Discussion in 'Politics' started by froggy, Mar 15, 2011.
No Apologies: Rep. Barton Defends Tax Breaks For Big Oil - The Note
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.
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.
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.
Because they make too much PROOOOOOFIT!
Separate names with a comma.