Senators reject proposal to tax oil industry's windfall profits

[norml]

Senators reject proposal to tax oil industry's windfall profits
By LYNN J. COOK
Copyright 2005 Houston Chronicle

WASHINGTON - The U.S. Senate shot down an oil industry windfall profit tax amendment proposed by senators Byron Dorgan, D-N.D., and Christopher Dodd, D-Conn., in a 44-55 vote on Thursday.

The amendment was attached to a bill to cut the budget deficit by $50 billion that was still being debated late Thursday. Their proposal set a ceiling of $40 a barrel and sought to levy an additional 50 percent excise tax on any profit above that price.

The vote split largely along party lines with two Democrats, Mary Landrieu of Louisiana and Ben Nelson of Nebraska, voting against it.


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http://www.chron.com/cs/CDA/ssistory.mpl/politics/3469408

[Tandalayo_Scheisskopf]

1. I think it's time...

For Landrieu and Nelson to get some primary challengers.

2006. Now's the time to get to work. I am.

[depakid]

2. Ben Nelson again...

That asshole's constituents don't even have substantil ties to the oil industry.

Sooner the Dems target him, the better.

[yurbud]

3. this is a short term loss that could pay long term dividends

every Democratic challenger to a GOP seat can point to this and say, "When your interest and those of corporate America conflicted, he chose the corporations."

[Gman]

4. Even though WPT is against conservative ideology

the US govt needs the money for Iraq. They're sucking money from everywhere they can find. It could come down to Buschco telling the oil companies, "Hey, we made it possible for you to make this kind of money, now you give back some of it if you want to keep making it." Of course the inevitable retort of, "Hey, we put you there." would happen. In which case even more holy hell breaks out.

[Nothing Without Hope]

5. Shameful. And the horrible House omnibus budget bill just passed too:

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1933081
thread title (11/18 LBN): House passes Sweeping Budget Cut Bill (in wee hours after initial defeat)

I urge you to read that thread and the linked thread about the Pombo amendment in that House budget bill. In addition to taking money from important programs benefitting those who need it ithe most, the horrible last-minute rider slipped in by Rep. Pombo without a public hearing is truly catastrophic. Here's a thread about it - it seems to be mostly slipping under the radar just as the GOPs intended;
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x5372231
thread title (11/16 GD): PUBLIC LAND GRAB ALERT! LATimes:millions of acres at stake in House bill

[hadrons]

6. I'm actually against windfall profit tax ....

just take away the oil industries tax breaks (or a bunch of them)