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Thread: Democrats propose further tax hike on offshore oil

  1. #51
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Reverend_Hellh0und View Post
    You know what. Life is not fair. If it costs me a cent or two more at the pump to keep these spills from devastating my beloved country. so be it. We are taxed for so many retarded things right now, I'd be happy to see at least a penny of my money go to something that actually might help my country.
    I hate to disappoint Rev but any and all of that extra money collected will go to the general revenue stream of the U.S. gov and not to special oil disaster clean up fund.

    It will be spent, like the rest has.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    I hate to disappoint Rev but any and all of that extra money collected will go to the general revenue stream of the U.S. gov and not to special oil disaster clean up fund.

    It will be spent, like the rest has.

    But money will be spent on the clean up, right?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  3. #53
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Boo Radley View Post
    But money will be spent on the clean up, right?
    BP has already pledged to cover the cost of the current clean up.

    Why do we need a special tax, when the revenue from it will be spent immediately?
    Sounds like another excuse to tax, not to mention that it is an especially regressive tax on low income people, who are already suffering because of the recession.
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    BP has already pledged to cover the cost of the current clean up.

    Why do we need a special tax, when the revenue from it will be spent immediately?
    Sounds like another excuse to tax, not to mention that it is an especially regressive tax on low income people, who are already suffering because of the recession.
    I bet BP won't. Care to take me up on that bet? Loser tells the winner he's a forum God. What do you say?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

  5. #55
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Boo Radley View Post
    I bet BP won't. Care to take me up on that bet? Loser tells the winner he's a forum God. What do you say?
    Sure.
    I have no problem losing, as long as it isn't money.
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  6. #56
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    BP has already pledged to cover the cost of the current clean up.

    Why do we need a special tax, when the revenue from it will be spent immediately?
    Sounds like another excuse to tax, not to mention that it is an especially regressive tax on low income people, who are already suffering because of the recession.
    BP/Halliburton/TransOcean and Anadarko (which has 25% stake in the well) are looking at a $50-75B clean-up and damage claim. This could be a big ticket, capable of breaking the bank of one or more of these companies. BP annually pays out $11B in shareholder dividends and currently has about $7B in cash. They do not have the cash on hand to cover this. It is time for the DoJ to put a desist order on dividend payments and demand an immediate cash payment to escrow and/or a bond.
    Last edited by upsideguy; 06-10-10 at 03:31 AM.

  7. #57
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by upsideguy View Post
    BP/Halliburton/TransOcean and Anadarko (which has 25% stake in the well) are looking at a $50-75B clean-up and damage claim. This could be a big ticket, capable of breaking the bank of one or more of these companies. BP annually pays out $11B in shareholder dividends and currently has about $7B in cash. They do not have the cash on hand to cover this. It is time for the DoJ to put a desist order on dividend payments and demand an immediate cash payment to escrow and/or a bond.
    BP has no problem paying out for clean up and damages.
    They have already said they will.

    No crazy ass seizure of assets is necessary.
    That is just ludicrous.

    For the record, teachers, cops and firefighters (not to mention all the other people who have their retirement funds with BP) will lose a **** load of money because of such an event.
    Let them handle it but keep an eye on them.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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  8. #58
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    BP has already pledged to cover the cost of the current clean up.

    Why do we need a special tax, when the revenue from it will be spent immediately?
    Sounds like another excuse to tax, not to mention that it is an especially regressive tax on low income people, who are already suffering because of the recession.
    There is absolutely no way that BP will pay the full cost of this mess. A lot of it will get shifted onto the taxpayers. BP might pay for the immediate costs of cleanup (although I wouldn't hold my breath even for that), but they are never going to pay for all the incidental environmental damage.
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Kandahar View Post
    There is absolutely no way that BP will pay the full cost of this mess. A lot of it will get shifted onto the taxpayers. BP might pay for the immediate costs of cleanup (although I wouldn't hold my breath even for that), but they are never going to pay for all the incidental environmental damage.
    Why is it so difficult to imagine them paying for the clean up costs?
    Is there something I don't know about BP that allows them to avoid the cost of clean up?
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    Why is it so difficult to imagine them paying for the clean up costs?
    Is there something I don't know about BP that allows them to avoid the cost of clean up?
    Yes. Good corporate lawyers, the difficulty of proving monetary damages indirectly linked to the oil spill, and laws that cap the amount of liability oil companies can face for incidental damage. BP may or may not be on the hook for the full cost of the immediate cleanup...but they're never going to fully compensate all of the businesses and individuals who have indirectly suffered from this.
    Last edited by Kandahar; 06-10-10 at 05:43 AM.
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