Kucinich: Oil companies "just stealing from" Americans. Will leading Dems

[Karmadillo]

back his windfall profits tax?

http://www.wkyc.com/news/news_article.aspx?storyid=42568

<edit>

"They're just stealing from the American public and everyone knows it," said Rep. Dennis Kucinich.
Congressman Kucinich wants to see a windfall profits tax put into place.

more...

[MadHound]

1. No, of course not!

Their corporate masters won't let them, and the proposal will drop like a rock as does any legislation to reign in corporate America does these days.

[ananda]

2. Kucinich, you go guy!

Yes, Kucinich is exactly right. Exxon and Shell profited mightily over the last three months.

I don't expect Congress to do anything about it, though. They're mostly bought off.

Sue

[liberalconscious]

3. It makes way too much sense for it to be passed.

But that is just me

[newyawker99]

8. Hi liberalconscious!!

Welcome to DU!! :toast:

[sandnsea]

4. Democrats Call for Gas Gouging Investigation

Not Frist. Democrats. They've been talking about gas gounging and the oil companies for weeks now.

http://www.oregonlive.com/newsflash/regional/index.ssf?/base/news-12/1129590241161211.xml&storylist=orlocal

[durablend]

5. You and I both know where it'll lead

"No, we're not gouging--just supply and demand working in a good capitalist Uhmerikkkan society"

"Just bend over, pay up and SHUT UP!"

:sarcasm:

[sandnsea]

6. Not really my point

The media is pitting Frist's call for investigations into gouging against the House Democrats tax solution. Great frame, for Republicans. But it wasn't Frist's idea to begin with, it was the Senate Democrats. And it isn't the only thing they've suggested that could help anyway. But my point is we shouldn't help them by perpetuating the myth that Democrats aren't doing anything because that is patently untrue. I do not understand why DUers think the public at large would vote for a party full of people who don't do anything. It's just a dumb thing to say.

[Karmadillo]

7. Statement on Kucinich's windfall profits tax

http://www.commondreams.org/news2005/1019-11.htm

<edit>

If there were no environmental regulations, the industry would have to invent them or something equivalent in order to disguise a corporate strategy to hold down supply. That is the real issue and Americans are paying mightily for it. Since 2001, according to Public Citizen, the largest five oil companies operating in the United States enjoyed after-tax profits of $254 billion.

There are things Congress can do. One would be to pass HR 2070, the Gas Price Spike Act of 2005. This bill, which I introduced with 39 cosponsors, would implement a windfall profit tax on gasoline and diesel. Such a tax would be imposed on key oil industry profits above a reasonable rate of return. If oil companies are collecting excessive profits on the backs of consumers, they should be subject to a stiff tax on those excessive profits. The threat of heavy taxation will send a clear signal to oil companies that price gouging, and shorting supply, will not pay.

In addition, HR 2070 will direct the revenue from the windfall profits tax to Americans who buy ultra efficient cars made in America. These individuals would receive a $6000 tax credit. The credit would be phased in, and cars that achieved 65 miles per gallon would receive a full tax credit. Today average cars get less than 30 miles per gallon. This tax credit will stimulate the market in ultra efficient vehicles.

Lastly, the bill makes funding available to regional transit authorities to offset significantly reduced mass transit fares during times of gas price spikes. Providing low-cost mass transit will slow demand for gas and ease the price of gasoline, benefiting all Americans.