There is no doubt that current U.S. policies discourage corporations from locating jobs in the United States. Ideally, responses to that problem will consider the interests of both U.S. and foreign workers, looking for a win-win. Further, effective policies must not be based on political one-liners that ignore economic realities. We have to insist on the best answer.
This is what you pay at the pump in combined Federal and State tax on average for a gallon of gas.
Most of this information is from the wiki.
I believe it to be relatively accurate.
In the Netherlands, they pay $3.50 a gallon in tax, and then VAT in addition to the final price.
In Norway, [where there's a huge amount of oil and natural gas production] they pay an effective rate of $5.38/gallon in tax on gasoline. The government refers to the tax as environmental tax on fuels.
In the UK, the combined tax is $5.20.
The average tax on a gallon of gasoline in the US is 47 cents. We pay a similar [slightly higher] tax rate on diesel, on natural gas, on coal that is used to create electricity.
Exxon/Mobil earned $12 billion dollars in profit last quarter, which is more profit in one quarter ever earned by a corporation in human history.
Other oil and gas companies did about as well. Meanwhile, the profits of oil, gas, natural gas and coal industries continue to line the pockets of the very rich, and groups of speculators on Wall Street.
Not only should there be price controls on all carbon based energy sources, there should be taxes [as I stated in a diary a few days ago] in my diary Gasoline should be $15, $20 a gallon.
As stated in the original diary, protections should be offered to the poor and working class, and selected sectors such as commercial trucking and rail. This could be accomplished by rationing coupons, or tax rebates or some other subsidy for heating oil, gasoline and diesel to maintain the backbone of the American economy.
Energy companies should not be allowed to hold the American people hostage and make record profits. The massive amounts of waste in consumption of carbon based fuels must be addressed, right now for many reasons.
One of the few times I've been flamed on KOS was when I raised what I thought was a legitimate question about tax policy. It is apparently an article of unquestionable faith among some that a progressive tax policy that escalates the share payable by wealthier people is the only fair, reasonable, acceptable, rational, and compassionate choice.
I don't see it that way. I'm open to being educated otherwise. Below the jump, I offer rationale for a flat tax. Agreement, rational criticism, and efforts to better educate me are welcome.
The old tricks aren’t working any more. The government’s tools for a weak economy have been to lower interest rates, borrow and spend, or have a war. Now, interest rates are so low that you can’t earn enough on your savings to keep up with inflation, the government owes $31,666 for every man, woman and child in America, and we have two of the longest running wars in U.S. history. We need something new, something smarter.
Here’s a radical suggestion. Let’s stop collecting taxes in foolish ways. All we need are two simple changes to our existing system.
A new federal income tax bracket. All income over $1,000,000 will be taxed at 90%. Oh, and your capital gains loopholes and whatnot will be closed.
What, that sounds crazy to you? Here's a little history of income tax in the United States. That's right, the last time the highest tax rate was lower than it is right now was during the Regan/Bush years. Before that, it was in the early part of the Great Depression. In fact, for the period between 1932 and 1981 (when the US was at its height of power, I might add) the top tax bracket never dropped below 63%. From 1936 through 1981, it never dropped below 70%. For fifteen of those years, it was over 90%. So I don't think what I suggest is crazy. To the contrary, it has been done before.
I come to this site, as I believe many of you do, because I am a systems thinker. I understand that buildings, economies, and societies function as systems. This allows me to understand why a tax on carbon will bring individual prices in line with societal costs, I'll break that down after the break. But on the same topic of prices reflecting costs, I urge kos to address the ad on the front page of the website by doing this:
Why are McCain and Bush always saying the same things?
They're both convinced, or want to convince us, that our current economic problems are "psychological." There's something psycho about it, true, but it's not all in our heads . . .
There are some items up on News Unfiltered that may interest the community.
The DNC launches a new McCain math website:
On Day Two of John McCain's "Jobs First" tour, the Democratic National Committee today launched a new website that highlights McCain's fuzzy math and the impact of his out of touch economic agenda on the families hit hardest by the economic downturn. Despite the McCain campaign's claim that he will balance the budget by the end of his first term, the new website -- http://mccainmath.com -- demonstrates that McCain's economic agenda will mean trillions of dollars in new debt and the math just doesn't add up. The site also highlights the fact that Senator McCain has not offered any new economic stimulus package since his outrageous claim that our nation had made "great progress economically" under President Bush's leadership.
I am back, and I might be a bit rusty since I've not written a political diary in a few weeks. So if I ramble or if I say something about President Ike or something please forgive me. :)
Anyway... before I left some people here had asked me what my thoughts were as to race for president in 2008. Of course I have as little or as much (You know, the whole glass empty/full way of looking at things attitude) as anyone else. But being as I am a conservative that often attacks the GOP often, and their positions often.. and did not vote for Bushie Jr. people were curious as to my thoughts.
If you have ever read my diaries before I know two things.
You like self-abuse
and
Even though I am a self-described Republican I often attack the party on many issues for which I disagree with them (i.e. gay rights, abortion, etc).
The poll released Tuesday by the Pew Research Center shows nearly half of those surveyed — or 47 percent — now rate energy exploration, drilling and building new power plants as the top priority, compared with 35 percent who believed that five months earlier.
The Pew poll, conducted in late June, showed the number of people who consider energy conservation as more important declined by 10 percentage points since February from a clear majority to 45 percent. People are now about evenly split on which is more important.
A condensed list of the tax cut proposals on Obama's website.
Also see Tax Policy Center: a side-by-side comparison of Obama's and McCain's proposed policies. / CNN analysis of candidate tax proposals / Wash. Post chart from speck tater (with video)
I have to say I saw this one coming. I heard the gas tax discussion start a couple months back and was happy to hear Obama take the right side of the argument. But there was one problem, he chose the wrong message.
I've been a loyal DKoss reader for the last few years, but this is my first post. I just saw a great bit on CNN comparing how Obama's and McCain's tax plans would impact the taxes of Americans at various income levels. The story is on the CNN site too.
Of course you see what any of us here would expect. Obama's plans are far more favorable to folks in the lower and middle income ranges than McCain's. Obama's plans increase the average taxes of those making more than $227K/year. McCain's tax plan benefits lower and middle income folks far less than Obama's and offers the wealthiest taxpayers a huge tax cut.
Please do what you can to spread the word about this. Digg it, recommend it, etc. In my view this is real hard data that demonstrates how McCain delivers no meaningful relief to low and middle income Americans, while giving a free ride to the wealthy that drives us all deeper into debt. The story points out that "over 10 years, McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest..."
I'm pleading with you guys, someone in the know.
What's going on with Renewable Energy Tax Credits?
Senate bill S.2821 passed 88-8 with bipartisan sponsorship.
In the House, H.R.5984 (Bartlett's companion and identical to s.2821), has 70 Republican sponsors and no Democrats.
There is another version of this bill called H.R. 197, the "Pomeroy bill."
But both versions are being blocked by the "pay-as-you-go" (PAYGO) rule that prevents "tax cuts" without corresponding tax increases. Contact your representative and urge him or her to support H.R. 5984 or the alternative H.R. 197, called the "Pomeroy bill."
