Senate extends tax cuts, raises levies on oil firms

Not final approval, but so far it does not extend the life of reduced tax rates for capital gains and dividends, scheduled to end when the calendar flips to 2009.




http://www.cnn.com/2005/POLITICS/11/18/senate.taxes.ap/index.html

Senate extends tax cuts, raises levies on oil firms

Veto threat hovers over $60 billion bill

Friday, November 18, 2005; Posted: 1:01 a.m. EST (06:01 GMT)
WASHINGTON (AP) -- The Senate passed a $60 billion bill early Friday that would extend expiring tax cuts and prevent roughly 14 million families from paying higher taxes through the alternative minimum tax.

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The largest oil companies, nevertheless, would be hit with about $4.3 billion in taxes through a change in accounting methods. That provision drew a veto threat from the White House and upset some Western Republicans, who deemed it an unfair and political attack on the energy industry.

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The overall bill reduces taxes about $60 billion over five years, preserving many tax breaks scheduled to expire unless lawmakers keep them intact. Unlike a version scheduled for debate in the House on Friday, the bill would not extend reduced tax rates for capital gains and dividends. Congress lowered the maximum tax rate on that investment income to 15 percent in 2003, and many Republicans want to act this year to keep those rates in place in 2009 and 2010.

The bill also would offer $7 billion in assistance to businesses and individuals hit by Hurricane Katrina and other storms, filling in details of President Bush's proposed Gulf Opportunity Zone.

Among many provisions extended in the bill are a deduction for state and local sales taxes, investment incentives for small businesses, a business research and development credit and a tuition deduction. Taxpayers would get new incentives to make charitable contributions at the same time that tax-writers put new curbs on charitable deductions deemed excessive.

That you are an oil company puppet.

There's about 34% of the nation that still doesn't get it about you and the BushCo-Republican Oil Kabal.

Your VETO will edumacate a hugh number of citizens about a series issue: your culture of corruption.

does anyone actually think they would eat this?

If one follows your logic, oil companies' profits would never change.
Yet they do. A lot.

in earnings due to wider profit margins for transport of fuel is a one time - Bush Time - theft, and the corporations will want to take the money they have stolen and have the public forget.

They will not force a continuing huge transfer of wealth to themselves as it would kill their political slaves - and then they would be in real trouble.

Refining still barely breaks even - which is why the oil folks do not build new ones. Oil exploration likewise is hit or miss. Only the raising of pump prices well beyond cost increases jumps the bottom line.

The resistance to higher dollars per gal gas is such that "pass this on to the consumer" is a non-starter.

Indeed study after study have shown the real world can expect a PARTIAL pass on to the consumer via price, along with lower company earnings being reported.

The pass on to consumers theory of the right sounds so logical - but as with most ideas of the right, it is only partially true.

Just when you think Republicans couldn't more corrupt, depraved and delusional- they surprise you yet again....

While the Senate extended tax cuts the house passed a budget that cuts back on Medicaid, food stamps and student loan subsidies.

http://www.msnbc.msn.com/id/10082831/

The unmitigated arrogance of these elitist assholes is dumb founding.