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View Diary: Kerry-Hinchey Bill Repeals $28 Billion in Big Oil Tax Breaks (84 comments)

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  •  $28 billion is a start (0+ / 0-)

    Now lets talking about a few other measures:
    A war profiteering/disaster pimp tax, at a punitive rate, levied against corporations that have seen their net incomes increase by 100% or more since the start of the Iraq war and/or the Katrina debacle.  This would hit Halliburton, Bechtel, Blackwater, Bearing Point, and other military/'relief' contractors.  Start around 85% of all net income above what the companies posted pre-Iraq War.

    The money is used in 2 ways:  50% goes into the Social Security Trust Fund, the other 50% is used to pay down foreign held government debt.  

    And an excess profits tax.  Forget, for the time, about actual investigations.  The proof is in the fat bottom lines.  Hit the oil companies at 75% of all net income reported above pre 9-11 levels.  

    This money is to be used for 2 purposes as well:  50% goes to developing alternative energy sources, the other 50% to subsidizing the actual construction of a new energy infrastructure.  Windmills, solar, ethanol, etc.  


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