FNN Report: Oil Companies Want Tax Relief
This just in from FNN economic reporter Cash Krugerrand. Faced with failing pump prices for gasoline, oil companies are seeing declining profits and have called for tax relief.
A spokesperson for the lobby group, In Oil we Trust, explained that the smaller profits means the stock dividends may have to be cut and a smaller dividend will have devastating economic consequences. The spokesperson pointed out that once the reduced dividend checks are received, the recipients will be forced to tighten expenses and will lay off a maid or a gardener or the pool boy. This will add to the bleak unemployment picture.
To offset the profit loss, the oil companies want the government to reduce their taxes.
Bills to that effect have been introduced in both the House and Senate by Republican legislatures. The bills call for offsetting the lost tax revenue by reducing food stamps and unemployment payments.
The bills have been endorsed by every Republican in Congress as well as a number of Democrats.