REP. Bill Pascrell is one of a dozen Democrats and Republicans in the House meeting to find common ground on health care reform that could influence the final bill that comes to the House floor next month. "This is a major effort," he said after a meeting Thursday that resulted in requests for the Congressional Budget Office to "score" various options, including different versions of the government-managed insurance option and an excess profits tax on insurers. We talked about sensitive issues like tort reform, abortion, some Republican ideas on expenditures and cost savings, federal health centers. We hit a multitude of issues," said Pascrell, D- Paterson.
... loss for one year, deduct the amount of excess profits taxes which were paid in that year but whi...
This is a non-partisan attack. Both Republicans and Democrats have bashed big oil for "price-gouging" the public. After Exxon Mobil declared a record $10 billion profits in the most recent quarterly report. Sen. Judd Gregg (R.-N.H.) issued a statement calling for an excess profits tax on oil. "With people being forced to pay $3 a gallon for gas and $2.50 for oil to heat their homes, it is infuriating that oil companies are reporting record-breaking profits," he said.
Fox Hollow Drive In the 1970s OPEC imposed an oil embargo. Prices quadrupled. Production costs of domestic producers remained the same while their profits skyrocketed. In response, Congress passed an "excess profits" tax on domestic producers. The idea was we were all in this together and none should profit at the expense of everyone else.
[Ted Kennedy] just happens to believe that if Bushie throttled the greedy corporate gasbags by their Brooks Brothers collars, he just might slow down the way money so aggressively soars to the very top in this country. It would let Americans know-especially, says Kennedy, "middle class people who have their sons and daughters in Iraq and Afghanistan"-that greed is not a traditional American value. Kennedy thinks Bushie should also activate the Federal Trade Commission-"basically a sleepy organization"-and put them to work 24/7 searching out price gougers. An excess-profits tax is a good idea too, so at least some money can be put back in the hands of working families.
Gerald Plessner is absolutely correct in his assessment of the market control afforded the five major oil companies (April 26) and his call for an excess profits tax to be levied on them. I would make it a punitive tax - like 110 percent of the excess profit. The horizontal and vertical consolidation accomplished in the last 30 or so years is a major factor in our present oil dilemma. An oligopoly is just as dangerous to a free economy as a monopoly, and these five companies should be broken up both horizontally and vertically. They should not own virtually all of the production, refining, distribution and resale capability.
...(a) Declared value excess-profits tax. Gain which is includible in gross inc...
... for the purposes of Federal income or excess-profits taxes. If an election is made under subdiv...
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