In Shocking Development, Congress Contemplates Tax Increase

[acmejack]

In other tax news, Congress has been wrestling over the past few weeks with a difficult reality. Due to the rise in oil and gas prices, oil companies are making record-breaking profits. For the last quarter, ExxonMobil, the world's largest oil company, reported soaring profits of almost $10 billion. At the same time, large expected increases in the cost of home heating this winter are threatening to harm millions of low-income Americans in the Northeast and Midwest who depend on already cash-strapped government programs to help pay heating bills. Many industry analysts are projecting a 30 to 50 percent increase over last year in home heating costs across the nation.

This stark dichotomy has led many in Congress, Democrats and even some Republicans, to break an unspoken taboo and call for an actual tax increase -- an excess oil profit tax -- the revenues of which could be dedicated to the Low-Income Home Energy Assistance Program (LIHEAP). The LIHEAP program, which currently provides assistance to 4.6 million low-income families around the country, serves less than one-in-five eligible households.

http://www.ombwatch.org/article/articleview/3178/1/403

[acmavm]

1. An 'excess profits' tax that won't even equal half of what one oil company

made during the third quarter.

BFD.

[Toots]

2. These "oil companies" are not American Companies and don't pay taxes

They have all moved their offices "offshore" and do nothing to support America in any manner.