Another Liberal myth: Oil compainies get subsidies/tax breaks

[g5000]

The reason a tax break is not a bill of attainder is because they do not usually target a specific company.

Say the corporate tax rate is 25%. It does not matter if you are an oil company, a paper company, a book publisher, or a beer brewer. You all pay 25% tax.

But then the oil industry gets a special tax break that says they get to deduct the cost of oil exploration from their taxes.

A paper company doesn't explore for oil, so they do not get this deduction.

The bottom line result is that the oil industry is paying a smaller percentage of taxes than all the other industries.

And as has been shown, this is actually happening. Therefore, totally constitutional.

To defend this as a "legitimate business expense" is to willfully ignore that all the other industries have business expenses, too. And if they do not all get special carve-outs for all of their business expenses, then we have an unlevel playing field.

This results in the companies with the deepest pockets getting what they want in the tax code and everyone else losing out.

To excuse this as necessary complication is to excuse corruption.


The Republican Party argues if you remove all these carve outs, you can lower the tax rate on everyone, and simplify the tax code greatly.


So wake up. You guys are on the wrong side of the argument.

 

[JRK]

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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

 

[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

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?

I have said umpteen times that we could LOWER the tax rate on ALL corporations when we remove the graft. This is the GOP position. Where are you getting lost?

 

[The T]

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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

GM got taxpayer money they still have to pay back...the OIL comapnies do NOT get such monies.

 

[JRK]

It amazes me out of the blue some-one who thinks giving part of your wealth to some-one else who did nothing to earn it as a break?
And that at the same time stating what you had left of that welath you earned you got because of a subsidy?
g5000 you want to explain that to us?

 

[g5000]

What tax breaks do oil companies get that other companies doen't get?

S. 2204: Repeal Big Oil Tax ... - Full Text - GovTrack.us

Start on page 16. Read through to page 24.

The fact that some sleazy Democrat politicians call their bill a "repeal of subsidies and tax breaks" doesn't mean that's what it is. You can count on the fact that any bill submitted by a Democrat is not what the title claims.

Face it: all you've got is leftwing propaganda. You can't quote any actual part of the tax code that gives oil companies a break.

This is willful blindness. Pages 16 through 24 describe exactly in the tax code where oil companies have tax breaks and what they are.

Read it. You are making a fool of yourself. They are right there in black and white.

Christ. Talk about leading a horse to water!

 

[JRK]

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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

GM got taxpayer money they still have to pay back...the OIL comapnies do NOT get such monies.

I could not agree more
Paying taxes is an obligation, not a break

 

[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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

And now you are the one confusing subsidies with tax breaks. So you, too, need to read pages 16 through 24 of this bill to see the oil companies' tax breaks spelled out in the tax code.

 

[g5000]

Here's an oil company tax break right in the tax code: Internal Revenue Code:Sec. 613A. Limitations on percentage depletion in case of oil and gas wells


A paper company can't use that tax break.

And nobody called this a bill of attainder.

 

[Luddly Neddite]

People
Its there money to start with (via us, the consumer). no-one is "giving" them any-thing from the US govt

People pay taxes, not corporations. raise taxes on Exxon, there going to raise the cost of there product

ANd yet there the president is claiming that Exxon is getting a subsidy

Yo, Jerk, if you won't read the PROOF of just how ridiculous your (yore?) post is, how about you post a link to PROOF that what you said is true.

I'm sure everyone is more than willing to wait ...

 

[JRK]

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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

And now you are the one confusing subsidies with tax breaks. So you, too, need to read pages 16 through 24 of this bill to see the oil companies' tax breaks spelled out in the tax code.

I am going to make this as simple as I can
You can believe what ever your told, and you can go on the rest of your life thinking that paying taxes on wealth is a break, thats fine with me
All your doing is giving this thread more and more of a reason(s) to see how accurate it is

The intent of the thread was to show deception.
The tax code stating that paying tax on wealth earned is a break and you believe it, means to me the deception is not only working, but proves this thread

I cannot understand how any-one would think the way you do because some-one told you to think that way
I know the only breaks business gets is in weather, etc... It sure is not losing your welath to others who did little, to nothing in getting it
Its upside down to me
Like I said, thats your place in life, I respect it, and I thank you for giving this thread more reasons to see its vadility than I could ever

Before I end this, Paying taxes is an obligation, I keep saying that because I am not some radical who thinks anything is a free ride, but it sure is no break either

good luck dude, and please dont take any wooden nickels just because some-one tells you there a nickel

 

[JRK]

People
Its there money to start with (via us, the consumer). no-one is "giving" them any-thing from the US govt

People pay taxes, not corporations. raise taxes on Exxon, there going to raise the cost of there product

ANd yet there the president is claiming that Exxon is getting a subsidy

Yo, Jerk, if you won't read the PROOF of just how ridiculous your (yore?) post is, how about you post a link to PROOF that what you said is true.

I'm sure everyone is more than willing to wait ...

Jerk?
Boy thats original

Proof? what do you want me to prove?
I have googled trying to find one oil company that got the same thing GM got
Free tax payers wealth
Let me help you here

Subsidy | Define Subsidy at Dictionary.com

find 1 oil company that meets that definition would you? because I cannot

as far as the tax break part of it
when you claim a dependant at tax time do you feel thats a break?
I dont

Again, paying tax on wealth is an obligation that is part of life, but by no means does any part of that a break

stop with being a dick, we can agree to dis agree
And mena while we will wait on that link that meets by definition a subsidy

 

[g5000]

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

And now you are the one confusing subsidies with tax breaks. So you, too, need to read pages 16 through 24 of this bill to see the oil companies' tax breaks spelled out in the tax code.

I am going to make this as simple as I can
You can believe what ever your told, and you can go on the rest of your life thinking that paying taxes on wealth is a break, thats fine with me
All your doing is giving this thread more and more of a reason(s) to see how accurate it is

The intent of the thread was to show deception.
The tax code stating that paying tax on wealth earned is a break and you believe it, means to me the deception is not only working, but proves this thread

I cannot understand how any-one would think the way you do because some-one told you to think that way
I know the only breaks business gets is in weather, etc... It sure is not losing your welath to others who did little, to nothing in getting it
Its upside down to me
Like I said, thats your place in life, I respect it, and I thank you for giving this thread more reasons to see its vadility than I could ever

Before I end this, Paying taxes is an obligation, I keep saying that because I am not some radical who thinks anything is a free ride, but it sure is no break either

good luck dude, and please dont take any wooden nickels just because some-one tells you there a nickel

Horse. Water. Can't make him drink.

Your entire premise is false. Tax breaks are not a "liberal myth". They are an undeniable fact, and you have been provided irrefutable evidence of their existence. So you are way past making a fool of yourself in front of everyone reading this topic.

Corporate tax breaks exist in the tax code, and only a complete idiot believes they don't. And every major politician on the Right acknowledges they are out of control and that something must be done about them.

 

[Mr. H.]

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.

NO IT HAS NOT
PAYING TAXES IS A BURDEN, NOT A BREAK, GM GOT SUBSIDIES, YOU GOT A LINK SHOWING AN OIL COMAPNY GOT THE SAME AS GM IS STILL GETTING?

PAYING TAXES IS AN OBLIGATION

Do you fell that claiming a dependant is a break?
If you sit down every week and handed over 200 in cash over to someone else out of your pay-check, would you turn to me and say what a break?

NO

And now you are the one confusing subsidies with tax breaks. So you, too, need to read pages 16 through 24 of this bill to see the oil companies' tax breaks spelled out in the tax code.

I read these pages. I'm certainly not a "major integrated oil company" but I do operate under and am familiar with these provisions. Have been doing it for 35 years.

Long story short... you're truly fucked up.

 

[bripat9643]

We already know the state controlled media is deliberately mischaracterizing the facts.

What do you think you're proving?

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.

 

[rdean]

The bill, S.2204, titled the Repeal Big Oil Tax Subsidies Act, targeted five subsidies for major integrated oil companies (companies with annual gross receipts over $1 billion and an average daily worldwide production of crude oil of at least 500,000 barrels) that would either be limited or eliminated. The tax benefits targeted for repeal included: (1) the foreign tax credit; (2) the tax deduction for income attributable to oil, natural gas, or primary products thereof; (3) the tax deduction for intangible drilling and development costs; (4) the percentage depletion allowance for oil and gas wells; and (5) the tax deduction for qualified tertiary injectant expenses

Subsidies For Oil Companies

Right wingers shouldn't post threads that are so easy to debunk. It makes them look, well, you know.

 

[g5000]

The next few weeks will tell, as Congress debates tax legislation and a proposal by a handful of conservative lawmakers to end energy subsidies -- for both oil and renewable energy -- that take the form of tax credits.

Freshmen Rep. Mike Pompeo of Kansas has proposed the loftily titled "Energy Freedom and Economic Prosperity Act," while the Senate's Tea Party heroes, Jim DeMint (S.C.) and Mike Lee (Utah), have introduced the companion bill in the upper chamber.

The bill, which Pompeo hopes to insert into legislation extending the payroll-tax credit, would take a huge bite out of energy subsidies by eliminating tax credits for everything from solar panels and wind turbines to oil drilling and nuclear power generation. At the same time, the measure would cut tax rates.

GOP, Dems squirm over bill to end energy subsidies | Campaign 2012 | Washington Examiner


All right, JRK? You are on the wrong side of the argument, making a complete ass of yourself.

"Liberal myth". BWA-HA-HA!

Yeah. Those guys Pompeo, DeMint, and Lee. A bunch of commie hippy types.

 

[g5000]

No wonder such legislation has such an uphill battle. The GOP is overrun with retards who don't even understand they are on the wrong side of the argument.

End the carve-outs. LOWER the tax rate. SIMPLIFY the tax code. Make the marketplace more COMPETITIVE.

These are CONSERVATIVE values, you stupid fucks.

 

[JRK]

And now you are the one confusing subsidies with tax breaks. So you, too, need to read pages 16 through 24 of this bill to see the oil companies' tax breaks spelled out in the tax code.

I am going to make this as simple as I can
You can believe what ever your told, and you can go on the rest of your life thinking that paying taxes on wealth is a break, thats fine with me
All your doing is giving this thread more and more of a reason(s) to see how accurate it is

The intent of the thread was to show deception.
The tax code stating that paying tax on wealth earned is a break and you believe it, means to me the deception is not only working, but proves this thread

I cannot understand how any-one would think the way you do because some-one told you to think that way
I know the only breaks business gets is in weather, etc... It sure is not losing your welath to others who did little, to nothing in getting it
Its upside down to me
Like I said, thats your place in life, I respect it, and I thank you for giving this thread more reasons to see its vadility than I could ever

Before I end this, Paying taxes is an obligation, I keep saying that because I am not some radical who thinks anything is a free ride, but it sure is no break either

good luck dude, and please dont take any wooden nickels just because some-one tells you there a nickel

Horse. Water. Can't make him drink.

Your entire premise is false. Tax breaks are not a "liberal myth". They are an undeniable fact, and you have been provided irrefutable evidence of their existence. So you are way past making a fool of yourself in front of everyone reading this topic.

Corporate tax breaks exist in the tax code, and only a complete idiot believes they don't. And every major politician on the Right acknowledges they are out of control and that something must be done about them.

Dude I am making a fool out of myself?
Think about what your saying
Your being told that paying taxes is a break, and your fine with that

Its a political term that in realville does not exist. One pays his or her taxes based on the law that dictates there burden
That burden maybe lower because of an expense, that burden maybe lower to lower the risk, but at the end of the day, your still giving your welath to those who have done little to help you earn it
Those of us that have to do it see no break in that
Now because someone tells you that is a break, I am suppose to join you?
Because some politician convinced you that simply by putting it in a document makes it right?

Let me ask a question you still have not answered
having the ability to use a dependant to lower your tax burden, do you see that as a tax break?
Sorry

 

[JRK]

The next few weeks will tell, as Congress debates tax legislation and a proposal by a handful of conservative lawmakers to end energy subsidies -- for both oil and renewable energy -- that take the form of tax credits.

Freshmen Rep. Mike Pompeo of Kansas has proposed the loftily titled "Energy Freedom and Economic Prosperity Act," while the Senate's Tea Party heroes, Jim DeMint (S.C.) and Mike Lee (Utah), have introduced the companion bill in the upper chamber.

The bill, which Pompeo hopes to insert into legislation extending the payroll-tax credit, would take a huge bite out of energy subsidies by eliminating tax credits for everything from solar panels and wind turbines to oil drilling and nuclear power generation. At the same time, the measure would cut tax rates.

GOP, Dems squirm over bill to end energy subsidies | Campaign 2012 | Washington Examiner


All right, JRK? You are on the wrong side of the argument, making a complete ass of yourself.

"Liberal myth". BWA-HA-HA!

Yeah. Those guys Pompeo, DeMint, and Lee. A bunch of commie hippy types.

You have no idea how bad your making your self look
I am happy for you
I am still looking for 1 link that shows me paying taxes is a break for any-one
your being told it is, and your buying it hook line and sinker
You earn wealth
part of it is collected
and your being told because you had 1 dependant, you were givin a break, and you agree
thats funny

We have reached a point a long time ago to agree to dis agree