Democrats pursue new tactics on war on energy

teapartysamurai

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Mar 27, 2010
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With the midterm elections approaching, it is now clear that cap-and-trade, Democrats’ main weapon in their war on energy companies, is effectively dead—that is, at least until after the election, when some Democrats who may then be exiting Congress will feel more comfortable supporting it.

However, the demise of cap-and-trade does not mean Democrats have put what some dub “plans” to target energy companies on hold completely, or placed them on the back burner.

Tax experts say the Obama administration and congressional Democrats want to make two changes to the tax code that, ironically, opponents claim would end up hurting domestic producers and benefiting foreign companies like BP—the company on whose throat the Obama administration was previously claiming to have its boot.

President Obama’s 2011 budget proposal reportedly recommends repealing certain tax credits available to companies who pay taxes on income earned abroad. Currently, such foreign tax credits are available to companies with overseas operations, having originally been extended to diminish discrepancies in competitiveness between foreign companies, which are taxed only by jurisdictions in which they earn money on income earned within them, and US companies with operations abroad, which are taxed both by such foreign jurisdictions on income earned within them and by the US government, on all income.

Separately, however, observers say the President and congressional Democrats want to exclude energy companies from Section 199 tax relief, which allows companies to take a deduction in respect of a certain proportion of domestic production each year. Section 199 relief was originally introduced in order to spur job creation in the manufacturing sector.

Ironically, not only could excluding energy companies from being able to rely on Section 199 indirectly result in companies like BP or Venezuela’s Citgo benefiting, critics say that like the foreign tax credit proposal, if implemented this proposal could result in further job losses, just as a moratorium is predicted to do. That, combined with fears that a shutdown in domestic drilling could lead to oil companies relocating to, among other countries, Cuba, could turn such proposals virtually toxic for Democrats running both in states affected by the BP oil spill and in which the energy sector is a big employer.

Democrats Pursue New Tactics in War on Energy Companies - Big Government

Policies that would benefit our foreign competitors while hurting AMERICAN energy needs.

Now, why doesn't it surprise me that the guy who bows to Saudi Kings would be okay with that?

This is your Democrat party. Hates American interests, cozies up to those who hate us.

:cuckoo:
 
I'm in the energy industry, you'd be hard pressed to find and industry with less support for Obama.
 
I'm in the energy industry, you'd be hard pressed to find and industry with less support for Obama.

Do you blame your industry? He has never said a single kind word about the industry. It is an industry that employs hundreds of thousands of people and yet it is disparaged by this administration every chance they get.
 
The evil Exxons of the world

It is no longer just the evil exxons. It is the evil profit makers in general.

Seems if you make a profit, something is wrong. Either you are paying your employees too little or you are acting unscrupulously.

Seems the new way is to take on all of the headaches, risks AND hours to start a business but you better dam well make sure that those that are lucky enough to be employed by you get paid an amount that is near what you make....or you are an evil greedy busioness man.

I know many that lost their businesses in this recession. Some lost everything becuase of it. I am wondering why the left is not out there saying that the laid off employees of those businesses should ALSO take further losses as their fair share of the risk of owning a business.

I mean, if they should reap the rewards of a successful business, why shouldnt they share in the losses?
 
which is why I'm praying to Jah for a republican leader to stand up and move the ball forward
 
which is why I'm praying to Jah for a republican leader to stand up and move the ball forward

You can pray until the cows come home (where exactly did that adage come from?)....

If a leader claims to be a republican, he or she is likely a follower of the party.

I am praying for someone to stand up and say "enough of this party crap, we need to get America on the right track again"...

I do not agree with Crists ideas....but I admire his independence....I want to see someone like a Jindl to walk from the party and run as a concerned American.
 
Bigotbart's Bigot Government site has no credibility. Only bigots believe anything Bigotbart has his dishonest dirty hands on.
 
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