Senior US Republican (Gregg) says oil tax may be needed

[UpInArms]

http://today.reuters.com/investing/financeArticle.aspx?type=bondsNews&storyID=2005-10-28T192412Z_01_N28554139_RTRIDST_0_ENERGY-CONGRESS-UPDATE-1.XML

WASHINGTON, Oct 28 (Reuters) - A senior Senate Republican
said he would consider a windfall profit tax on oil companies
to generate funds to help poor Americans pay home heating bills
that are expected to be sharply higher this winter.

Judd Gregg, chairman of the Senate Budget Committee, said
he was concerned that U.S. oil companies were reporting
record-high profits when some families will be unable to pay
their natural gas and home heating oil bills because of high
energy prices.

Gregg said he would "pursue options in this area" in coming
weeks.

"I believe it is time to take a serious look at
reinstituting an excess profit tax on oil companies with the
proceeds being put towards the Low Income Home Energy
Assistance Program (LIHEAP) and deficit reduction," Gregg said
in a statement.

<snip>

"Some might call this a novel approach for me, but I cannot
sit back in good conscience while those in our society
struggling to heat their homes are being left in the cold by
oil companies," he said.

...more...

[hippiechick]

1. About damn time !!

:nuke:

[WildClarySage]

2. Gee, that would go a long way toward offsetting all those corporate

"investment incentive" (snarf) tax subsidies to energy companies. Better yet, Gregg, lets just rescind those subsidies and cut all the pretense.

[Psephos]

13. There's a difference between taxing profits and incentivizing exploration

The new discussion is about taxing windfall profits, which sounds great to me. I hope that those who craft the new taxes take a look at what was learned from the earlier go-round in the late 1970s. As I recall, the Law of Unintended Consequences caused a few unforeseen problems.

Removing existing exploration and infrastructure incentives is a different thing, and deserves a different discussion. My opinion is that in a time of high revenues for the energy industries, the market can incentivize this stuff without our tax dollars helping. I'd like to hear a neutral expert confirm that.

Peace.

[Starbucks Anarchist]

3. How about a tax on millionaire senators who win the lottery?

[texastoast]

4. Windfall Profits Tax Act of 1978

Makes oil folks just shudder. Tough shit. They brought it on themselves. Again.

[gizmo1979]

5. Just a bunch of talk

they won't do anything of the sort.He'll be able to tell his constituents"I tried to help the poor".Yeah right.

[HockeyMom]

6. I am STILL getting $300 Electric bills

Do they think I am still using A/C? They haven't read the meter in 2 months. Estimate, BUT I MUST PAY IT. Hell, I have had my gas HEAT on the past few weeks. Example? Last night was in the 30s.

[Initech]

7. Tax the bastards! I hope this passes!

[natrat]

8. figures a thug would come out with this-where is reid?hil?

[sam the dawg]

9. wealth redistribution

the government will take money from corps -
corps will get some kinda break so they aren't hurt.
consumers will see very little of their excessive energy payments
I'd rather see price rollbacks.
When the gov takes, it's a ruse to fleece the poor.

[newyawker99]

15. Hi sam the dawg!!

Welcome to DU!! :toast:

[goodboy]

10. Is gasoline not taxed at 50% or more? (nt)

[devilgrrl]

11. I remember when Clinton proposed to raise energy taxes...

and the repugnicans pissed and moaned stating "wear more sweaters" or something of the sort.

Isn't it hilarious that it's only okay for the GOP to raise taxes?

[Vogon_Glory]

12. He's From New Hampshire. He's Probably Worried About His Voters

Senator Gregg is from New Hampshire. Unlike, say, Sunbelt states, I suspect he probably has to worry about a lot of voters who are fed up with high energy bills and who don't believe right-wing think tank fairy tales about "libruls" causing high energy costs.

I bet he's worried that New Hampshire voters are likely to fire his (posterior) at the next election.

[Voltaire99]

14. Republicans on a left-wing charm offensive!

"Some might call this a novel approach for me, but I cannot
sit back in good conscience while those in our society
struggling to heat their homes are being left in the cold by
oil companies," he said.

Socialist remedies just when everything's going to hell?

How novel. ;-)