Another Liberal myth: Oil compainies get subsidies/tax breaks

[The T]

In Obama's world? Subsidies are buckets of money the companies are given courstesy of the taxpayer when in reality he's talking about taxbreaks and letting companies keep thier money to encourage growth.

I doubt they even qualify as true tax breaks. Allowing oil companies to deduct their exploration expenses is not a tax break. It's a legitimate business expense.

OK. I'll buy that...but still? it's thier own money, and the actvity does encourage growth and jobs. Just not Jobs Obama wants.

 

[JRK]

For you libs that are providing links in which a Dem senator used the term subsidy, all your doing is making the intent of this thread more confirmed

GM got a subsidy. Find a link in which an oil company got (still getting as they still owe us billions)
the same thing GM got and then you will have proven that 1 oil company has gotten subsidies from the tax payers

One more thing, and again.
As the exec stated in the one link, they do not require any tax modification. They will do the same thing there doing now and pass that cost on to us the consumer

Can you Libs explain to us why you would want that

 

[zeke]

Senate Rejects Obama Call To Strip Oil Company Tax Breaks - ABC ...
4 days ago ... A last minute entreaty by President Obama wasn't enough to convince senators
to strip the oil and gas industry of billions in tax incentives.

abcnews.go.com/.../senate-rejects-obama-call-to-strip-oil-company-tax-breaks/ - SimilarSenate vote preserves oil company tax breaks | NewsOK.com
3 days ago ... WASHINGTON — The U.S. Senate voted Thursday to preserve $24 billion in tax
breaks for the nation's largest oil and gas companies, despite ...

newsok.com/senate-vote...oil-company-tax-breaks/article/3661884 - Cached - SimilarPresident Obama on Oil Company Tax Breaks - CNBC
4 days ago ... President Obama says the American oil industry is doing well. Obama continues,
"we can't just drill our way out of the problem."

video.cnbc.com/gallery/?video=3000081235 - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Business ...
5 days ago ... LAS VEGAS — U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after a ...

www.msnbc.msn.com/.../nevada-sen-heller-knocks-oil-company-tax-breaks/ - Cached - SimilarRepublicans Block Repeal of Oil-Company Tax Breaks Obama ...
4 days ago ... Senate Republicans blocked a Democratic bill to repeal about $24 billion in U.S.
tax breaks for the nation's biggest oil companies, three days ...

www.businessweek.com/.../senate-fails-to-advance-bill-repealing-oil-tax-breaks - Cached - SimilarSenate blocks proposed end to oil company tax breaks - Los ...
4 days ago ... Washington — An attempt to roll back oil company tax breaks was blocked in the
Senate, despite a Rose Garden push by President Obama, ...

articles.latimes.com/.../la-pn-senate-blocks-proposed-end-to-oil-company-tax-breaks-20120329 - Cached - SimilarSenate blocks proposed end to oil company tax breaks - latimes.com
4 days ago ... An attempt to rollback oil company tax breaks was blocked in the Senate, despite
a Rose Garden push by President Obama who said the big ...

www.latimes.com/.../la-pn-senate-bl...l-company-tax-breaks-20120329,0,4471798.story - Cached - SimilarObama wants tax breaks for oil companies stopped - Boston.com
4 days ago ... President Barack Obama is renewing his call for Congress to end tax breaks to
oil companies.

www.boston.com/.../obama_wants_tax_breaks_for_oil_companies_stopped/?... - SimilarSenate keeps oil company tax breaks - UPI.com
4 days ago ... The U.S. Senate ignored a last-minute push Thursday from President Obama and
voted down a plan to repeal tax breaks for large oil ...

Latest news, Latest News Headlines, news articles, news video, news photos - UPI.com - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Yahoo! News
5 days ago ... From Yahoo! News: U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after ...

news.yahoo.com/nevada-sen-heller-knocks-oil-234808795.html - Cached - Similar


Just amazing that so much has been written about tax breaks for the oil companies, but jrk knows different. Stupid thread. Try a Google next time.

 

[Staidhup]

Let me add something on the term "tax break"
If you remove "tax breaks" from, lets use oil companies, your going to kill jobs

Forcasting wealth is a critical tool that is used to re-invest that wealth in your company. Instead of paying taxes, they will up-date there fleet of vehicles etc....

Big Bonuses get huge tax rates, I know I got one in 2003 and could not believe the tax rate I paid (my was little compared to the oil execs)

bottom line is "tax breaks" as some would call them are job creation/wealth creating events

Interesting in how some people are confused by what the left calls "tax breaks" and "subsidies". The accounting rules that address these so called "tax breaks" are accounting, GAAP and FSB, procedures approved by congress and adopted by the IRS in the treatment of income and expense where by the risk component becomes tolerable, otherwise, only a fool would explore and develop undocumented unproven reserves. A subsidy, as in government guarantee and or compensation, none what so ever exists, unless market rate leases are misrepresented. Those on the left need someone to blame and target, they have already systematically destroyed manufacturing with the highest corporate tax base in the world and need a new huckleberry to blame, so target oil and gas. Would oil prices be as high today without the demand placed on the market by emerging markets? No, but for the horses ass in Washington and his intellectual dilettante's it make headlines, you can single out someone else to blame and escape scrutiny of your failed policies. Next on the list for these nut cases, subject US corporations, that have been forced to move manufacturing off shore to remain competitive in the world market place, to pay a new world tax on post foreign tax paid income earned offshore. Talk about shooting ones self in the foot at every opportunity. I guess it's true the biggest threat to freedom, prosperity, and pursuit of happiness is ignorance!

 

[zeke]

You're a moron who deserves to be negged.

Whatever. But seeing as how I am not so cool as you with a photo of a kid flipping someone off (how classy) I find I must resort to the old fashioned way of saying fuck you on the 'Net. Fuck you.

Did I offend your butt buddy? Is that why you responded to something not said to you? I don't care you have a butt buddy. Or responded. Just wondering why you opened your "mouth". Cause nothing ever comes out of your mouth that makes any sense. Why do you bother?

 

[g5000]

As the exec stated in the one link, they do not require any tax modification. They will do the same thing there doing now and pass that cost on to us the consumer

Can you Libs explain to us why you would want that

See my previous post.

 

[g5000]

It is very simple. When you eliminate carve-outs, you can LOWER the tax rate for EVERYONE and still receive the SAME AMOUNT of revenues.

This LEVELS the playing field for ALL. And it greatly SIMPLIFIES the tax code. And it makes the marketplace more COMPETITIVE.

All very CONSERVATIVE values.

I can't dumb it down any more than that.

Perhaps if I misspelled some words?

 

[JRK]

Senate Rejects Obama Call To Strip Oil Company Tax Breaks - ABC ...
4 days ago ... A last minute entreaty by President Obama wasn't enough to convince senators
to strip the oil and gas industry of billions in tax incentives.

abcnews.go.com/.../senate-rejects-obama-call-to-strip-oil-company-tax-breaks/ - SimilarSenate vote preserves oil company tax breaks | NewsOK.com
3 days ago ... WASHINGTON — The U.S. Senate voted Thursday to preserve $24 billion in tax
breaks for the nation's largest oil and gas companies, despite ...

newsok.com/senate-vote...oil-company-tax-breaks/article/3661884 - Cached - SimilarPresident Obama on Oil Company Tax Breaks - CNBC
4 days ago ... President Obama says the American oil industry is doing well. Obama continues,
"we can't just drill our way out of the problem."

video.cnbc.com/gallery/?video=3000081235 - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Business ...
5 days ago ... LAS VEGAS — U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after a ...

www.msnbc.msn.com/.../nevada-sen-heller-knocks-oil-company-tax-breaks/ - Cached - SimilarRepublicans Block Repeal of Oil-Company Tax Breaks Obama ...
4 days ago ... Senate Republicans blocked a Democratic bill to repeal about $24 billion in U.S.
tax breaks for the nation's biggest oil companies, three days ...

www.businessweek.com/.../senate-fails-to-advance-bill-repealing-oil-tax-breaks - Cached - SimilarSenate blocks proposed end to oil company tax breaks - Los ...
4 days ago ... Washington — An attempt to roll back oil company tax breaks was blocked in the
Senate, despite a Rose Garden push by President Obama, ...

articles.latimes.com/.../la-pn-senate-blocks-proposed-end-to-oil-company-tax-breaks-20120329 - Cached - SimilarSenate blocks proposed end to oil company tax breaks - latimes.com
4 days ago ... An attempt to rollback oil company tax breaks was blocked in the Senate, despite
a Rose Garden push by President Obama who said the big ...

www.latimes.com/.../la-pn-senate-bl...l-company-tax-breaks-20120329,0,4471798.story - Cached - SimilarObama wants tax breaks for oil companies stopped - Boston.com
4 days ago ... President Barack Obama is renewing his call for Congress to end tax breaks to
oil companies.

www.boston.com/.../obama_wants_tax_breaks_for_oil_companies_stopped/?... - SimilarSenate keeps oil company tax breaks - UPI.com
4 days ago ... The U.S. Senate ignored a last-minute push Thursday from President Obama and
voted down a plan to repeal tax breaks for large oil ...

Latest news, Latest News Headlines, news articles, news video, news photos - UPI.com - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Yahoo! News
5 days ago ... From Yahoo! News: U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after ...

news.yahoo.com/nevada-sen-heller-knocks-oil-234808795.html - Cached - Similar


Just amazing that so much has been written about tax breaks for the oil companies, but jrk knows different. Stupid thread. Try a Google next time.

whats amazing is that you being a english expert, do not have the common sense god give a goat
If 100 people claim your being a dick, does that make it true?

How is paying taxes a break?
can you explain that to me
they have a tax rate they pay
Its no different than you given a lower rate for each dependant you have

Now explain to me how thats a "break"

You want to call a given tax rate a break, thats your business.
Using it in the context it is being used is not only dis-honest, it speaks volumes of the people using it and there real intent

PAYING TAXES ON WELATH IS NOT A BREAK, IT IS AN OBLIGATION
PERIOD
GM GOT SUBSIDIES, YOU FIND 1 OIL COMPANY THAT HAS RECIEVED WHAT GM HAS GOTTEN AND CONTINUES TO GET, YOU HAVE A SUBSIDY

Stop being a dick also. If you cannot discuss matters without being a dick, go away

 

[bripat9643]

What amazes me with all of this is the fact that rasing the amount of tax the oil companies pay means nothing to them
They dont need a lower rate, they will pass those cost down to us

How can providing wealth for the federal govt. as mandated (and as part of being an American) be a break?
How can earning 1.00 in welath and being allowed only to keep 80 cents of it be seen as a break?

Can one of you libs explain that to me?

I'm not a liberal, so I can explain it very easily using illustration.

I am a corporation that makes Widgets™ and I am taxed 25 percent of my profits. So if I make a million dollars in profits, I am taxed $250,000.

Next door to me is a rival company that makes Whatchamacallits™, and they have donated money to every member of the House Ways and Means Committee. By some fantasitic coincidence, the House Ways and Means Committee put a tax exemption in the tax code which results in my rivals only paying 15 percent taxes on their profits. So when they make a milion dollars in profits, they are taxed $150,000.

They clearly have an advantage over me now.

The problem with your "explanation" is that such legislation would be blatantly unconstitutional. The government cannot tax one person at 10% and another at 50% based solely on their identity as a person. That's called a "Bill of Atainder," and it's expressly prohibited in the Constitution. The same goes for corporations.

Bill of Atainder:

Definition: A legislative act that singles out an individual or group for punishment without a trial.

What Congress can do is define this or that expenditure as a business expense. In general, almost every dollar a business spends is a legitimate expense. There are esceptions, like the three martini lunch.

All this talk about oil company "tax breaks" is pure moonshine.

 

[g5000]

If 100 people claim your being a dick, does that make it true?

Most likely, yes.

 

[JRK]

If 100 people claim your being a dick, does that make it true?

Most likely, yes.

Thats funny

 

[g5000]

What amazes me with all of this is the fact that rasing the amount of tax the oil companies pay means nothing to them
They dont need a lower rate, they will pass those cost down to us

How can providing wealth for the federal govt. as mandated (and as part of being an American) be a break?
How can earning 1.00 in welath and being allowed only to keep 80 cents of it be seen as a break?

Can one of you libs explain that to me?

I'm not a liberal, so I can explain it very easily using illustration.

I am a corporation that makes Widgets™ and I am taxed 25 percent of my profits. So if I make a million dollars in profits, I am taxed $250,000.

Next door to me is a rival company that makes Whatchamacallits™, and they have donated money to every member of the House Ways and Means Committee. By some fantasitic coincidence, the House Ways and Means Committee put a tax exemption in the tax code which results in my rivals only paying 15 percent taxes on their profits. So when they make a milion dollars in profits, they are taxed $150,000.

They clearly have an advantage over me now.

The problem with your "explanation" is that such legislation would be blatantly unconstitutional. The government cannot tax one person at 10% and another at 50% based solely on their identity as a person. That's called a "Bill of Atainder," and it's expressly prohibited in the Constitution. The same goes for corporations.

Bill of Atainder:

Definition: A legislative act that singles out an individual or group for punishment without a trial.

What Congress can do is define this or that expenditure as a business expense. In general, almost every dollar a business spends is a legitimate expense. There are esceptions, like the three martini lunch.

All this talk about oil company "tax breaks" is pure moonshine.

You are absolutely clueless. A tax break is not "punishment".

It is a fact the tax code is chock full of tax breaks for corporations. Even REPUBLICANS admit this, and that this needs to be reformed. It is one of the few things Democrats and Republicans agree on.

 

[JRK]

Senate Rejects Obama Call To Strip Oil Company Tax Breaks - ABC ...
4 days ago ... A last minute entreaty by President Obama wasn't enough to convince senators
to strip the oil and gas industry of billions in tax incentives.

abcnews.go.com/.../senate-rejects-obama-call-to-strip-oil-company-tax-breaks/ - SimilarSenate vote preserves oil company tax breaks | NewsOK.com
3 days ago ... WASHINGTON — The U.S. Senate voted Thursday to preserve $24 billion in tax
breaks for the nation's largest oil and gas companies, despite ...

newsok.com/senate-vote...oil-company-tax-breaks/article/3661884 - Cached - SimilarPresident Obama on Oil Company Tax Breaks - CNBC
4 days ago ... President Obama says the American oil industry is doing well. Obama continues,
"we can't just drill our way out of the problem."

video.cnbc.com/gallery/?video=3000081235 - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Business ...
5 days ago ... LAS VEGAS — U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after a ...

www.msnbc.msn.com/.../nevada-sen-heller-knocks-oil-company-tax-breaks/ - Cached - SimilarRepublicans Block Repeal of Oil-Company Tax Breaks Obama ...
4 days ago ... Senate Republicans blocked a Democratic bill to repeal about $24 billion in U.S.
tax breaks for the nation's biggest oil companies, three days ...

www.businessweek.com/.../senate-fails-to-advance-bill-repealing-oil-tax-breaks - Cached - SimilarSenate blocks proposed end to oil company tax breaks - Los ...
4 days ago ... Washington — An attempt to roll back oil company tax breaks was blocked in the
Senate, despite a Rose Garden push by President Obama, ...

articles.latimes.com/.../la-pn-senate-blocks-proposed-end-to-oil-company-tax-breaks-20120329 - Cached - SimilarSenate blocks proposed end to oil company tax breaks - latimes.com
4 days ago ... An attempt to rollback oil company tax breaks was blocked in the Senate, despite
a Rose Garden push by President Obama who said the big ...

www.latimes.com/.../la-pn-senate-bl...l-company-tax-breaks-20120329,0,4471798.story - Cached - SimilarObama wants tax breaks for oil companies stopped - Boston.com
4 days ago ... President Barack Obama is renewing his call for Congress to end tax breaks to
oil companies.

www.boston.com/.../obama_wants_tax_breaks_for_oil_companies_stopped/?... - SimilarSenate keeps oil company tax breaks - UPI.com
4 days ago ... The U.S. Senate ignored a last-minute push Thursday from President Obama and
voted down a plan to repeal tax breaks for large oil ...

Latest news, Latest News Headlines, news articles, news video, news photos - UPI.com - Cached - SimilarNevada Sen. Heller knocks oil company tax breaks - Yahoo! News
5 days ago ... From Yahoo! News: U.S. Sen. Dean Heller urged Congress to close some oil
company tax loopholes Tuesday in a policy shift that comes after ...

news.yahoo.com/nevada-sen-heller-knocks-oil-234808795.html - Cached - Similar


Just amazing that so much has been written about tax breaks for the oil companies, but jrk knows different. Stupid thread. Try a Google next time.

All you have done is confirmed the intent of this thread
for that I thank you
Paying taxes is an obligation, a mandate, and at no times should that be confused with a break

GM recieved and continues to recieve a subsidy from us, the tax payer I know of 0 oil companies which have recieved the same, do you

 

[g5000]

Well, I would like to see our tax rates flatter. I'd like to see our code simpler. I'd like to see the special breaks that we have in the code taken out. That's one of the reasons why I take the corporate rate from 35% down to 25%, is to take out some of the special deals.

Mitt Romney on Tax Reform

•Replaces the corporate income tax – currently the second highest in the industrialized world – with a border-adjustable business consumption tax of 8.5 percent. This new rate is roughly half that of the rest of the industrialized world.

Tax Reforms | A Roadmap for America's Future | The Budget Committee Republicans

 

[g5000]

Options for reforming the corporate income tax are under consideration. The concept of lowering the marginal corporate income tax rate and broadening the corporate income tax base has been advocated by some Members of Congress. Other options for reform include corporate tax integration and the replacement of the income tax system with a consumption tax.

The current system of U.S. taxation of international business is complex and difficult to administer. Furthermore, critics argue that the current system is not sufficiently neutral, which results in economic inefficiency.

http://www.nationalaglawcenter.org/assets/crs/R41591.pdf

 

[bripat9643]

I'm not a liberal, so I can explain it very easily using illustration.

I am a corporation that makes Widgets™ and I am taxed 25 percent of my profits. So if I make a million dollars in profits, I am taxed $250,000.

Next door to me is a rival company that makes Whatchamacallits™, and they have donated money to every member of the House Ways and Means Committee. By some fantasitic coincidence, the House Ways and Means Committee put a tax exemption in the tax code which results in my rivals only paying 15 percent taxes on their profits. So when they make a milion dollars in profits, they are taxed $150,000.

They clearly have an advantage over me now.

The problem with your "explanation" is that such legislation would be blatantly unconstitutional. The government cannot tax one person at 10% and another at 50% based solely on their identity as a person. That's called a "Bill of Atainder," and it's expressly prohibited in the Constitution. The same goes for corporations.

Bill of Atainder:

Definition: A legislative act that singles out an individual or group for punishment without a trial.

What Congress can do is define this or that expenditure as a business expense. In general, almost every dollar a business spends is a legitimate expense. There are esceptions, like the three martini lunch.

All this talk about oil company "tax breaks" is pure moonshine.

You are absolutely clueless. A tax break is not "punishment".

It is a fact the tax code is chock full of tax breaks for corporations. Even REPUBLICANS admit this, and that this needs to be reformed. It is one of the few things Democrats and Republicans agree on.

if one group of people is paying a lower tax, then the rest of the people are paying a higher tax. That is, government is using the tax code to punish that later group. The SC has ruled that such legislation violates the "Bill of Atainder clause," so you look pretty fooling telling me I'm "clueless."

So long as corporations are going to be taxed based on their income, the government will have to define what constitutes "income." That means the tax code will be complicated.

 

[JRK]

Options for reforming the corporate income tax are under consideration. The concept of lowering the marginal corporate income tax rate and broadening the corporate income tax base has been advocated by some Members of Congress. Other options for reform include corporate tax integration and the replacement of the income tax system with a consumption tax.

The current system of U.S. taxation of international business is complex and difficult to administer. Furthermore, critics argue that the current system is not sufficiently neutral, which results in economic inefficiency.

http://www.nationalaglawcenter.org/assets/crs/R41591.pdf

This is also very confusing to me. Why would any-one want to raise the rate of tax on any corporation which its sole intent is to profit from you and I?
Rasing corporate rates will only harm the consumer. Devising a corporate tax rate that collects suffeciant wealth while at the ame time promotes lower expenses for the consumer is a complicated one


Texas does real well with a sales tax as Florida does.
Simple with no room for our president to claim the things he is at this time.
BHO is trying to shore up his base, that vote in the senate never happens of he thought it would pass
gas is 4.00 a gallon now, you raise the rate Exxon pays it would effect the stock market, fuel prices, or both
He knows that

 

[g5000]

if one group of people is paying a lower tax, then the rest of the people are paying a higher tax. That is, government is using the tax code to punish that later group. The SC has ruled that such legislation violates the "Bill of Atainder clause," so you look pretty fooling telling me I'm "clueless."

You will have to show me such a Supreme Court case. Tax breaks have nothing to do with bills of attainder. A bill of attainder would be a tax levied against a specific person or company, not a tax break.

Seeing as the reality is the tax code is chock full of tax breaks for some companies, you could not possibly be more wrong. And you have been provided a link to such tax breaks at least twice now.

So long as corporations are going to be taxed based on their income, the government will have to define what constitutes "income." That means the tax code will be complicated.

It does not have to be complicated at all. Paul Ryan's consumption tax being one example.

All this crap about tax breaks for "business expenses" can be eliminated with such a consumption tax.

Defining these "business expenses" is exactly where the abuse starts.

Only a clown would believe an oil company would not drill for more oil if they did not get a tax break for it. Taxes have nothing to do with why they drill. It is all about supply and demand. Giving tax "incentives" in a completely synthetic pretense of influencing the market is bogus and corrupt.

 

[g5000]

Anyway, the OP has been discredited. The evidence has been provided that oil companies do indeed get tax breaks. It is right there in the legislation provided twice in this topic.

I remind you that the topic title is Another Liberal myth: Oil compainies get subsidies/tax breaks

The evidence is irrefutable they do get tax breaks.

 

[JRK]

if one group of people is paying a lower tax, then the rest of the people are paying a higher tax. That is, government is using the tax code to punish that later group. The SC has ruled that such legislation violates the "Bill of Atainder clause," so you look pretty fooling telling me I'm "clueless."

You will have to show me such a Supreme Court case. Tax breaks have nothing to do with bills of attainder. A bill of attainder would be a tax levied against a specific person or company, not a tax break.

Seeing as the reality is the tax code is chock full of tax breaks for some companies, you could not possibly be more wrong. And you have been provided a link to such tax breaks at least twice now.

So long as corporations are going to be taxed based on their income, the government will have to define what constitutes "income." That means the tax code will be complicated.

It does not have to be complicated at all. Paul Ryan's consumption tax being one example.

All this crap about tax breaks for "business expenses" can be eliminated with such a consumption tax.

Defining these "business expenses" is exactly where the abuse starts.

Only a clown would believe an oil company would not drill for more oil if they did not get a tax break for it. Taxes have nothing to do with why they drill. It is all about supply and demand. Giving tax "incentives" in a completely synthetic pretense of influencing the market is bogus and corrupt.

Young man I think we agree. Florida uses a sales tax, which in a manner of speaking is a consumption tax
Not sure where the clown comment came from, hopefully it was directed to someone else

Taxes is an expense, I have worked on the bean counting end at a very large industrial construction firm
Growth
Back-log
Taxes
There all part of doing business. The extraction of natural gas is slowing way down as natural gas is at a 10 year low. Tax burden has little to d with that
Companies that drill for oil do it to keep the market in supply
same with the refinement of it. tax burden is just a part of doing business and if that burden is more than it was the previous year, then provisions will be made to make for that expense

Libs do not grasp that taxes is just another expense