investigation?

[Booge]

My point is, if there isn't a problem with it then why would Congress investigate it. Why would the energy companies and Cheney refuse to testify under oath and why would the energy companies be so willing to forgo these bennefits? Perhaps to prevent further investigation?

 

Investigation of what?

[acemona]

You pay for the Socio-politcal-economic system where you do business. The more you expect to get out of it, the more you will pay into it.

 

BTW, while I don't necessarily believe the Bible calls us to create a government to help us become better christians, I do believe it calls on us to end systems that are oppressive. Some people want the government to get rid of abortions, get rid of same sex marriages, get rid of evil people (death penalty), I want the government to get rid of poverty and to end the cycle of poverty that destroys families. It is not okay to simply say pull yourself up by your bootstraps, sometimes the system has to be changed.

 

To have told an African American (slave) in 1850 that all it took was hard work and they too could be rich was simply not true. To have told an African American in the 1950s that all it took was hard work and they too could be rich was simply not true. Before that could happen, the system had to change.

 

To tell a third or fourth generation child of poverty that all it takes is hard work and they too can be rich again is simply not true. We have a system that exploits the working poor and sprints to the bottom line and lowest wage to get to more profits. Simple as that.

 

Just like I can't simply tell EXXON executives and stock holders to be more benevolent, but I can certainly work to change the system in which they operate to try to reduce the exploitation of the poor workers.

[Fastbreak]

BTW, while I don't necessarily believe the Bible calls us to create a government to help us become better christians, I do believe it calls on us to end systems that are oppressive. Some people want the government to get rid of abortions, get rid of same sex marriages, get rid of evil people (death penalty), I want the government to get rid of poverty and to end the cycle of poverty that destroys families.

While I admire your compassion Ace, you are attempting to have our government do something that Jesus Himself said would not occur in this age.

 

Mt 26:11 – “The poor you will always have with you, but you will not always have me.”

 

Mr 14:7 – “The poor you will always have with you, and you can help them any time you want. But you will not always have me.”

 

Joh 12:8 – “You will always have the poor among you, but you will not always have me."

 

Does this mean that I think we are under no obligation to assist those genuinely in need? Certainly not, that is very much a part of our Christian duty. I simply recognize that poverty takes on many forms. We could provide high paying jobs, large homes, two cars, total heath care and a retirement plan to every family in America, and yet as long as we have individuals venerating Paris Hilton, Lindsay Lohan, Madonna, Britney Spears, etc. it is evident to me there is a distinct poverty of intellect and spirit within our culture.

 

I submit that as much as we may desire a Utopian society, it is virtually impossible to eradicate poverty by human strength and intellect alone. There are just too many factors involved, not the least of which is each person’s self will.

[GusMcRae]

You pay for the Socio-politcal-economic system where you do business. The more you expect to get out of it, the more you will pay into it.

 

BTW, while I don't necessarily believe the Bible calls us to create a government to help us become better christians, I do believe it calls on us to end systems that are oppressive. Some people want the government to get rid of abortions, get rid of same sex marriages, get rid of evil people (death penalty), I want the government to get rid of poverty and to end the cycle of poverty that destroys families. It is not okay to simply say pull yourself up by your bootstraps, sometimes the system has to be changed.

 

To have told an African American (slave) in 1850 that all it took was hard work and they too could be rich was simply not true. To have told an African American in the 1950s that all it took was hard work and they too could be rich was simply not true. Before that could happen, the system had to change.

 

To tell a third or fourth generation child of poverty that all it takes is hard work and they too can be rich again is simply not true. We have a system that exploits the working poor and sprints to the bottom line and lowest wage to get to more profits. Simple as that.

 

Just like I can't simply tell EXXON executives and stock holders to be more benevolent, but I can certainly work to change the system in which they operate to try to reduce the exploitation of the poor workers.

 

I would have to personally disagree with this. I grew up VERY poor...while I do not consider myself rich...I am better off than most.

[Fastbreak]

Great points Gus... :thumb:

It is not okay to simply say pull yourself up by your bootstraps, sometimes the system has to be changed.

One of the first changes our system needs is to get rid of politicians willing to pander to a large and impoverished base of voters that think they need (power hungry) politicians in office to get the government to provide them handouts.

 

We need to get rid of the Great Society programs that have made it more profitable for an inner-city mother to produce multiple children out of wedlock, and to then raise children without a father in the house, than it is to support marriage and traditional family values.

 

Again, I’m not talking about individuals with genuine and overwhelming needs, but those who have simply bought into the lie that they are powerless to bring about change themselves, for themselves.

 

Poverty is not being out of cash as much as it is the state of mind and heart that has surrendered hope… or in this case, has misplaced hope in a government and politicians that promise the moon and deliver far less.

 

We have produced two or three generations of “dependents” rather than encouraging self-reliant “independents.”

[Fastbreak]

To have told an African American (slave) in 1850 that all it took was hard work and they too could be rich was simply not true. To have told an African American in the 1950s that all it took was hard work and they too could be rich was simply not true. Before that could happen, the system had to change.

 

To tell a third or fourth generation child of poverty that all it takes is hard work and they too can be rich again is simply not true.

I will agree with your point if only to highlight the obvious absurdity of making such a statement in an era when “slavery” was actually legal in many states.

 

I have never stated that hard work was all it took to be wealthy. If it were as simple as that, I’d have a lot more financial security than Ted Kennedy. :lol:

 

The primary things people are enslaved by in America today are doubt, fear, ignorance and a dependence upon someone (politicians, parents, etc.) or something (government) other than themselves to bring about change in their lives. Other than placing faith in God, I'm not so sure it makes sense to look too much to others.

 

In terms of providing opportunities for individuals to improve their lot in life and to perhaps become wealthy, there has never been a greater nation in the history of the world. Those who are wealthy, (aside from the Ted Kennedy’s out there) did not get wealthy by sitting around waiting for someone to hand it to them. They took matters in their own hands and earned it.

[acemona]

Quote: We need to get rid of the Great Society programs that have made it more profitable for an inner-city mother to produce multiple children out of wedlock, and to then raise children without a father in the house, than it is to support marriage and traditional family values.

 

 

Any facts to back any of this up. I think it is an urban myth and used to talk about the evils of welfare, and I believe it is simply not true. 1 extra child brings in abut 68.00 more dollars per month - livin' high on the hog with that.

[Fastbreak]

No one said anything about living high on the hog while on welfare. I do contend that in our attempt to be compassionate, and with certain politician's attempts to secure power by locking in votes among their "dependents", our government has usurped the position of fathers in many, many poor families. This has led to many social ills that must be cured.