Thursday, March 29, 2012
Senate Republicans keep "Big Oil's" tax cuts
Breaking news today: Senate Republicans reject Obama call to end 'big oil' tax breaks (links at bottom). In spite of the billions and billions of dollars in profits the oil industry makes and is taking in, the Republicans in the Senate today voted down taking away their tax subsidies. Get that--the oil industry makes more money than any other in the nation--and the world--yet we, the United States, give them tax subsidies. Not only that, but these Senate Republicans voted to allow them to get and keep these tax breaks. Does this make any sense to anyone? Well, except to the Senators in Congress who get "campaign contributions" from "Big Oil." Sure, it makes sense to them.
Check this out, from one of the articles at the links below--"The top five oil companies in the United States have already made $5.8 billion in windfall profits from spiking gasoline prices this year." Yet we're giving them tax breaks. Is that not insanity? I thought tax breaks should be for small, upcoming industries you want to encourage, not already mature, grossly successful companies that, frankly, in this case we want to discourage since, first, it's a dirty, foul, polluting industry and second, we need to get out of the Middle East for national security purposes. Wow. We have got to stop this.
Links: http://www.cnn.com/2012/03/29/politics/oil-subsidies/index.html;
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