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EDITORIAL: One for you, 19 for me ...

On Saturday, the House passed $16 billion in new taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

"We are turning to the future," announced House Speaker Nancy Pelosi.


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  • The goal, obviously, is to make it less attractive to drill or import oil, and more attractive to try and supply our energy needs with solar panels and windmills, as well as to shift millions of acres to the production of corn for ethanol (while continuing to block the import of cheap ethanol from Brazil).

    Now, those who actually work in the power business point out current technologies have the benefit that operators can "turn on more generation" in times of high demand -- whereas it's harder to order the sun to shine or the wind to blow when needed.

    So what will Americans do if the Democrats succeed in putting the oil companies out of business, while waiting for new alternatives to spring up magically at their command?

    "There's a war going on against energy from fossil fuels," says Rep. Ralph Hall, R-Texas. "I can't understand the pure venom felt against the oil and gas industry."

    Meantime, to fund a grab bag of new benefits for "working families," including "Get-Ahead" government grants and "Work Bonds" to match up to $500 in savings (no fair predicting by how much the per-family administrative costs will exceed $500), Democratic presidential candidate John Edwards called July 26 for raising the capital gains tax rate from 15 percent to 28 percent -- punishing those who try to make money by investing after-tax earnings in the American economy.

    And "Edwards would take additional steps beyond raising the capital gains rate," The Wall Street Journal reports. "He'd raise taxes on private-equity and hedge-fund executives. ... He'd curb executive pensions by capping at $1 million the amount of compensation executives can defer. He'd roll back the Bush tax cuts for families earning more than $200,000 a year. And he'd 'declare war on tax havens' by empowering the IRS to investigate abuse of offshore tax breaks."

    But we've actually been lucky, so far.

    Democrats are currently on their best behavior, hoping to hang onto both houses of Congress and add the White House next year.

    Should they achieve that, and no longer have to worry as much about nay-saying Republicans obstructing their plans, imagine the kind of fiscal revenge and punishment they'll be able to mete out against their capitalist enemies then!

    Don't ask them what they want it for, if you don't want to pay some more ... 'cause they're the taxmen.

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    Grimble Facehook wrote on August 07, 2007 04:57 PM: Your collective self-absorbed braying isn't nearly loud enough. I won't be happy until gasoline is AT LEAST five dollars a gallon, and you complacent fat-asses are forced to consider more gas-efficient cars or -- be still my beating addiction to convenience and sense of entitlement -- car pooling. Louder, I say! Louder!


    Steve wrote on August 07, 2007 03:13 PM: Besides, the price of gasoline isn't as related to the price of oil as it is to the limited number of refineries. More refineries pushing out more refined product will reduce the price of gasoline. But, thanks to the liberal tree-huggers, more refineries can't be built so we will continue to get gouged by the oil companies and now, thanks to idiots who want to tax the oil companies more, we will get gouged even more to make up for the loss to the oil companies.


    Steve wrote on August 07, 2007 03:10 PM: Travis: Talking about "head in the sand" look in your mirror. What do the "excessive profits" have to do with taxes? If you weren't so ignorant, you'd understand that we were stating that the oil companies will STILL make "excessive profits" even IF they are taxed more. They will simply increase their prices to the consumer and THE CONSUMER will pay the taxes. Even someone with your obvious limited intelligence should be able to see that.


    Travis wrote on August 07, 2007 02:53 PM: Ken and Steve, did the price of gasoline go down when the oil companies were making excessive profits? The answer is no. You are both fools for agreeing with the corporate babble that continues to drive corporate profits through the roof. I don't trust an industry that profits from zone pricing. I also don't trust an industry that raises the cost immediately after oil goes up, but only slowly lowers it when oil goes down. Get your heads out of the sand please.


    Steve wrote on August 07, 2007 12:13 PM: Ken, you are correct. However, extreme left-wing liberal sheep like Randy and Eric are incapable of thinking so they don't understand that the oil companies won't be paying these taxes....the consumer (like them) will end up paying it in higher costs. They will never understand because Billary has told them everything will be OK so, lacking the ability for independent thinking, they believe it is OK.


    Ken wrote on August 07, 2007 08:30 AM: Tax the oil companys? Good thing they are not smart enough to pass those cost on to the consumer.


    Louis S. Coletta wrote on August 07, 2007 06:57 AM: Bravo! Too bad the last Republican standing tall enough to stop this is considered unpopular and can't run again. I'll miss my president, President George W. Bush.


    Randy wrote on August 07, 2007 06:39 AM: This editorial is inane, even for the RJ. Eric and Pete are correct. There have been tax loop holes for the petroleum industry big enough to sail an oil liner through. Then there are the subsidies that allow them to collect refunds after now paying a penny of taxes.

    Always remember, King George and the court jester Dick Cheney are both oilmen.


    Joel Rossetti wrote on August 07, 2007 06:32 AM: 'One for you nineteen for me..' that belongs in the Democratic Party Mission Statement.
    Cost of oil too high? Federal Reserve has too much currency in circulation. Issue some Bonds to soak up all that loose currency and you'll see gold down around $400. @ ounce and oil prices will come down.


    Larry wrote on August 07, 2007 03:31 AM: The big oil companies are an easy to hate if you listen to our politicians.

    The big oil companies are easy to hate because they are successful, but isn’t their success because we decide to drive the big gas guzzling vehicles?

    Look at what portion the Government takes for each gallon of gas, then decide who the villains really are.


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