Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Politics : View from the Center and Left -- Ignore unavailable to you. Want to Upgrade?

To: slacker711 who wrote (63646)	5/5/2008 10:49:27 PM
From: slacker711	Read Replies (1) \| Respond to of 542015

I would have sworn that this was a Republican parody if it wasnt for the fact that it comes directly from the Congressman's website. kanjorski.house.gov 4/28/08: Kanjorski Bill to Tax Windfall Oil and Gas Industry Profits \| Print \| Industry Reports Record Profits While Americans Struggle to Afford Oil and Gas WILKES-BARRE - Today, Congressman Paul E. Kanjorski (PA-11) held a press conference to announce his introduction of H.R. 5800, the Consumer Reasonable Energy Price Protection Act of 2008. This bill would allow the federal government to tax windfall oil and gas profits, some of which are resulting in exorbitant oil and gas prices that average Americans struggle to afford. Industries yield windfall profits when their earnings exceed what the Reasonable Profits Board determines is rational, as laid out in the legislation. In 2007, the Big Five oil companies reported record profits, with Exxon Mobil making over $40 billion, the largest corporate profit in American history.[1] Additionally, in a few days, Exxon will identify its first quarter earnings for 2008. It is expected that Exxon's net income will rise around 22 percent.[2] A windfall tax would help discourage these industries from consistently increasing their prices. "I am pleased to introduce a bill that would tax oil and gas companies' for their excessive profits while encouraging them to decrease the prices for their products," said Congressman Kanjorski. "Like my constituents in Northeastern Pennsylvania, I am appalled by the spiraling prices at the gas pump and in home heating fuel. I am working to change the sharp contrast between the industries' growing profits and Americans' increasing inability to pay for oil and gas." As the heating oil and gas prices continue to rise, oil and gas companies reap the profits, and average Americans continue to struggle to afford these necessities. H.R. 5800, would tax such industries for their windfall profits. The bill would set up a Reasonable Profits Board to determine when these companies' profits are in excess, and then tax them on those windfall profits. Therefore, as oil and gas companies' windfall profits increase, so would the tax rate for those companies. Such legislation will encourage oil companies to lower the prices they charge for their commodities, to prevent them from receiving higher tax rates. According to AAA, gas prices have reached a record $3.58 a gallon nationwide, 70 cents more than the price from a year ago and more than double the price in 2001.[3] Additionally, oil prices recently climbed to an all-time high record of $119 per barrel.[4] Some of the taxes paid by these companies could then help fund Low-Income Home Energy Assistance Program (LIHEAP), a block grant program under which the federal government gives annual grants to states, territories, and Indian tribal organizations to operate home energy assistance programs for needy households. ###