Senate Panel Demands Oil Co. Tax Records
Apr 26 6:54 PM US/Eastern
By H. JOSEF HEBERT
Associated Press Writer
A Senate committee Wednesday announced an investigation into taxes paid by major oil companies and asked the Internal Revenue Service for the companies' tax returns.
The Senate Finance Committee promised "a comprehensive review of the federal taxes paid" by the oil companies on their record profits last year. What about the GOUGING the congress is doing to the American public with the TAX rate on Gas?
Sen. Charles Grassley, R-Iowa, the committee's chairman, said the panel was concerned about high profits and executive compensation at oil companies.
"I want to make sure the oil companies aren't taking a speed pass by the tax man," said Grassley in a statement. He doesn't mention that the TAXMAN takes 3 times as much money from a gallon of Gas than the Oil Companies do.
With gasoline prices soaring and oil companies announcing record profits, "it's relevant to know what the real financial picture is for this industry," Montana Sen. Max Baucus, the ranking Democrat on the committee, said.
It's highly unusual for the Senate committee to seek corporate tax records. The last time it was done was when the panel asked the IRS for the tax records of Enron Corp. How about showing the American TAXPAYER an audit of what the Government has done with its record Gas Profits.
The committee announcement came as Congress showed increasing concern amid political fallout over high gasoline prices and oil industry profits. Lawmakers began moving on various fronts to eliminate loopholes and some tax provisions that save oil companies billions of dollars.
Yet they do NOTHING to lesson the HUGE taxburden THEY charge the American Public on the very same Gas.
In a letter to the IRS, Grassley and Baucus said the tax records of the major oil companies are needed to conduct "a comprehensive review" of the companies' compliance with tax laws.
"As pressure mounts to address extraordinarily high gas prices that consumers are facing at the pump, we feel we should better understand the federal tax posture of the industry," the two senators wrote IRS Commissioner Mark Everson. Instead of being STUPID they should be working on allowing Americas vast oil reserves to bring the price down by increasing our DOMESTIC production.
The committee said it wanted to inspect the tax returns for the last five years of the 15 largest oil and gas companies.
In their request, the senators noted not only the industry profits, but "an extremely lucrative retirement plan by one oil and gas industry executive, benefits which may have been subsidized in part by the taxpayers." Speaking of LUCRATIVE retirement plans Senator your retirement plan is WHOLLY paid for by the taxpayer, and it sets you up for life. Why don't you try living on Social Security...
The retirement compensation package given by Exxon Mobil Corp. to outgoing Chairman Lee Raymond is said to total $400 million when all pension payoffs and stock options are included.
And he EARNED the money Not like the professional politicians who all have GOLDEN PARACHUTES.