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Oil companies face an immediate tax rise of 1 cent per barrel to help to pay for the clean-up in the Gulf of Mexico under proposed legislation rushed out by the White House yesterday.
The measure, unveiled as BP began a new attempt to contain the ruptured well that has leaked millions of gallons of crude oil into America’s southern coastal waters, would put an extra $500 million (£340 million) over ten years into the Oil Spill Liability Trust Fund, which covers damage caused by such disasters.
Under a $118 million spending plan outlined in the package, people affected by the spill — such as fishermen who have lost their livelihoods because of the contamination — will be granted financial assistance, and federal agencies will get additional funds to monitor the slick and assess its impact.
Barack Obama plans to punish BP with tax hike as Gulf spill worsens
More redistribution through government means. More funds for gov't agencies to snoop around.
The government has done nothing to help stop the oil spill from spreading. But Obama will put forth a new tax. So his method of helping others is NOT to help clean things up quickly so that businesses can operate normally without interruption - but to withhold help, so that the spill is worse, so that more people can suck from the government breast.
I wonder if the tax will be removed after funds are collected? Yeah, right.
It sounds like a decent idea to me. Since BP is responsible, they should help pay for the costs. Given the circumstances, this proposal seems entirely appropriate.
Well, money to deal with this spill is going to have to come from somewhere, either through direct taxes or indirect ones such as through this proposal. At least through a consumption tax you can lessen you tax liability by using less oil.
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What an ignorant fool we have in office.
I am more concerned about the ignorant fools within the populace.
Those suggesting it will punish BP are niave, you will pay for it. Oil companies or any business are just tax collectors for the federal government. IF the money was going for the oil cleanup I don't see the problem however as with all little tax hikes like this they never go away. I'm still paying an "emergency" tax on alcohol purchases enacted in 1926 after the Johnstown flood.
Figures, basicly we pay the tax and we pay more at the pumps too.
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