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August 10, 2007
SouthAmerica: Yesterday, when President Bush rejected increasing the federal gasoline tax by 5 cents per gallon for three years, and he said this increase in gas tax could affect economic growth, and his usual Blah, Blah, Blahâ¦
He was actually saying to House Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., and also to the American people: You have the nerve to make a proposal to cut into the already âmeagerâ profits that the American Oil Companies are making, for example Exxon/Mobil alone made US$ 40 billion dollars in profits after tax in 2006. Never mind the money made by the entire oil producing industry.
How do you expect companies such as Exxon/Mobil to survive as a viable corporation and also the rest of the oil producing companies when the 5 cent gas tax it is going to cut into their profits all the way to the bone.
Then Bush ended his speech by saying: â Besides Dick Cheney and I are heavily involved with the oil industry and we are going to fight tooth and nail to keep the profits where they belong - in the coffers of the oil companies. Screw the bridges and the infrastructure around the US, and the American people should find another way to move aroundâ¦. - just avoid using the bridges.
Quoting from the article that follows: âHouse Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., on Wednesday proposed increasing the federal gasoline tax by 5 cents per gallon for three years to raise $25 billion to fix bridges around the country. More than 73,000 bridges in the U.S. are rated "structurally deficient" by the Transportation Department.â
By the way, the US$ 25 billion dollars for 3 years translates to a little over US$ 8 billion dollars per year.
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âBush rejects gas tax for bridge fixesâ
The Dallas Morning News â August 10, 2007
WASHINGTON â President Bush on Thursday rejected a gasoline tax increase to repair thousands of structurally deficient bridges like the one that collapsed in Minneapolis, pointing the finger instead at Congress for what he called misguided spending policies that have neglected high priorities in favor of pork politics.
The president's broadside triggered a furious reaction from congressional Democrats, who complained that he was in no position to lecture anyone on priorities.
â¦Mr. Bush was at his most cutting on the Minneapolis bridge issue. House Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., on Wednesday proposed increasing the federal gasoline tax by 5 cents per gallon for three years to raise $25 billion to fix bridges around the country. More than 73,000 bridges in the U.S. are rated "structurally deficient" by the Transportation Department.
"My suggestion would be that they revisit the process by which they spend gasoline money in the first place," Mr. Bush said.
Noting that committee members designate funds for pet projects, while the rest is set by formula, the president said: "That's not the right way to prioritize the people's money. So before we raise taxes, which could affect economic growth, I would strongly urge the Congress to examine how they set priorities. And if bridges are a priority, let's make sure we set that priority first and foremost before we raise taxes." â¦
Source: The Washington Post and The New York Times contributed to this report.
http://www.dallasnews.com/sharedcontent/dws/news/nation/stories/081007dnnatbushtaxes.3805f53.html
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âBush Dismisses Proposal to Raise Gas Taxâ
By JENNIFER LOVEN
The Associated Press â August 9, 2007
WASHINGTON - A week after a deadly bridge collapse in Minneapolis, President Bush on Thursday dismissed raising the federal gasoline tax to repair bridges at least until Congress changes how it spends highway money.
"The way it seems to have worked is that each member on that (Transportation) committee gets to set his or her own priorities first," Bush said. "That's not the right way to prioritize the people's money. Before we raise taxes, which could affect economic growth, I would strongly urge the Congress to examine how they set priorities."
About $24 billion, or 8 percent of the last $286 billion highway bill, was devoted to highway and bridge projects singled out by lawmakers. The balance is distributed through grants to states, which decide how it will be spent. Federal money accounts for about 45 percent of all infrastructure spending.
The Democratic chairman of the House Transportation Committee proposed a 5-cent increase in the 18.3 cents-a-gallon federal gasoline tax to establish a new trust fund for repairing or replacing structurally deficient highway bridges.
More than 70,000 of the nation's bridges are rated structurally deficient, including the bridge that collapsed over the Mississippi River last Wednesday.
The American Society of Civil Engineers says repairing them all would require spending at least $9.4 billion a year for 20 years. Rep. Jim Oberstar, D-Minn., says his tax-increase proposal would raise about $25 billion over three yearsâ¦.
Source: http://www.forbes.com/feeds/ap/2007/08/09/ap4005074.html
.
August 10, 2007
SouthAmerica: Yesterday, when President Bush rejected increasing the federal gasoline tax by 5 cents per gallon for three years, and he said this increase in gas tax could affect economic growth, and his usual Blah, Blah, Blahâ¦
He was actually saying to House Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., and also to the American people: You have the nerve to make a proposal to cut into the already âmeagerâ profits that the American Oil Companies are making, for example Exxon/Mobil alone made US$ 40 billion dollars in profits after tax in 2006. Never mind the money made by the entire oil producing industry.
How do you expect companies such as Exxon/Mobil to survive as a viable corporation and also the rest of the oil producing companies when the 5 cent gas tax it is going to cut into their profits all the way to the bone.
Then Bush ended his speech by saying: â Besides Dick Cheney and I are heavily involved with the oil industry and we are going to fight tooth and nail to keep the profits where they belong - in the coffers of the oil companies. Screw the bridges and the infrastructure around the US, and the American people should find another way to move aroundâ¦. - just avoid using the bridges.
Quoting from the article that follows: âHouse Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., on Wednesday proposed increasing the federal gasoline tax by 5 cents per gallon for three years to raise $25 billion to fix bridges around the country. More than 73,000 bridges in the U.S. are rated "structurally deficient" by the Transportation Department.â
By the way, the US$ 25 billion dollars for 3 years translates to a little over US$ 8 billion dollars per year.
**************
âBush rejects gas tax for bridge fixesâ
The Dallas Morning News â August 10, 2007
WASHINGTON â President Bush on Thursday rejected a gasoline tax increase to repair thousands of structurally deficient bridges like the one that collapsed in Minneapolis, pointing the finger instead at Congress for what he called misguided spending policies that have neglected high priorities in favor of pork politics.
The president's broadside triggered a furious reaction from congressional Democrats, who complained that he was in no position to lecture anyone on priorities.
â¦Mr. Bush was at his most cutting on the Minneapolis bridge issue. House Transportation and Infrastructure Committee chairman James Oberstar, D-Minn., on Wednesday proposed increasing the federal gasoline tax by 5 cents per gallon for three years to raise $25 billion to fix bridges around the country. More than 73,000 bridges in the U.S. are rated "structurally deficient" by the Transportation Department.
"My suggestion would be that they revisit the process by which they spend gasoline money in the first place," Mr. Bush said.
Noting that committee members designate funds for pet projects, while the rest is set by formula, the president said: "That's not the right way to prioritize the people's money. So before we raise taxes, which could affect economic growth, I would strongly urge the Congress to examine how they set priorities. And if bridges are a priority, let's make sure we set that priority first and foremost before we raise taxes." â¦
Source: The Washington Post and The New York Times contributed to this report.
http://www.dallasnews.com/sharedcontent/dws/news/nation/stories/081007dnnatbushtaxes.3805f53.html
************
âBush Dismisses Proposal to Raise Gas Taxâ
By JENNIFER LOVEN
The Associated Press â August 9, 2007
WASHINGTON - A week after a deadly bridge collapse in Minneapolis, President Bush on Thursday dismissed raising the federal gasoline tax to repair bridges at least until Congress changes how it spends highway money.
"The way it seems to have worked is that each member on that (Transportation) committee gets to set his or her own priorities first," Bush said. "That's not the right way to prioritize the people's money. Before we raise taxes, which could affect economic growth, I would strongly urge the Congress to examine how they set priorities."
About $24 billion, or 8 percent of the last $286 billion highway bill, was devoted to highway and bridge projects singled out by lawmakers. The balance is distributed through grants to states, which decide how it will be spent. Federal money accounts for about 45 percent of all infrastructure spending.
The Democratic chairman of the House Transportation Committee proposed a 5-cent increase in the 18.3 cents-a-gallon federal gasoline tax to establish a new trust fund for repairing or replacing structurally deficient highway bridges.
More than 70,000 of the nation's bridges are rated structurally deficient, including the bridge that collapsed over the Mississippi River last Wednesday.
The American Society of Civil Engineers says repairing them all would require spending at least $9.4 billion a year for 20 years. Rep. Jim Oberstar, D-Minn., says his tax-increase proposal would raise about $25 billion over three yearsâ¦.
Source: http://www.forbes.com/feeds/ap/2007/08/09/ap4005074.html
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