May 31 2008
Lower Gas Prices by Raising Taxes…?
(Rob Winner photo)
At a time of record fuel prices, where 20% of the price is already taxes in Chicago, Illinois Congressman Foster and Senator Durbin have a unique solution. More taxes.
Do something help energy costs and regular citizens? No, they said raise taxes. Raise taxes on the bad guys. Declare congressional attack on the oil companies. Investigate, tax, and regulate oil companies into submission.
Rather then revise backwards oil industry regulations or liberate our domestic oil reserves, Durbin and Foster want more taxes. Rather then make good energy policy, these Illinois politicians seem to think they can extort oil executives with endless investigations and threats of taxation.
(crossposted from the Kane County Chronicle)
ELGIN – As the price of fuel remains at all-time highs, the area’s federal legislators believe the time has arrived for the federal government to grab the attention of oil companies.
Thursday, U.S. Sen. Dick Durbin, D-Ill., stopped in Elgin and Aurora to pitch a series of proposals he believes could bring some relief to motorists and business owners throughout the country…
But investigations are just one step in the process, Durbin and Foster said.
They also suggested levying taxes on oil companies’ “windfall profits.”
While critics charge such taxes will do little to bring down prices, Foster said the taxes could be used to spur oil companies to develop alternative energy sources.
“I’d like to see a higher fraction of their profits go into alternative sources of energy, instead of just handing out dividend checks,” Foster said.
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