Mr. H.
Diamond Member
I want to hear more about taxpayers "propping up" the industry.
Yank?
The budget President Obama submitted to Congress last month proposed repealing $3.6 billion in oil and gas subsidies subsidies that come in the form of tax credits in 2012. The White House estimates that repealing those tax credits would bring in $46 billion in revenue over the next 10 years.
No Apologies: Rep. Barton Defends Tax Breaks For Big Oil - The Note
That's $46 Billion, with a "B"...
Thanks for your reply.
I don't know where you get that $3.6 billion in "subsidies" figure, but as I have read it's at a minimum of $40 billion and as high as $90 billion in penalties.
$46 billion in revenue to the Treasury over 10 years?
How much economic activity does the petroleum industry produce over that time period- it's in the trillions of dollars.
Firstly, the interviewer in that video is focusing on "Exxon/Mobil". What Barton fails to mention is that 80% of the wells drilled in this country are done so by independents and not major oil companies. But as he correctly points out, it's an issue of being treated equally under the tax code.
Why is the petroleum industry being singled out when other manufacturing/industrial sectors take advantage of similar non-taxed activities?
The "subsidies" to which you refer are items in the tax code that have been there for decades and, again, are afforded other industries as well.
This is a typical liberal witch hunt based on emotion and scare tactics and not on fact.
Obama and his cronies are out to stifle American enterprise, collect his booty, and plow it into his pipe-dream "green" initiatives.