put an end to “unwarranted” tax breaks to big oil and gas companies

[slukasiewski]

Obama cites Boehner on oil tax breaks - Washington Times


they should have cut them out years ago, wait Bush/ Bin Ladan oil company was in charge of america.

What is "Big Oil?" Is that like Exxon Corporate Headquarters?

Is "Small Oil" the 7/11 on the corner run by Rahjneesh?

And what in the hell do Bush and Cheney have to do with "Big Oil," ya idiot.

And don't cut and paste your explanation from MichaelMoore.com

Idiot.

 

[JRK]

Obama cites Boehner on oil tax breaks - Washington Times


they should have cut them out years ago, wait Bush/ Bin Ladan oil company was in charge of america.

Bush is not the president and gas is within 11 cents of its all time hi
what the hell is wrong with you people?
Gas hits $4 mark, near all-time high - CNN.com

 

[Quantum Windbag]

Obama cites Boehner on oil tax breaks - Washington Times


they should have cut them out years ago, wait Bush/ Bin Ladan oil company was in charge of america.

Perhaps you will tell me what 'subsidies' the oil companies get.

Oil depletion allowance, for one.

<LI style="MARGIN-BOTTOM: 8px" class="g knavi">
Publication 17 (2010), Your Federal Income Tax

If you are the owner of an economic interest in mineral deposits or oil and gas wells, you can recover your investment through the depletion allowance. ...
www.irs.gov/publications/p17/ch12.html - Cached - Similar

They do not get that, the owner of the land they drill on gets it. I already pointed that out earlier in this thread.

 

[Big Fitz]

Obama cites Boehner on oil tax breaks - Washington Times


they should have cut them out years ago, wait Bush/ Bin Ladan oil company was in charge of america.

Since most of their tax breaks come in the form of amortization of equipment and facilities, you for doing away with depreciation for all equipment for all industry? If not why not?

 

[froggy]

cut out earned income credit also.

 

[froggy]

Depletion Allowance

 

[Mr. H.]

Depletion Allowance

Now that we're both on that page, can you not see the importance of percentage depletion?

As I stated earlier, if not for P.D. the half million marginal wells in this country would be abandonded. Collectively they make a significant contribution to production, jobs, economic activity, and royalty payments and tax collections.

 

[JRK]

Libs people pay all taxes in this country, not corporations
why do you keep debating about an event that will never take place?
you buy a gallon of gas, besides the 18 cents for every gallon the federal govt gets, they will get even more depending what the amount of tax the corporation pays

 

[Big Fitz]

Depletion Allowance

Now that we're both on that page, can you not see the importance of percentage depletion?

As I stated earlier, if not for P.D. the half million marginal wells in this country would be abandonded. Collectively they make a significant contribution to production, jobs, economic activity, and royalty payments and tax collections.

and to encourage expansion in oil development, the government gives "Accelerated depreciation" in which an oil firm can write off the ENTIRE COST of a drill bit or whatever on one year's taxes. Of course, if it was depreciated over 10 years, they pay full taxes the other nine instead of a 10% offset.

To take away depreciation writeoffs in business as the current tax code is structured would destroy American industry in one fiscal quarter.

 

[initforme]

Is BP still up and running after basically sacrificing those workers who died on that rig? They owe each family a hundred million or so.

 

[Mr. H.]

What's with this perennial "oil syndrome" anyway? Fear, loathing, paranoia...
I'm fucking sick of it.

Go drill a hole in the ground yourself. It doesn't cost anything. I've shown how that's accomplished in another thread. The only way you'll find answers to all these hair-brained questions is to dive in and experience it for yourself.

 

[grunt11b]

Don't stop with just the oil companies, how about tax subsidies for farmers?

Simple = fair.

Lets move to a tax on consumption. 7 + 7 on 3.

I go for a simple personal income tax. Pure flat % on ALL personal income with no deductions.

Tax should not promote any lifestyle, etc.

The communists want to pick winners and losers. I myself support a flat tax for every one. Even prostitutes and drug dealers and those working under the table. would have to pay taxes. It would strengthen the economy.

 

[Mr.Nick]

There is no such thing as an "unwarranted tax break."

Taxes are illegal in the first place per the Fourth Amendment.

If you want to tariff foreign entities - go right ahead but taxing here at home is downright illegal.

Every cent the government gets via corporate taxes is welfare - and I just proved that!!

The governments can tax oil - they right ahead (and they do) - They cant tax the oil companies tho....

 

[Mr. H.]

This is a very good read:

How the oil industry saves $4.4B a year on taxes - Yahoo! Finance

The 41 U.S. oil and gas companies that break out their federal taxes said they paid Uncle Sam $5.7 billion in 2010, according to data compiled by Compustat. That's more than any other industry. Exxon alone paid $1.3 billion. (The company's total tax bill was $21.5 billion, but most of that was paid to foreign governments and states.)

 

[Big Fitz]

Simple = fair.

Lets move to a tax on consumption. 7 + 7 on 3.

I go for a simple personal income tax. Pure flat % on ALL personal income with no deductions.

Tax should not promote any lifestyle, etc.

The communists want to pick winners and losers. I myself support a flat tax for every one. Even prostitutes and drug dealers and those working under the table. would have to pay taxes. It would strengthen the economy.

I love a flat tax. I'd be fine with a consumption tax as well. BUT for me to fully support a consumption tax, the must repeal the 16th amendment (I think that's the income tax one) Otherwise, no way.

 

[Big Fitz]

This is a very good read:

How the oil industry saves $4.4B a year on taxes - Yahoo! Finance

The 41 U.S. oil and gas companies that break out their federal taxes said they paid Uncle Sam $5.7 billion in 2010, according to data compiled by Compustat. That's more than any other industry. Exxon alone paid $1.3 billion. (The company's total tax bill was $21.5 billion, but most of that was paid to foreign governments and states.)

BUT BUT BUT!!!!!

it's STILL NOT ENOUGH!!!!

How do I kill the golden goose without stopping egg production cause I hate birds.

 

[Mr. H.]

Thanks to Democrats, your goose is already cooked.

 

[LibocalypseNow]

I oppose Corporate Welfare so i'm ok with this. But keep in mind,Taxing Oil Companies more will not even add up to a drop in the bucket as far as lowering our massive Debt goes. So this is mostly about politics in the end. I would also add,GE does not pay any Taxes at all. Oil Companies pay much more in Taxes than GE does. And GE is also a part of this current Administration. GE CEO Jeffrey Immelt is their "Jobs Czar." I see that as a very disturbing problem.

So if the President really wants to stick it to the "Evil Corporations",he should start with his GE buddies. Time for him to walk the walk. But in the end we don't have a Tax problem. We have a Government problem. How could they spend $14.5 Trillion more than they took in? Taxes were paid and they blew the money. The Taxpayers should not be blamed or punished for this massive Government mess. They paid their Taxes and had no control over how it was spent. The Bad Guy in this is the Government. Period,end of story.

 

[Big Fitz]

Thanks to Democrats, your goose is already cooked.

Cooked, eaten, pooped, flushed treated and sold as organic fertilizer and is now a small plot of soybeans in South Dakota.

 

[LibocalypseNow]

How could the Government have spent $14.5 Trillion more than they took in? More people need to think about this a bit more. Raising Taxes does not mean the Government will spend the money wisely. Have they so far? I do oppose Corporate Welfare but this current Administration needs to part company with GE and start with them first. Oil Companies paid much more Taxes than GE did. So it is pretty shallow to only target Oil Companies. But in the end Tax-Hikes wont matter. The Government is the real problem. The U.S. Government spent $14.5 Trillion more than they took in. And that's the real problem. The rest is just shallow politics.