The Discerning Texan
-- Edmund Burke
Sunday, March 02, 2008
More Harebrained Legislation from the House
"The bill will force these five companies to pass $18 billion in costs on to buyers. Energy companies, like all private enterprises, don't eat new taxes — their consumers do. We'll pay at the pump."
And....it gets worse:
"Congress made this even worse by ensuring that its discrimination against the big oils would benefit Citgo, which happens to be owned by those same companies' worst tormentor abroad — the brutal leftist dictatorship of Venezuela's Hugo Chavez.
"Under this bill, the dictator's oil subsidiary keeps its 6% deduction for U.S. domestic manufacturing — the one the American oil companies lose — because Citgo, technically, buys from Chavez.
"How's that for logic? Worse, the bill includes distorted incentives that will do exactly the opposite of what Congress intends."
This is our Democratic Congress at work. Instead of looking for ways to induce businesses to keep their profits here in the U. S., they are giving them an incentive to locate operations abroad. And, at the same time, they're making gasoline even more expensive and making us even more energy dependent on tyrants like Chavez.
There is still a chance that the bill will die in the Senate or be vetoed by President Bush. But......if it makes it into law, it will fall right in line with the thinking of our would-be president, Barack Obama, who plans further hikes in the corporate tax rates in order to foot his big government spending.
Posted by Two Sisters from the Right