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Tuesday, April 1, 2008
Tax breaks for oil companies?
The Atlanta Journal-Constitution
Top oil company executives are scheduled to appear before a Congressional panel today to answer questions about soaring profits and the industry’s tax breaks as Americans pay higher and higher prices at the pumps.
Oil companies argue that tax breaks help spur exploration and therefore keep prices down but some elected officials aren’t so sure.
“These companies are defending billions of federal subsidies … while reaping over a hundred billion dollars in profits in just the last year alone,” complained Rep. Edward Markey, D-Mass., in previewing the hearing.
Meanwhile, Ed Ludwig, a U.S. District Court Judge in Philadelphia has suggested making oil companies public utilities. He writes: “Given the political implications and the strength of the oil industry’s influence, the chances of regulating it are presently nonexistent. However, the inordinate profits in the past several years, regardless of the explanations, cry out for demanding that oil be treated as a public utility. It is an indispensable commodity, and the opportunity for abuse at the public’s expense is undeniable.”
Should oil companies get tax breaks? Should they be public utilities?
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What will you do with your rebate check?
The Atlanta Journal-Constitution
If you are eligible to receive a tax rebate check this year under the recently passed $168 billion economic stimulus plan, how do you plan to use it?
Pay some bills? Save it? Or what?
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