Obama Proposes Nearly $90 Billion in Tax Hikes on Energy Producers

[bripat9643]

Americans for Tax Reform :: Obama Proposes Nearly $90 Billion in Tax Hikes on Energy Producers

Obama Energy Tax Proposals The President’s FY 2013 budget contains billions in tax increase on energy production and consumption. These taxes will result in higher prices at the pump, increased utility bills, and fewer American jobs as companies flee the U.S. and companies cannot recover their investments. Below is a breakdown of energy taxes Obama put forth in his 2013-2022 budget: ATR Recommendations Congress should reject these new tax increases and move to rapidly increase access to domestic energy resources in the Eastern Gulf of Mexico, part...

 

[Mr. H.]

I've been barking about this for months now.
But thanks for the reminder.

Obama intends to prevent the oil industry from utilizing the very same tax provisions that apply to most every other industry in this country.

Why?

Well, according to him (as stated in last year's SOTU address- "they're doing just fine".

"Just fine" - as in ranking 115th in terms of industrial net profit.

The guy is delusional.

 

[Mr. H.]

Here's an item by item list of the tax provisions regarding oil and gas, and their impact on the industry...

http://www.ipaa.org/news/docs/TaxFacstAugust2009.pdf

 

[starcraftzzz]

I've been barking about this for months now.
But thanks for the reminder.

Obama intends to prevent the oil industry from utilizing the very same tax provisions that apply to most every other industry in this country.

Why?

Well, according to him (as stated in last year's SOTU address- "they're doing just fine".

"Just fine" - as in ranking 115th in terms of industrial net profit.

The guy is delusional.

Why? Because he's against pollution that kills people and costs us hundreds of billions of dollars.
Why do republicans put multinational oil corporations like BP ahead of the American people?

 

[Mr. H.]

I've been barking about this for months now.
But thanks for the reminder.

Obama intends to prevent the oil industry from utilizing the very same tax provisions that apply to most every other industry in this country.

Why?

Well, according to him (as stated in last year's SOTU address- "they're doing just fine".

"Just fine" - as in ranking 115th in terms of industrial net profit.

The guy is delusional.

Why? Because he's against pollution that kills people and costs us hundreds of billions of dollars.
Why do republicans put multinational oil corporations like BP ahead of the American people?

If you bothered to read my linked article you would have seen this:


America’s independent natural gas and oil producers develop 90 percent of US wells, produce 82 percent of US natural gas and produce 68 percent of US oil. Independent producers reinvest over 100 percent of American oil and natural gas cash flow back into new American production. Lower natural gas and oil prices and the tight credit market are limiting investment capital; drilling activity is down over 25 percent since a year ago.

It's not about BP and the "multinational oil corporations... it's about the Independents.

Producing less oil and natural gas in this country will not alleviate pollution.
You shutting the fuck up might.

 

[Mr. H.]

Here's the scoop from World Oil magazine...

The Obama administration's fiscal 2013 budget proposal strips away nearly $40 billion in tax breaks for oil and natural gas companies, saying the incentives cost taxpayers too much money and do little to spur energy development, a report said.

LOL. Without the capital that is retained through the normal and ordinary deduction of expenses, there would be little to no energy development.

Obama budget eliminates $40 billion in oil tax breaks