Why are we giving oil companies subsidies?

[Remodeling Maidiac]

If the rational is that it was their money to begin with and they deserve it why doesn't every other company "deserve" some of their money returned in the form of subsidies?

Better yet why don't we just simplify the tax code so the government doesn't have control over who it deems a winner or loser.

Corporate welfare needs to stop across the board.

 

[KNB]

We subsidize nearly every private business by paying their workers with public EBT allotments so that private businesses don't have to pay higher wages for their workers to afford food.

 

[jillian]

If the rational is that it was their money to begin with and they deserve it why doesn't every other company "deserve" some of their money returned in the form of subsidies?

Better yet why don't we just simplify the tax code so the government doesn't have control over who it deems a winner or loser.

Corporate welfare needs to stop across the board.

you want to make the koch brothers cry?

 

[percysunshine]

If the rational is that it was their money to begin with and they deserve it why doesn't every other company "deserve" some of their money returned in the form of subsidies?

Better yet why don't we just simplify the tax code so the government doesn't have control over who it deems a winner or loser.

Corporate welfare needs to stop across the board.

Oil companies would love to get the same treatment as banks. You are on a roll with that agenda.

 

[Vandalshandle]

It is important that we subsidize the oil companies so that they can afford to sell their oil to foreign countries, thus raising the price that they can charge to US citizens.

 

[boedicca]

What a bunch of sophistry. What moonbats call "oil subsidies" are the basic tax deductions for investments that are available to ALL INDUSTRIES, as well as government entitlement programs such as HEAP (Low Income Home Energy Assistance Program) which make subsize fuel for The Poor.

Why do Libs hate The Poor?

 

[OKTexas]

We're not.

The truth is that the oil and gas industry receives the same kinds of tax treatments that every other manufacturing or extractive industry receives in the federal tax code. There is nothing uncommon or out of the mainstream of tax treatments about any of the provisions that have been repeatedly proposed for repeal.

Oil & Gas Tax Provisions Are Not Subsidies For "Big Oil" - Forbes

 

[Katzndogz]

We aren't. They don't get subsidies.

Oil & Gas Tax Provisions Are Not Subsidies For "Big Oil" - Forbes

 

[Redfish]

thank you boedicca and oktexas for posting the truth. The ignorance of the left on this topic never ceases to amaze.

 

[Remodeling Maidiac]

Wanting a simplified tax code is liberal ignorance?

Interesting....

 

[Vandalshandle]

You want the truth about oil and gas subsidies? Ok, here it is:

Obama Wants To Eliminate Tax Breaks For Oil Companies | CleanTechnica

 

[boedicca]

Obama wants to increase taxes on businesses.

How unexpected and shocking!

 

[Remodeling Maidiac]

You want the truth about oil and gas subsidies? Ok, here it is:

Obama Wants To Eliminate Tax Breaks For Oil Companies | CleanTechnica

Except what Obama won't follow up with is a simplified tax code. That way the price of gasoline products will GO UP making green more competitive.

Which will hurt ALL Americans not just the oil companies

 

[Redfish]

You want the truth about oil and gas subsidies? Ok, here it is:

Obama Wants To Eliminate Tax Breaks For Oil Companies | CleanTechnica

Except what Obama won't follow up with is a simplified tax code. That way the price of gasoline products will GO UP making green more competitive.

Which will hurt ALL Americans not just the oil companies

Congress put tax credits for energy exploration into the tax code because they knew that finding and producing energy was and is in the best interests of every citizen of the USA.

Yes, oil companies make profits (8% or so, in general). Big pharma makes profits too (30% or so). why no liberal outrage it the drug companies?

here's another one, software companies are averaging 25% profits, where's the outrage at them?

The liberal mantra here is not about profits, its about the foolish notion that fossil fuels are evil.

 

[OKTexas]

You want the truth about oil and gas subsidies? Ok, here it is:

Obama Wants To Eliminate Tax Breaks For Oil Companies | CleanTechnica

Except what Obama won't follow up with is a simplified tax code. That way the price of gasoline products will GO UP making green more competitive.

Which will hurt ALL Americans not just the oil companies

You want high permanent unemployment, eliminate those tax breaks, it would have to apply to all companies across the board or it would be a bill of attainder and unconstitutional.

 

[healthmyths]

If the rational is that it was their money to begin with and they deserve it why doesn't every other company "deserve" some of their money returned in the form of subsidies?

Better yet why don't we just simplify the tax code so the government doesn't have control over who it deems a winner or loser.

Corporate welfare needs to stop across the board.

"Subsidies"? What do you mean ?

Do you mean this?

In the United States, credible estimates of annual fossil fuel subsidies range from $14 billion to $52 billion annually, while even efforts to remove small portions of those subsidies have been defeated in Congress,
$52 billion. Highest credible comprehensive estimate.
Includes some costs associated with defending pipelines and shipping lanes in the Persian Gulf.
Fossil Fuel Subsidies in the U.S. | Oil Change International

HEY GRAMPS!!! YOU get "subsidies" also in the form of "TAX DEDUCTIONS"! Those are subsidies also!

The truth is that the oil and gas industry receives the same kinds of tax treatments that every other manufacturing or extractive industry receives in the federal tax code. There is nothing uncommon or out of the mainstream of tax treatments about any of the provisions that have been repeatedly proposed for repeal.

Basically, Percentage Depletion is the oil and gas industry’s version of a depreciation deduction for its main asset, which is the oil and natural gas in the ground, commonly known as its reserves.
Every industry of any kind is allowed a depreciation deduction on its assets under the U.S. Tax Code, but, far from being a “subsidy” for “big oil”, this tax treatment was in fact repealed for all integrated oil companies, i.e., ExxonMobil, Shell, BP, etc., in 1975, and is today available only to independent producers and royalty owners.
So repeal of this extremely long-standing, completely common tax treatment would have no effect on “big oil” at all, and would in fact hit small producers and royalty owners harder than anyone else.
Oil & Gas Tax Provisions Are Not Subsidies For "Big Oil" - Forbes

NOW for MORE FACTS and NO GUESSES GRAMPS!!!!
Here are the total DEDUCTIONS the Federal Government ALLOWED ALL of us to including oil companies to deduct OR in your words SUBSIDIZES!

Hey dummy gramps use the internet instead GUESSING..

SOURCE: What are the largest tax expenditures?

Deduction Type of deduction that government ALLOWS tax payer to subtract from taxes

1. [*]$131.0 billion Benefits individual: Exclusion of employer medical insurance premiums and medical care
   [*]$117.7 Benefits Individual: Net exclusion of pension contributions and earnings
   [*]$ 88.5 Benefits Individual : Deductibility of mortgage interest on owner-occupied homes
   [*]$ 55.9 Benefits company: Accelerated depreciation of machinery and equipment
   [*]$ 49.1 Benefits company: Deductibility of non-business state and local taxes
   [*]$ 46.8 Benefits individuals and companies Deductibility of charitable contributions (Obama deducted $245,000 in donations)
   [*]$ 31.5 Benefits company: Deferral of income from controlled foreign corporations
   [*]$ 30.0 Benefits individuals:Capital gains exclusion on home sales
   [*]$ 29.1 Benefits individualseductibility of State and local property tax on owner-occupied homes
   [*]$ 28.4 Benefits individuals: Child credit
   [*]$ 24.2 Benefits individuals:Capital gains (except agriculture,timber, and coal)
   [*]$ 21.5 Benefits individuals:Step-up basis of capital gains at death

GRAND TOTAL OF loopholes, tax credits, etc...... $653.7 billion
Of these 12 deductions how many benefit people like you gramps...?
9 benefit individuals,employees,etc..

The remaining 3 deductions favor companies...

SO again dumb f..k THERE ARE NO OIL subsidies!
There are NO BIG OIL depletion allowances EITHER as there are for small oil companies.

DO YOU comprehend that???
this tax treatment was in fact repealed for all integrated oil companies, i.e., ExxonMobil, Shell, BP, etc., in 1975, and is today available only to independent producers and royalty owners.

Get your f...king FACTS straight dummy!

 

[Redfish]

You want the truth about oil and gas subsidies? Ok, here it is:

Obama Wants To Eliminate Tax Breaks For Oil Companies | CleanTechnica

eliminating tax breaks for energy exploration and extraction will increase the price that YOU pay for gasoline, electricity, heating oil, and everything delivered by truck, train, or plane. How will that help YOU, or the economy in general?

Solar, wind, hydro, etc should all be worked on and improved, but its foolish to think that any of them will replace fossil fuels in the next 100 years.

Now, there is actually an energy source that could replace fossil fuels-------nuclear power. Any idea when the last nuclear power plant was built in the USA? Any idea how much of Europe's energy comes from nuclear?

But I understand, nuclear is evil too, right?

 

[healthmyths]

Wanting a simplified tax code is liberal ignorance?

Interesting....

NO you dummy ... saying oil depletion allowances are a SUBSIDY is ignorance!
AND not having the intelligence to do some simple Internet searches as I did is inexcusable!

Also DUMMY how about doing away with ALL OF THESE SUBSIDIES simplifying the TAX CODE???

SOURCE: What are the largest tax expenditures?

Deduction Type of deduction that government ALLOWS tax payer to subtract from taxes

1. [*]$131.0 billion Benefits individual: Exclusion of employer medical insurance premiums and medical care
   [*]$117.7 Benefits Individual: Net exclusion of pension contributions and earnings
   [*]$ 88.5 Benefits Individual : Deductibility of mortgage interest on owner-occupied homes
   [*]$ 55.9 Benefits company: Accelerated depreciation of machinery and equipment
   [*]$ 49.1 Benefits company: Deductibility of non-business state and local taxes
   [*]$ 46.8 Benefits individuals and companies Deductibility of charitable contributions (Obama deducted $245,000 in donations)
   [*]$ 31.5 Benefits company: Deferral of income from controlled foreign corporations
   [*]$ 30.0 Benefits individuals:Capital gains exclusion on home sales
   [*]$ 29.1 Benefits individualseductibility of State and local property tax on owner-occupied homes
   [*]$ 28.4 Benefits individuals: Child credit
   [*]$ 24.2 Benefits individuals:Capital gains (except agriculture,timber, and coal)
   [*]$ 21.5 Benefits individuals:Step-up basis of capital gains at death

GRAND TOTAL OF loopholes, tax credits, SUBSIDIES!!! etc...... $653.7 billion
Of these 12 deductions how many benefit people like you gramps...?
9 benefit individuals,employees,etc..

Let's do away with individuals' subsidies known as deduction of mortgage interest... $88.5 Billion cost !
Or how about elimination of employers' deduction (subsidy!) of health payments for employees! That's a $131 billion subsidy!
Or eliminate the deduction for pensions.. for employees... That's a $117 billion subsidy!

IT is truly embarrassing why people like you ask such dumb f...k QUESTIONS when it is so easy any more to get the FACTS!

 

[Silhouette]

eliminating tax breaks for energy exploration and extraction will increase the price that YOU pay for gasoline, electricity, heating oil, and everything delivered by truck, train, or plane. How will that help YOU, or the economy in general?

Solar, wind, hydro, etc should all be worked on and improved, but its foolish to think that any of them will replace fossil fuels in the next 100 years.

Now, there is actually an energy source that could replace fossil fuels-------nuclear power. Any idea when the last nuclear power plant was built in the USA? Any idea how much of Europe's energy comes from nuclear?

But I understand, nuclear is evil too, right?

I'd like to see an accounting of how much it actually costs to extract vs how much you're claiming justifies your statement above. Last I checked, "profits" mean "net booty after expenses". So it isn't useful to examine how much it costs to hire a couple of meatheads to suck some oil out of the ground. Instead it's useful to examine what the fatcats at the top are raking in at the end of the day. That they would suggest their extreme megaprofits [gotten at incalculable expense to the environment and climate systems combined, that they'll never be required to mitigate or pay for] be passed on to the consumer is beyond hubris. It is criminal.

Alaska doesn't put up with it and neither should the lower 48: Hint, your state can pass laws to do the same thing. Alaska is only a state after all and if they can do this so can you.

Alaska’s Petroleum Taxes: How They Work
Alaska has three different taxes that apply to the petroleum industry: the production tax, the property tax, and the corporate income tax. In dollar terms the largest of these is the production tax, which was $694.4 million in FY 2001. In addition, $8.7 million was paid as conservation surcharges on taxable oil. Second in FY 2001 was the income tax at $338.1 million. Third is the property tax, which was $265.2 million in FY 2001. $220.2 million of this was paid to municipalities and $45.0 million to the state. In addition, while not really a tax, there are royalties that are paid to the state under the terms of the leases for the state lands that oil and gas are produced from. In FY 2001 the state re*ceived $1,125.9 million in royalties, of which $339.3 million was deposited into the Permanent Fund. http://arcticgaspipeline.com/

 

[Redfish]

Wanting a simplified tax code is liberal ignorance?

Interesting....

NO you dummy ... saying oil depletion allowances are a SUBSIDY is ignorance!
AND not having the intelligence to do some simple Internet searches as I did is inexcusable!

Also DUMMY how about doing away with ALL OF THESE SUBSIDIES simplifying the TAX CODE???

SOURCE: What are the largest tax expenditures?

Deduction Type of deduction that government ALLOWS tax payer to subtract from taxes

1. [*]$131.0 billion Benefits individual: Exclusion of employer medical insurance premiums and medical care
   [*]$117.7 Benefits Individual: Net exclusion of pension contributions and earnings
   [*]$ 88.5 Benefits Individual : Deductibility of mortgage interest on owner-occupied homes
   [*]$ 55.9 Benefits company: Accelerated depreciation of machinery and equipment
   [*]$ 49.1 Benefits company: Deductibility of non-business state and local taxes
   [*]$ 46.8 Benefits individuals and companies Deductibility of charitable contributions (Obama deducted $245,000 in donations)
   [*]$ 31.5 Benefits company: Deferral of income from controlled foreign corporations
   [*]$ 30.0 Benefits individuals:Capital gains exclusion on home sales
   [*]$ 29.1 Benefits individualseductibility of State and local property tax on owner-occupied homes
   [*]$ 28.4 Benefits individuals: Child credit
   [*]$ 24.2 Benefits individuals:Capital gains (except agriculture,timber, and coal)
   [*]$ 21.5 Benefits individuals:Step-up basis of capital gains at death

GRAND TOTAL OF loopholes, tax credits, SUBSIDIES!!! etc...... $653.7 billion
Of these 12 deductions how many benefit people like you gramps...?
9 benefit individuals,employees,etc..

Let's do away with individuals' subsidies known as deduction of mortgage interest... $88.5 Billion cost !
Or how about elimination of employers' deduction (subsidy!) of health payments for employees! That's a $131 billion subsidy!
Or eliminate the deduction for pensions.. for employees... That's a $117 billion subsidy!

IT is truly embarrassing why people like you ask such dumb f...k QUESTIONS when it is so easy any more to get the FACTS!

Liberals are sheep to their masters in the media. The masters say "think and repeat this" and they do it, over and over and over, without ever asking whether its true or not.

liberalism is truly a mental disease