Taxing Questions[20050914]
So, apart from Bush finally accepting responsibility for something, another headline today stunned me as an actually good move by a Republican:
Republican bill offers tax breaks for new refineries
WASHINGTON (Reuters) - A Republican senator on Wednesday introduced a bill that would offer tax breaks to encourage the construction of new U.S. refineries or upgrades to existing ones, to replace refining capacity lost due to Hurricane Katrina.
Great idea, a tax break an oil company actually EARNS as opposed to the simple handouts they have been receiving as they record the greatest profits ever across any industry. So maybe we are seeing a more human, social sides to the Neo-Cons?
Then again, Republican Senator (and puppy-killer … what?) Tom Delay had this to say shortly after Katrina drove oil prices through the roof :
Tom DeLay: No support to roll back gas tax
WASHINGTON (Reuters) - House Republican Leader Tom DeLay said on Tuesday there was no support for rolling back the federal gasoline tax to offset higher prices.
“Absolutely not,” he told reporters after a meeting with President George W. Bush on issues related to Hurricane Katrina.
“Now more than ever you’re going to need … that infrastructure, those highway trust funds, to rebuild the bridges that were destroyed, rebuild the railroads that were destroyed. You have to have the infrastructure or you can’t have a recovery,” DeLay, of Texas, said.
Ooooo-kay, they CAN give a tax break to the oil companies, but they CAN’T give one to regular Joes. Funny that
Mind you, I understand their need for money. Between the Katrina aid packages, the drain of Iraqi occupation, and the growing national debt they are really in a tight spot. Maybe they should roll back the tax cuts Bush signed in?
Oh wait, this just in:
House Republicans say sticking to tax cut plans
WASHINGTON (Reuters) - U.S. House Republicans said on Wednesday they were still committed to extending tax cuts signed by President Bush two years ago, saying they had not abandoned the effort, despite Hurricane Katrina.
“I can assure you that the House Ways and Means Committee has not abandoned trying to extend the dividend tax cut and the capital gains tax cut. We think that is critical. We have not given up on that,” Rep. Jim McCrery, a Louisiana Republican, told a news conference.
Why?
… House Speaker Dennis Hastert, speaking at the same news conference with McCrery, suggested Hurricane Katrina’s devastation actually posed a new reason for pursuing tax relief — as an economic stimulus.
“We believe we need to stimulate this economy,” Hastert said, noting that Congress had passed stimulative measures after the shock of the attacks of September 11, 2001.
Now, pay attention to this. They want to stimulate the economy … by EXTENDING tax cuts that are ALREADY IN PLACE and NOT DUE TO END UNTIL 2008. That means that extending them will NOT introduce new money into the economy, and so is NOT really a stimulus.
Why doesn’t anyone in the media point out the illogic of this to readers?
