Sioux City Journal

How about a 'break' for the American people?

Posted: Tuesday, April 15, 2008

IRETON, Iowa -- In Thursday's Mini Editorial, the writer asked: "With gas and diesel prices soaring, will the Democrats stop blocking drilling for oil in the Arctic wastelands?" I seem to remember President Bush and the Republicans giving big oil a huge tax break with NO restrictions on how the money was used. Not for exploration, more refineries or anything else that would lower the price of oil, they just stuck it in their pockets.

The Democrats want to take that tax break away and give it to the renewable industries. Bush has said he would veto any such bill. This from a former Texas oil man and good friend of the Saudi royal family. Gee, there's a big surprise.

Oh, I was watching the news and Congress had the big oil executives on the hot seat. They tried to defend their huge profits and the tax break they got, and believe it or not, they think they deserve another one. Hey, how about a "break" for us? -- E.S. Millis

Story Comments

oldguy wrote on Apr 16, 2008 12:50 PM:

" Hmmm and Mark, have you ever taken a bookkeeping or accounting class? Obviously not! Taxes are paid out of gross revenues, not net profits. "

thomas wrote on Apr 16, 2008 8:26 AM:

" Under Bush's tax cuts for the rich this nation has almost doubled its national debt from 5 trillion to approaching 10 trillion. At 3-5% interest, the American taxpayers are now paying each year between 300-500 billion dollars just to pay the interest on this debt. Return the tax rates to the rich and return are soldiers from Iraq. President Bush has been a disaster for everyone but the very rich. "

mp wrote on Apr 15, 2008 10:16 PM:

" If you look at the financials for XOM you would see that taxes paid do exceed net profits. I apologize for the typo leaving out the word "net" profits. Net profits to shareholders are after taxes have been paid. Of course it is easy to have paid more in taxes than the owners of the business received.

"

Tee Jay wrote on Apr 15, 2008 6:55 PM:

" Jim Carlin....Helloooo....through the roof? How about now with Bush in office? Prices are in orbit & a barrel of oil went to $113 today. Go fill up your car and remember the good ol days before "04". "

earth to larry j. wrote on Apr 15, 2008 5:30 PM:

" raise the taxes on oil companies, and they raise the price on us stupid. besides that , uncle sam makes more on gas than they do. "