These things should be on your mind come next elections

Discussion in 'Politics' started by froggy, Mar 15, 2011.

  1. froggy
    Offline

    froggy Gold Member

    Joined:
    Aug 18, 2009
    Messages:
    8,309
    Thanks Received:
    1,113
    Trophy Points:
    190
    Ratings:
    +1,632
  2. Mr. H.
    Offline

    Mr. H. Diamond Member

    Joined:
    Aug 19, 2009
    Messages:
    44,117
    Thanks Received:
    9,265
    Trophy Points:
    2,030
    Location:
    A warm place with no memory.
    Ratings:
    +15,395
    When the government takes less revenues from a business in order that it be able to invest in economic activity, they are not offering "tax breaks".

    One of the "breaks" under Obama's crosshairs are I.D.C's, or Intangible Drilling Costs. They are the expenses associated with drilling a well that do not represent a physical component- such as the steel casing that is cemented in the ground in order to protect fresh water zones while drilling.

    Examples of IDCs range from the clearing of ground, draining, and surveying work to prepare for the drilling of wells to wages, fuel, repairs, supplies, drilling muds, chemicals and cement incident to and necessary in the drilling and preparation of wells for the production of oil and gas. Generally speaking, expenditures are classified as IDC if they have no salvage value.
    http://www.dpcusa.org/policy/pdf/070321.pdf

    So you tell me froggy, why shouldn't these expenses be deducted as a necessary cost?

    Other industries have these types of intangible cost deductions.

    Why can't the oil industry be expected to expense these costs in the year incurred?

    I've seen that video and the first topic is Exxon/Mobil. Well, it's a fact that 80% of the wells drilled in this country are done so by independent companies- not multi nationals and not "big oil". This is who Obama is targeting- the little guys. It will kill jobs, kill economic activity, kill new drilling and future production of American oil.
     
  3. Big Black Dog
    Offline

    Big Black Dog Gold Member Supporting Member

    Joined:
    May 20, 2009
    Messages:
    22,921
    Thanks Received:
    5,113
    Trophy Points:
    260
    Ratings:
    +5,731
    The only thing on my mind come the next election is getting this current dumb-assed President out of office and replaced with somebody that has some inkling of what common sense is.
     
  4. Midnight Marauder
    Offline

    Midnight Marauder BANNED

    Joined:
    Feb 28, 2009
    Messages:
    12,404
    Thanks Received:
    1,876
    Trophy Points:
    0
    Ratings:
    +1,876
    Because they make too much PROOOOOOFIT!:clap2::clap2:
     

Share This Page