If there are any Senators or Congressfolks reading this blog, here is my suggestion. Introduce a bill that goes a little something like this:
Back in the Clinton years something called Welfare reform was passed by the Repugnican Gingrich revolutionaries in Congress. It basically said the same thing except it was poor people making some nominal amount of money would thus loose any form of welfare.
Why wouldn't the free marketeers in the Republican Congress agree to the same for corporations? Subsidies are supposed to stimulate economic activity. How much profit do these corporations have to make before we realize they don't need any more stimulation?
This is important. It is important to support this measure by Senator Bob Menendez because it has a chance of actually passing.
Just like Democrats are afraid to vote for any measure that Republicans call "anti-defense," what politician in their right mind would not vote for an ammendment that is going to lower the $3.00/gallon gas prices we are all facing at the pump?
The junior Senator from New Jersey has lots of political cover between Big Oil's profits, Gas prices soaring, and Fat Bastard's severance package. THIS AMMENDMENT CAN AND SHOULD PASS.
A vote against this is a vote FOR TAXES. (Just like those clever campaign ads we see from time to time).
Call your Congressman and ask them to support Bob Menendez in this effort. Report back in the comments.
*MENENDEZ QUESTIONS RECORD EXXONMOBIL PROFITS WHILE AMERICAN FAMILIES
STRAINED*
*Senator: 'Oil execs popping champagne, Americans popping antacids'*
* Pledges to reintroduce Federal Gas Tax Holiday measure *
*WASHINGTON* – As oil company ExxonMobil reported today that its profits rose once again, U.S. Senator Robert Menendez (D-NJ) vowed to continue his fight to lower gas prices for American families by offering the Menendez Federal Gas Tax Holiday Amendment. Menendez earlier this week offered an amendment to provide immediate relief to American families at the gas pump by suspending the 18.4 cent federal gas tax for 60 days and repealing $6 billion in tax giveaways to major oil companies. Senate Republicans used a parliamentary move to prevent a vote on the amendment.
"While ExxonMobil executives are popping champagne and celebrating their record profits, American families are popping antacids under the strain of soaring gas prices," Menendez said. "Prices at the pump continue to jump through the roof, while oil company profits follow suit. American families are feeling the pain, and I will continue to offer my Federal Gas Tax Holiday amendment to provide them immediate relief."
"Why President Bush and his Senate allies would side with big oil and leave American families holding the gas bill is beyond me," Menendez said. "They can run, but Senate Republicans cannot hide behind *Robert's Rules of Order* forever."
The Menendez Federal Gas Tax Holiday Amendment would give Americans temporary and immediate relief from sky high gas prices directly at the pump. It suspends the federal gas tax for 60 days to help reduce the cost of gas and diesel for consumers, thereby providing $100 million dollars per day in relief directly to Americans. The amendment is funded by repealing three unnecessary tax breaks currently enjoyed by oil and gas companies, and also eliminating royalty relief and other production incentives enacted last year as part of the Energy Bill.
American families have felt a constant squeeze on their bank accounts as energy costs and gas prices continue to rise. American families are currently paying about $2.919 per gallon of gas – up from $2.218 just one year ago, according to the AAA. While Hurricane Katrina was blamed for last September's spike in gas prices, the current increase in prices – the average price of gasoline is up 40 cents per gallon from just last month – appears to be driven largely by the oil industry's appetite for profits.
In addition to this week's amendment, Menendez will join Senator Bill Nelson (D-FL) in offering an amendment that will significantly fund energy efficiency programs, renewable energy research, federal purchases of alternative fuel vehicles, and other provisions.
# # #
*DEMOCRATS FIGHT TO PROVIDE IMMEDIATE RELIEF TO CONSUMERS*
*Offer a Federal Gas Tax Holiday*
Senator Bob Menendez (D-NJ) is fighting to give immediate relief to consumers during this summer's busy driving season by providing a Federal Gas Tax Holiday paid for by repealing over $6 billion in tax breaks and giveaways to Big Oil. His amendment gives Americans temporary and immediate relief from sky high gas prices directly at the pump. It suspends the federal gas tax for 60 days to help reduce the cost of gas and diesel for consumers. This amendment will provide $100 million dollars per day in relief directly to Americans.
*A Federal Gas Tax Holiday.
*This amendment will provide more than $6 billion in relief directly to consumers by eliminating the federal tax for both gas and diesel for 60 days. During the period of this gas tax holiday, the cost of gas will be reduced by $0.184 per gallon and the cost of diesel by $0.244 per gallon. Drivers will receive real relief every time they go to the pump during this period.
*Protects the Highway Trust Fund.
*Under this amendment, the Highway Trust Fund will not lose one dime. Funds generated by reducing the tax breaks and giveaways to Big Oil will be transferred to the Highway Trust Fund in an amount equal to the revenues lost through the federal tax holiday. The Highway trust fund will continue to collect the revenues needed to continue all of the projects currently planned and funded.
*Big Oil Will Pay the Price.
*After reporting record profits of over $100 billion last year, Big Oil is the most profitable business in the world. This amendment will provide direct relief to consumers and be fully paid for by repealing three major tax breaks that Big Oil clearly does not need and eliminating unnecessary and expensive royalty relief.
*Foreign Oil & Gas Foreign Tax Credit and Income.*
Under present law, US companies can claim a foreign tax credit for taxes paid to another country and not royalties and similar payments related to an economic benefit. The provision denies foreign tax credits for payments to a foreign country if the foreign country does not have a generally applicable income tax.
* *
*LIFO – Oil & Gas.*
Under current law, businesses are generally permitted to use a last-in, first-out (LIFO) method to account for their inventories. This allows companies to create a tax advantage during times of rising prices. This proposal limits the tax benefits of this LIFO method of accounting for integrated oil companies with gross receipts in excess of $1 billion.
* *
* Elimination of Amortization of Geological and Geophysical Expenditures for Large Oil & Gas Companies. **
*Eliminates the tax break for accelerated depreciation for these expenditures for fully integrated oil companies that was passed in the Energy Bill.
*Eliminates Royalty Relief and other Direct Spending.*
The amendment also eliminates royalty relief and other direct spending for oil and gas production incentives in Titles III and IX of the Energy Policy Act of 2005 totaling approximately $700 million. In testimony before the Senate Judiciary Committee, the major oil company CEOs testified that they did not need these incentives.
And that is why Senator Bob Menendez is a senator, and I am not.
