Tuesday, April 1, 2008

April Fuels

For Americans who find themselves working for gas, the Oil-lords were called to Capitol Hill to account for the tax-breaks they are lobbying for in a time (for them) of breathtaking profits, more than $123 billion in 2007. The oil companies and Team Bush, unsurprisingly, argue that they need the tax breaks to remain competitive with state-run oil companies overseas and that their profit margin, in the 9 percent range, is comparatively normal. This is the third time since November 2005 they've been called into account. The House has twice passed legislation to turn off the tax break tap, but it hasn't gotten through the Senate and Bush (yes he's still allegedly the president) has vowed to veto any said legislation. The dog-and-pony show goes to the Senate on Thursday. Legislators are trapped between the voters and their donors on this one. Place your bets on how it'll end.

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