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**cepAceryTem** · 01-02-2007, 06:47 PM

I agree with you - I don't like the idea of capping profits for corporations. But neither do I like the idea of giving such companies tax cuts. There have been something like $6 billion in tax cuts to the oil industry in the last few years. The energy bill passed by the House would rescind these tax cuts.

Since petroleum, like steel and many other industries, is considered vital to the national security (no brainer) there will always be tax incentives for them. Many of the tax breaks the oil industry recieves are for protection from law suits, exploration, alternative fuels research, defense/protection of international holdings and suspension of royalties. I would say most are justified. That probably leaves only a few billion for the entire industry (not just Exxon) that may be considered unjustified. Okay, so without those tax breaks they made $37.5 billion. Woooo.

Congress is talking about making them pay the royalties they would owe for drilling on public land/water. Think the oil companies are going to just eat that? Is the royalty the McDonald's franchisee pays to McDonald's figured into the price of your happy meal? You bet. It's a tax increase on you and I that the Dems will make the blue staters think they're not paying.

01-02-2007, 06:47 PM	#36
cepAceryTem Join Date Oct 2005 Posts 517 Senior Member	I agree with you - I don't like the idea of capping profits for corporations. But neither do I like the idea of giving such companies tax cuts. There have been something like $6 billion in tax cuts to the oil industry in the last few years. The energy bill passed by the House would rescind these tax cuts. Since petroleum, like steel and many other industries, is considered vital to the national security (no brainer) there will always be tax incentives for them. Many of the tax breaks the oil industry recieves are for protection from law suits, exploration, alternative fuels research, defense/protection of international holdings and suspension of royalties. I would say most are justified. That probably leaves only a few billion for the entire industry (not just Exxon) that may be considered unjustified. Okay, so without those tax breaks they made $37.5 billion. Woooo. Congress is talking about making them pay the royalties they would owe for drilling on public land/water. Think the oil companies are going to just eat that? Is the royalty the McDonald's franchisee pays to McDonald's figured into the price of your happy meal? You bet. It's a tax increase on you and I that the Dems will make the blue staters think they're not paying.
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