Windfall Profits Tax Falls to Republican Obstructionism

A proposed windfall profits tax has been defeated in the Senate. This follows the ridiculous maneuverings of Senate Republicans last week with regard to the Climate Security Act prior to its filibuster. Republicans must really enjoy being in the minority. There is no way they’re going to win an argument on this issue this year. Not with our troops still occupying Iraq (to secure oil resources), not with $4 gas, not with the economy in the toilet. Democrats will be able to tell Americans this fall that they put solutions forward and Republicans voted against them all year.

The details won’t matter to the majority of Americans. It will be all too obvious whose been in power leading up to this awful situation. Actually, if Republicans are proud of their obstructionism, they should run on it and see how much traction it gains.

Remember, Exxon pulled in $11.66 billion in the 4th quarter last year and $40.61 billion during 2007. That’s just one oil corporation. Those kinds of numbers will rightfully make Americans quite angry the more they’re discussed this year. Most of are driving less, buying less and simply doing without while oil corporations and executives roll in record amounts of dough. Republicans are enabling that kind of misery, gleefully it seems. We have a chance to let them know what we think about that this November.

It’s probably too much to ask, but I wonder if Americans will let another secret energy policy meeting by a Republican Vice President slide under the radar ever again. Because this is the direct result.

Oh, the runup in oil and gas prices has occurred despite a reduction in demand. Doesn’t that fly in the face of Republican’s overused market excuse? The real problem lies in energy speculation markets, which have sent those prices soaring. The Democratic proposal would have brought those markets under a small amount of government oversight. But Republicans prefer completely unregulated markets. And we suffer as a result.

This is just as important:

Separately, Democrats also failed to get Republican support for a proposal to extend tax breaks for wind, solar and other alternative energy development, and for the promotion of energy efficiency and conservation. The tax breaks have either expired or are scheduled to end this year.

I’ll remember to bring this up any time I hear a Republican running on renewable energy. The oil companies still have their multi-billion dollar tax breaks. The playing field is about to go back to severely unfair.

The Republican counter-proposal? Open up domestic production. Which might deliver oil to the market in 5-10 years. Does that help you today?

Climate Security Act in Senate Update 6/5/08

The Climate Security Act, S.2191 is being held up by Republicans who, get this, are saying it will cost too much and people’s wallets will be hurt if passed and gosh we’re really not sure what the science is regarding climate change and…

In an extremely childish maneuver, Sen. Minority Leader Mitch McConnell (R-KY) had Senate staffers read the entire 400+ page bill read aloud. Nothing else could occur – debate or voting or anything else until the entire bill’s reading was finished. This procedure is really never done in Congress. Of all the things facing our country and the work that President Bush says is oh so urgent, Senate Republicans decided that reading 400 pages of a bill was the best use of the Senate’s time. What was it all over? Republicans said three judicial nominations still haven’t been considered and were throwing a temper tantrum over it. Despite refusing to consider dozens of President Clinton’s nominees in the 1990s, despite already being in the minority and despite facing additional losses at the ballot box this year, Republicans are still obstructing Senate proceedings. Obviously losing seats in 2006 didn’t faze them. Losing more, and hopefully not even having 40 seats next year will compel them to do their part to make our government function. By the way, McConnell is one of those running for reelection this November. The most recent polling put him behind his Democratic opponent 49%-44%. I wonder why…

Colorado’s Sen. Allard said he was concerned about the science.

The last few years may have cooled a fraction of degree….

Back in the 1950s … Ice Age … blah, blah, … It was warmer in the year 1000 than it is right now … natural cycles … sunspots …

I really wish he was running for his seat again. I wanted to see him beat by a landslide so bad. That’s alright, his retirement and the corrupt Bob Schaffer’s imminent loss will be just fine. Sending a person like Rep. Mark Udall, who actually understands science, to the Senate will improve things next year.

“Think-tank” Parrot at Denver Post: David Harsanyi

The previous post dealt with the Denver Post’s editorial board’s take on the Climate Security Act, S.2191. One of their column writers, David Harsanyi, wrote a column today at the Denver Post about the same bill. David is one of many conservative columnists at the Post that gets space, both in print and in pixels, to share his views.

One of the pillars of his argument today is a familiar one to anybody who has heard right-wing talking points in the past 30 years: the government can’t govern. Which is exactly why Republicans lost control of Congress and a number of state governorships and state legislatures in 2006. And it’s exactly why they’ll lost even more seats this year as well as the White House. The American public is tired of hearing how government can’t do x, y or z. The public knows it can and wants to hear instead candidates’ plans to get government to work for them again.

Then, another big right-wing boogeyman talking point: “de facto taxes”. Interesting that Harsanyi brings up taxes in the climate change realm. I can’t remember seeing a piece by him written on the Iraq occupation taxes that are sucking the Social Security fund dry. Or how about all the de facto taxes that your phone company charges, or your bank, etc. Those are alright because they’re levied by corporations, not by the government. Guess which entity we the people have control over? Here is what it realistically boils down to: pay a little now to introduce a carbon market or pay everything you have and more in the future when the climate system shifts and we’re forced to deal with millions of people affected by them. Harsanyi mentions that the Wall Street Journal estimates the auctions of the credits will net $6.7 trillion for government coffers by 2050 before launching into his anti-investment talking point. Once again, it’s interesting that the $3 trillion the Iraq occupation is costing taxpayers doesn’t warrant the same level of attention, isn’t it?

Much more below the fold.

Quick Hits & 1 Long Hit 5/6/08

The Climate Security Act needs to be strengthened. You can use the League of Conservation Voter’s action page to request your Senators to do so.

Oil hit $122 per barrel in trading today. That’s double what it was one year ago. That’s more pressure exerted on families’ budgets.

Buyout billionaire Henry Kravis saved $96 million through tax loopholes in 2006 alone. That’s just one buyout billionaire, in one year, making use of one loophole (tax evasion scheme)! Just think how much these private equity crooks are costing taxpayers who are already battling financial hardships and home foreclosures. BraveNewFilms has a video about this and a request for the presidential candidates to close the buyout industry’s tax evasion scheme.

The Bush “administration” has lost 400 employee laptops that conduct delicate, often secret, diplomatic relations with foreign countries, an internal audit has found.

Ironically, the Anti-Terrorism Assistance Program is administered by the State Department’s Bureau of Diplomatic Security (DS), which is responsible for the security of the department’s computer networks and sensitive equipment, including laptops, among other duties.

These are the same idiots who want to convince Americans they can responsibly handle access to information about the lives of Americans while demanding no Congressional oversight. HAHAHAHAHA! I don’t know what’s worse though: the above or the fact that Rep. Steny Hoyer and others are still willing to grant retroactive immunity to proven lawbreaking telecommunications corporations.

Analysts are reportedly torn over what an energy windfall profits tax would do. A few things here: corporations were given tax breaks by President Bush and Congress. Now that Democrats want the breaks to expire, what are Republicans and corporations calling the action? That’s correct: a tax increase. They’re spinning it like the tax was never before applied and woe to the poor corporations that are earning profits in the billions every quarter.

Re-applying fair taxes on the oil corporations could provide long-overdue dollars to renewable energy research and development. There needs to be a much larger focus on the development side of things. Technologies exist to help reduce greenhouse gas emissions – we need to help drive them into the marketplace more efficiently.

If oil corporations raise gas prices to regenerate their ridiculous profits, a majority of consumers will not blame the government. It would be clear at that point which entity was really responsible for excessive prices.

Pro-corporate analysts in the article bring up the fact that Google has a profit margin of 25% while oil corporations have profit margins closer to 10% and nobody is recommending a windfall profits tax on Google. Can you point to an example of how you or your family is paying more for goods because of Google? Oil corporations are directing more of their profits to buying back their stock, enriching stock holders. They should be directing that money to developing refining capacity. They’ve ignored refineries for decades and we’re paying the price for that short-sightedness at the pump.

Of course, the ultimate ideological argument has to be presented: government shouldn’t force movement of monies to R&D, the “free-market” should. The Heritage Foundation gets a nod in the article, with David Kreutzer asking if the government could take this capital and do a better job investing it than shareholders can. David and others aren’t willing to recognize that shareholders haven’t been able to make the correct decisions in the past generation. They’re only interested in further enriching themselves and the rest of us get to suffer for it: high gas prices, geopolitical instability and occupying the Middle East are only a few examples.

I, for one, have no more patience for these greedy vampires. The “free-market” has been unable to act in the interests of our society’s citizens. Taxes need to be reapplied to oil corporations and the richest Americans. They need to invest their fair share into our nation’s infrastructure and long-term interests.