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Thread: Democrats propose further tax hike on offshore oil

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Kandahar View Post
    Their lawyers will hem and haw about how much the government spent on each line item of the cleanup expense, eventually settling for an amount that's less than the total cost of the cleanup.
    I belive that BP is going to declare banruptcy, because of all the asskicking that Obama wants to do and we're going to get stuck with the bill, anyway.
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    Sure.
    I have no problem losing, as long as it isn't money.
    We have a bet then.

    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.

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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.
    I very much doubt that a desist order that was effective could be placed on a foreign company.
    True the courts could slap some kind of lien on American assets of BP, but outside of US the US court system has no authority.
    Also they have no authority to tell BP to desist from paying dividends unless those dividends are to US domiciled Investors.
    If Obama is serious about having BP pay full costs for their error then it is obvious that Obama and his experts must permit BP to continue to function as an ongoing Company.

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Harry Guerrilla View Post
    There is no evidence that they won't pay and if they don't sue them in federal court.
    It's pretty simple because they are legally obligated.

    Elected leaders, on the other hand, have a history of being lying scum bags.



    BP is a multi billion dollar company, over the long term this won't affect their bottom line much.
    I'm not worried in the least.

    Share value /= real value.
    Investors are spooked because of bad news, this happens all the time.




    GM made it's own bed to lay in, the same as BP.
    I don't want BP bailed out, just like I didn't want GM bailed out but to jump on the "I hate BP bandwagon" so early, when things haven't settled down, is just reactionary nonsense.
    You are grossly underestimating their liability concerning this disaster, which the world has never seen a worse one. It is going to become even more worse before it gets better.

    I have known a lot of wealthy people in my life and one thing I have observed is that the richer you are the greedier you become.

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Reverend_Hellh0und View Post
    Read what I wrote, this would have to be ONLY for oil mitigation and cleanup, period. if it was to be used in the general fund, no dice.


    That said, I think they should cut the MMS all together (why can't the EPA handle this), and lower our taxes in that aspect to cover the increase here.
    Not even then.
    No, no, no.
    That tax won't be repealed later, they'll just find a way to shuffle funds elsewhere.
    Cut something or a lot of things to pay for this.

    Remember the 55mph speed limit?
    Temporary measure to get us through the oil crisis?
    Temporary took 25-years to get off the books.

    Sorry... no new taxes under ANY circumstances.
    I don't care if 5 of these rigs had puked oil.
    Find the money by cutting something else.
    There is enough crap to slash to fund scores of such clean-ups.

    BTW, I agree about cutting the MMS, the Dept. of Education, Ag Dept, NEA, HUD... a whole slew of bureaucratic mess that makes things worse.

    .
    Last edited by zimmer; 06-11-10 at 07:20 AM.
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by Reverend_Hellh0und View Post
    I would agree to this on these conditions. 100% of the funds raised went to disaster preparedness and spill mitigation. Including funding and equipping the 1994 plan.

    This tax however should only be applied to barrels produced on the gulf.

    None of this tax should be used for anything else.
    I'm fine for a tax on offshore drilling in the gulf. Even if it'll just trickle down to the consumer, hopefully it'll help get our country less reliant on oil as an energy source and cause us to be more effecient with it's use, and develop better public transportation infrastructure all over the country. I say go for it.

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by upsideguy View Post
    Actually, the economy did not fall into depression, which was a genuine threat 20 or so months ago. This threat was reflected in the Dow, which reflects the outlook of sophisticated investment, had fallen more than 60% during the last 7 months of the Bush Administration (and into the first weeks of his successor). The Dow has rebounded remarkably and has once again started trading on fundamentals. So I would say the economy has stabilized. Unfortunately unemployment is a trailing indicator of economic health, so its is not back.

    That all said, we are not out of the woods. The uncertainty of a recovery or the risk for retrenching has inhibited employment recovery. Still, its hard to realistically argue that it is worse now than it was in December 2008.

    If you do not argee, please offer your Monday morning response to what should have been done that wasn't.
    You'll see what happens once the Bush tax cuts expire.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by samsmart View Post
    I'm fine for a tax on offshore drilling in the gulf. Even if it'll just trickle down to the consumer, hopefully it'll help get our country less reliant on oil as an energy source and cause us to be more effecient with it's use, and develop better public transportation infrastructure all over the country. I say go for it.
    Unless I am missing something you are agreeing to a cut in supply not demand. How does that cause us to be less reliant on oil???

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    Re: Democrats propose further tax hike on offshore oil

    Quote Originally Posted by American View Post
    You'll see what happens once the Bush tax cuts expire.
    Maybe we will start paying for the wars, then.

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    Re: Democrats propose further tax hike on offshore oil

    What gets me is washingtons backpeddling on the lability cap. The current lability cap is 75 million yet washington wants to raise that cap on BP. I dont understand how they believe they can change a law after the fact and expect people to comply.

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