Props aplenty in Senate show on big oil tax breaks

[Mr. H.]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

 

[8537]

Kind of hard to spend that money when you are not allowed to invest it in the countries future

Exxon operates in the US...and the rest of the world. I'm sure the poor guys can find a place to invest.

Besides they pay taxes on that wealth

No they don't. Corporations pay taxes on profits, not on reserves.

There you go
profit is not wealth
Its, well what is it?

Profit is income remaining in a given period after paying all expenses.
Wealth is a measure of the total value of someones assets.

and they do not pay taxes on capital gains?

Exxon, the company? Pay taxes on capital gains?
er, no - they don't.

 

[Dr.Drock]

He had to wait until the checks he got from oil companies cleared his account.

The oil companies aren't worried, they know it's lip service.

 

[Meister]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

 

[8537]

they have n money tree siting around to pay there taxes

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Of course.

So when it comes time for Google to pay its taxes, will it pay those taxes by increasing the price of it's (free) services or will it....pay the taxes out of accumulated funds?

 

[martybegan]

The super majority in the senate and house for 2 years could have done away with those "tax breaks" these oil companies get

Anyway, its about the jobs, not the oil
Its about the jobs, not the tax revenue

What good is hiking the taxes Exxon pays? there just going to charge more for there product. they have n money tree siting around to pay there taxes

Politicians grandstand all the time, its thier nature. You dont get mad at a dog for whizzing on a fire hydrant, its just being a dog.

 

[8537]

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

The government doesn't provide billions in subsidies to Apple and Google.

 

[Meister]

The super majority in the senate and house for 2 years could have done away with those "tax breaks" these oil companies get

Anyway, its about the jobs, not the oil
Its about the jobs, not the tax revenue

What good is hiking the taxes Exxon pays? there just going to charge more for there product. they have n money tree siting around to pay there taxes

Politicians grandstand all the time, its thier nature. You dont get mad at a dog for whizzing on a fire hydrant, its just being a dog.

Like I said....it's a campaign year.

 

[Meister]

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

The government doesn't provide billions in subsidies to Apple and Google.

Do you have a clue on what those subsidies are even for?

 

[Mr. H.]

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

The government doesn't provide billions in subsidies to Apple and Google.

Nor do they to the oil industry. We've been over this. Time for you to get over it.

 

[Two Thumbs]

They are doing it now to score political points.

The dems are just as much in the bag with Oil as the reps.

If they truly wanted to walk the walk on ending subsideis they would talk about ending all of them. But big 0 can't, b/c he put too many eggs into green energy, so he wants to put more into it, even thogh it's a failed idea. [so far]

 

[Meister]

Subsidies from the governmnet......and yes Google AND Apple are privy to these subsidies.

Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US. Per CNN, it was "designed to keep factories in the United States." If that deduction were eliminated for oil companies only, it would mean singling out oil companies from all other manufacturers.

Percentage depletion allowance -- $1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business. Right now, oil in the ground is treated as capital equipment. Again, this "subsidy" amounts to how the cost of doing business is defined. All companies get it, not just oil companies.

Foreign tax credit -- $850 million. Companies get credit for taxes they pay to other countries. All companies get this "subsidy," not just oil companies. Should a company pay tax on tax? Should only oil companies pay tax on tax?

Intangible drilling costs -- $780 million. According to CNN, "[a]ll industries get to write off the costs of doing business, but they must take it over the life of an investment. The oil industry gets to take the drilling credit in the first year." Among these four tax "breaks," this smallest one was the only one that treated oil companies differently.
American Thinker: About Those Oil Subsidies

 

[8537]

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

The government doesn't provide billions in subsidies to Apple and Google.

Do you have a clue on what those subsidies are even for?

Yes.

Lower rates on capital expenditures for drilling.
Subsidies for extracting oil from marginal sources (such as shale)
Rapid depreciation
Percentage depletion allowances

etc....

 

[Meister]

The government doesn't provide billions in subsidies to Apple and Google.

Do you have a clue on what those subsidies are even for?

Yes.

Lower rates on capital expenditures for drilling.
Subsidies for extracting oil from marginal sources (such as shale)
Rapid depreciation
Percentage depletion allowances

etc....

Look at post #20....then weep.

 

[8537]

Do you have a clue on what those subsidies are even for?

Yes.

Lower rates on capital expenditures for drilling.
Subsidies for extracting oil from marginal sources (such as shale)
Rapid depreciation
Percentage depletion allowances

etc....

Look at post #20....then weep.

I did. And then I was reminded that you expect an honest assessment from American tinkerer.

Tell me, how much does Apple collect from the subsidy for shale extraction?

How much does Google get from special depreciation rules for drilling equipment and exploration activities?

How much depletion credit does IBM collect?

 

[Two Thumbs]

Subsidies from the governmnet......and yes Google AND Apple are privy to these subsidies.

Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US. Per CNN, it was "designed to keep factories in the United States." If that deduction were eliminated for oil companies only, it would mean singling out oil companies from all other manufacturers.

Percentage depletion allowance -- $1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business. Right now, oil in the ground is treated as capital equipment. Again, this "subsidy" amounts to how the cost of doing business is defined. All companies get it, not just oil companies.

Foreign tax credit -- $850 million. Companies get credit for taxes they pay to other countries. All companies get this "subsidy," not just oil companies. Should a company pay tax on tax? Should only oil companies pay tax on tax?

Intangible drilling costs -- $780 million. According to CNN, "[a]ll industries get to write off the costs of doing business, but they must take it over the life of an investment. The oil industry gets to take the drilling credit in the first year." Among these four tax "breaks," this smallest one was the only one that treated oil companies differently.
American Thinker: About Those Oil Subsidies

Giving them a tax break to keep them here, then giving them a tax refund on foreign taxes is absolutely nucking futs.

 

[SFC Ollie]

Well, it's not a tree of course. but they do have 40B in cash reserves sitting on the sidelines.

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Of course.

So when it comes time for Google to pay its taxes, will it pay those taxes by increasing the price of it's (free) services or will it....pay the taxes out of accumulated funds?

Google advertising space could go up.... You do know that they get paid for that???

 

[Two Thumbs]

Yes.

Lower rates on capital expenditures for drilling.
Subsidies for extracting oil from marginal sources (such as shale)
Rapid depreciation
Percentage depletion allowances

etc....

Look at post #20....then weep.

I did. And then I was reminded that you expect an honest assessment from American tinkerer.

Tell me, how much does Apple collect from the subsidy for shale extraction?

How much does Google get from special depreciation rules for drilling equipment and exploration activities?

How much depletion credit does IBM collect?

Just asking;

Do you want to end it all for oil AND all other companies or just stick it to oil?

 

[Hot Wire]

And Google has about $24 billion. What does Google produce? Google is nothing more than keystrokes and mouse clicks.

Look at Google and Apple's profits.......they are insanely high, and the government does nothing? Witch hunt, I say.

The government doesn't provide billions in subsidies to Apple and Google.

No,and your fascist punk obama lets GE pay NO taxes!!Fucking liberal hypocrites.

 

[8537]

Look at post #20....then weep.

I did. And then I was reminded that you expect an honest assessment from American tinkerer.

Tell me, how much does Apple collect from the subsidy for shale extraction?

How much does Google get from special depreciation rules for drilling equipment and exploration activities?

How much depletion credit does IBM collect?

Just asking;

Do you want to end it all for oil AND all other companies or just stick it to oil?

I would end subsidies for the vast majority of companies. There are a select few industries that produce positive externalities and may deserve some form of subsidy (or at least some form of payment for the external benefits they create - though not necessarily in the form of a direct production subsidy.