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  • onebellplaza onebellplaza Apr 29, 2011 9:06 AM Flag

    obama gives a good talk*

    What is the plan on higher gas prices. We haven't built a refinery in 40 years and demand is greater. ...but the oil companies can produce less gas and charge more . T Bone says we have enough natural gas to get us off opec so why not get moving . .....

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    • ricky23009 Apr 29, 2011 6:17 PM Flag

      To All:
      Leave it to those Friggin!!!! idiots in Washington. There must be something in the water they are drinking that makes them Stupid after they have been there a short time.
      Obviously this is another way to re-distribute the wealth from the have's to the have-nots.
      Senator Eyes Collector Cars as Revenue Source
      New York Times article Mar.28, 2011

      Auto Enthusiasts who dodge taxes are in Schumer's crosshairs

      Washington, D.C. - AP. Senator Charles Schumer (D-NY) held a press conference today in the Capitol's rotunda and stated that he is in the process of drafting a bill that will create a federal tax on all collector, antique, historic, special interest, hot rods and race cars. "This country is operating at a huge budget deficit," said Senator Schumer, "thanks to the previous administration's failure to seek new sources of revenue. We can no longer continue to just raise the taxes we already have. We are reaching the point of diminishing returns. We must find new sources of revenue. "There are more than one million collector cars in this country,"said Schumer, "and many of them are unregistered and untaxed. These vehicles represent sometimes sizeable assets which often appreciate from sale to sale. Much of these capital gains remain untaxed. It's about time these collectors—all of whom are rich—begin to pay their fair share. I've never heard of a poor person owning a Corvette, Ferrari, Deusenberg or Cobra." Citing the results of this year's automobile auctions in Scottsdale, Arizona as an example,where reported sales were in the tens of millions of dollars, Schumer said, "We're not talking about rusty old clunkers, here. Some of these cars represent the pinnacle of automotive history. Collectors who buy and sell them often do so privately. Some transactions are in cash and others include trades. All of these are under the Internal Revenue Service's radar. Well, that will soon end."Each state has different laws and requirements for collector cars. Those which tax them as personal property often use outdated values. An owner can pay taxes on a car the state determines is worth $5,000 and then turn around and sell it for $100,000 or more. Until now, all of this has been the purview of each state. Schumer's law will sidestep all state laws by levying a federal tax in addition to anything the individual states do.. This new federal tax will be similar to the present federal tax on gasoline, which is in addition to whatever a state assesses. Part of the Schumer law includes the IRS opening up a special department to deal with collector cars. Values will be calculated annually and owners will be required to list all cars they own on their 1040 tax form. Because not all vehicles are registered, and thus may not be known to the individual states' motor vehicles departments—especially race cars which are not driven on public roads—the IRS will make use of the existing network of individual collector car enthusiast organizations across the country. Many of these car clubs maintain accurate registries which detail each car by its vehicle identification number and present or last known owner and their location. Assembling an all-inclusive federal database in conjunction with these registries will be one of the first steps in implementing the new law. Once the database of owners is cross-referenced with an annual index of current collector car values, every collector or race car in the country can be taxed at a fair rate. Initially, Schumer says, it will be 10% but that would rise depending on the type of car, number produced and condition. "Collectors are willing to pay more for certain cars," said Schumer, "because of their history or the small number that were produced.

      • 2 Replies to ricky23009
      • Here in the Peoples Republic of Maryland, we already have some of the country's most expensive auto titling taxes, tolls, auto insurance, and just received Money Magazine's award, #1 worst place to retire. But, it's so easy to figure out why Both Maryland, and New York are having money problems. Each, has legions of criminal illegal aliens, infesting their borders. News flash, illegal pay no taxes, yet they demand tons of entitlements. Our newly re-elected Dem Gov, Martin O'Malley just gave illegal aliens, in-state-tuition rates. Insane yes, so get used to it. One thing for sure, anyone who votes Dem in 2012 needs a checkup, from the neckup. Let's finish cleaning our government of the Dem Disasters that spend our money like drunken sailors.

      • How about an equal tax on each of the limo's? How about a tax on their first class plane tickets? How about they pay a tax on each lunch, dinner, trip and gift they receive from a lobbyist? How about a new tax on members of Congress health care packages and free food?

        He wants to equalize things, then let's begin the process with Congress.

        The man is a fool.

    • Several reasons; first the costs, which are huge to begin with and after the EPA and local politicians get through, it goes even higher.

      Second, the companies that own the current refineries don't want the competition and they can control costs better with fewer plants.

      There is no mystery that the oil companies and the refining companies don't want increased capacity, and with help from the Federal government they make it happen.

      Truly, cost and government regulations are the most prevalent factors. If the government regulations are truly safety and environmental, then the refineries have to learn to deal with that. I suspect, because I don't have the time you do to go read all the regulations, that many of the regulations have written at the request of special interest groups and have little to do with the environment or safety...just simple politics.

      This President nor any of the past recent Presidents have little or nothing to do with the actual building or blocking the building of new plants; that responsibility goes back to Congress...the source of most of the evil in the country.

    • Ricky, do you think that there is a shortage of oil? From what I know, from oil executives, there is no shortage of product, there is increased worldwide demand coupled with increased tensions in oil producing countries. Now what happens to the supply demand curve when all that happens.

      When Obama ran for office he criticized another for taking military action against another country without congress approval. Are you aware of anyone else who might have done that in a producing country? Hint, syria?

    • NIMBY, is one reason. Declining refining profits are another. You would think it would be profitable, but given the large capital involved, it must not kick off a large enough IRR.

    • unfortunately the current administration is all talk and one can argue good. Is good the mechanics of the delivery, or is good the content of the talk?

      While the adminstration says it supports job creation there is little action other than reporting dismal job numbers. What support did the administration give in encouraging a major economic partner, India, to work with US companies on the recent decision by the Indian government to purchase 126 fighter jets, with none supplied by US companies?

      This impacts t through lack of economic growth, worker engagement, and the multiplier effect of jobs and job creation. This administration is all talk. Now the Ambassador to India wants to come back and reenergize his political career. Sounds like a Spin job for Ricky!

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