Kucinich angered over reports of record oil company revenues

http://www.wtam.com/cc-common/mainheadlines3.html?feed=122520&article=3638730
Saturday, May 3, 2008

Cleveland congressman plans to introduce a windfall profits tax.

Hear Congressman Kucinich's entire news conference.
See a portion of Congressman Kucinich's press conference.

(Lakewood) - With rising gas prices affecting family budgets, Congressman Dennis Kucinich will introduce legislation next week he claims will reduce the price of gasoline.

Kucinich says he is proposing a windfall profits fax on the makers of both gasoline and diesel. He believes the mere threat of such a tax will motivate oil companies to hold the line on price increases.

Kucinich reports that his legislation is supported by 60 members of Congress. In addition to taxing “excessive” oil profits, the bill would also provide tax credits to consumers who purchase fuel efficient American made cars, while making additional funding available for mass transit systems.

In 1980, just such a tax was imposed by the U.S. Government as a result of the Arab oil embargo, but did not bring in as much revenue has had been predicted...



Should there be a windfall profits tax on oil companies?
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Select your option and vote!


Yes.
75.00 %
No.
25.00 %
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0.00 %

Can't see the poll in my browser.

Edit: How many people responded to original survey?

Should there be a windfall profits tax on oil companies?
Yes.
72.22 %
No.
27.78 %
Not sure.
0.00 %

No indication of total number of votes.

I just do not wish to be handed the bill when I go in to a gas station. :eyes:

and the money used for research and development of vehicles running on alternative fuels--my favorite is compressed air. From what I have read, production of "air cars" will start in India later this year. Hope the US allows them to be imported here, but I won't be surprised if they don't.

VW. I have put 1 million miles on 3 diesel rabbits since 1981.
The '79 made in Germany, the '81 assembled in Pa., the '83 ? Mexico? Pa.?
I have endured the ridicule, the honking at intersections due to the lack of pickup.( The current '83 has 5 speeds & I just headed the pack all the way from Maine to FLorida!) AND saved a heap of money! Repair cost average about $1,000. per year!
WIth a tax credit I could afford to covert to biodiesel use at least 6 months of the year!

is the amount of tax breaks these vultures get. They're making huge windfall profits, yet their tax breaks and outright gifts from an oily administration are never questioned.

Well, I'm questioning them. You may consider the source on this one, because I owe much of my living to oil dividends that get huge tax breaks at my end, too.

Still, so much of the profit will never get to shareholders because it's being scraped off the top by top management.

I would prefer to see reforms where executive salaries are limited either by fiat or by confiscatory taxation to provide a disincentive to executive greed and an incentive to pay shareholders. At the same time, I would like to see the tax giveaways reformed and the giveaways abolished.

The system we have now evolved under completely different conditions that assumed strictly national exploration and resource development. The system makes little sense now.