Why are we giving oil companies subsidies?

[OnePercenter]

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

ANY tax provision IS a subsidy.

 

[Mr. H.]

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

ANY tax provision IS a subsidy.

 

[Mr. H.]

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.

Oil and gasoline prices are price-fixed on the market.

As they were in 1999 when oil was $12/barrel and gasoline $1/gallon?

You're so full of shit.

 

[asterism]

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.

Nearly every private business?

Show us some statistics for that.

 

[rdean]

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.

The GOP calls that "blasphemy".

 

[Synthaholic]

Without definitions there is no accurate communication, that is dumb. Now how about we start talking about "dumb" as if it means smart, after all that's the liberal way, fluid definitions.That way no one can be held responsible for what they say, it always means something else. That's not really dumb, it's stupid.

just another libtardian talking point

"corporate welfare"
"the 1% don't pay their fair share"
"corporations are evil"
"its just not fair-------waa waa waa"

pathetic creatures.

Except I didn't say anything like that. If you disagree fine, but making shit up to argue against it is indeed pathetic

Since you are generally sane and rational, you get a glimpse into Wingnut World that we Liberals deal with every day here at USMB.

 

[Synthaholic]

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.

Oil and gasoline prices are price-fixed on the market.

40 to 80 cents of every gallon sold is due to Wall Street speculation.

Without it, that $3.50 gallon of gas could only be costing you $2.70.

Would that make a difference in your wallet? It would mine.

 

[Darkwind]

Wanting a simplified tax code is liberal ignorance?

Interesting....

No, but calling tax deductions subsidies is.

 

[OnePercenter]

Wanting a simplified tax code is liberal ignorance?

Interesting....

No, but calling tax deductions subsidies is.

In fiance, subsidies are aid given by the government. Tax deductions ARE AID.

 

[nodoginnafight]

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?

Really? How about the $1 billion to gulf coast refineries?

You need to do your homework

 

[candycorn]

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.

Funny... A few posts before this one, you said there were no tax breaks. Now there magically are.

Another funny....your source (Forbes) says getting rid of the tax breaks would not hurt anyone except "small oil companies".

Typical right wing double-speak. Oil companies get tax breaks; you said so yourself.

--------

The only reason you see outrage from both political ideologies about their outrageous profits is because their prices are posted at every gas station. If the price of Abilify or Insulin was posted outside of every CVS and Walgreens you'd see the consumers of those products up in arms as well.

Grumps is right on this one. Income is income and should be taxed that way; no loopholes because you're Exxon or Abbot labs or Wells Fargo.

 

[candycorn]

just another libtardian talking point

"corporate welfare"
"the 1% don't pay their fair share"
"corporations are evil"
"its just not fair-------waa waa waa"

pathetic creatures.

Except I didn't say anything like that. If you disagree fine, but making shit up to argue against it is indeed pathetic

Since you are generally sane and rational, you get a glimpse into Wingnut World that we Liberals deal with every day here at USMB.

I have to admit that this was particularly delicious watching Grumps and his maddeningly random albeit uncontrollable caroms into the enlightened world befuddle his fellow conservatives to where they turn on him and swear he's a liberal. Tomorrow they'll be on the same side; when you're brain is the size of a peanut, you can't keep track of your enemies.

 

[ClosedCaption]

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?

Step one: Describe Oil Subsidies
Step two: Pretend no one knew that already
Step three: ask a dumb ass troll question

 

[Redfish]

Wanting a simplified tax code is liberal ignorance?

Interesting....

No, but calling tax deductions subsidies is.

In fiance, subsidies are aid given by the government. Tax deductions ARE AID.

NO, in finance, subsidies are direct payments of money to "subsidize" some desired action or inaction. Payments to farmers to let their land sit idle are subsidies, tax deductions are NOT subsidies.

 

[candycorn]

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?

Step one: Describe Oil Subsidies
Step two: Pretend no one knew that already
Step three: ask a dumb ass troll question

Inside of 2 weeks from this exact moment, [MENTION=42379]Redfish[/MENTION] will be arguing somewhere that the money Planned Parenthood receives funds abortions when clearly it does not. His reasoning will be that "any money given to PP lets them perform more abortions" as if money given to Chevron doesn't increase their profits.

 

[NoTeaPartyPleez]

Why are we giving oil companies subsidies?

Because they pay their lobbyists better than we do.

 

[Mr. H.]

The Weekly Oil And Gas Follies - Forbes

It was the week that our reliable friends at Grist published yet another false screed about oil and gas “subsidies” that are as mythical as the Hydra...

 

[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.

I'm sorry but why are you so mis-informed?? Tell me where there are "corporate subsidies" here because a "subsidy is defined as:
A) Definition of " subsidy":money that is paid usually by a government to keep the price of a product or service low or to help a business or organization to continue to function"
Subsidy - Definition and More from the Free Merriam-Webster Dictionary
Do you know of any oil company "payment made by a government"???
B) Simplify "tax code"... FINE let's do away WITH ALL the deductions that individuals AND companies take that are as follows.. PLEASE TAKE some time and look at
each of these to see exactly WHO benefits OK???


The Top 20 Tax Expenditures - Business Insider

1. $171 billion in 2012 was deducted from taxes for... health insurance for EMPLOYEES!!
   HEALTH Insurance payments for EMPLOYEES DEDUCTION.. Individuals NOT the "RICH"
   Do you understand that the number one "subsidy" as you call it is the allowance to deduct from taxes the payments made for employees health insurance???
   Let's do away with that and see what the 150 million insured by their employers will do!
   
   
2. $138 billion for employees pensions! (Again ... for the employees... NOT THE RICH!! Again the employers deduct this from their taxes due.. just like you take your mortgage interest...oh yea..see the next deduction (subsidy) you want elimination!
   
   
3. $87 billion employees mortgage interest deductions (AGAIN dumb f...K do you deduct your mortgage interest? Then you are one of those "RICH"??? This is everyone in America that pays a mortgage will no longer be able to deduct from their taxes if YOU do away with all "subsidies"!!!
   
   
4. $24 billion for child care credit (AGAIN another "RICH tax loophole???) This is everyone in America that pays babysitters , etc., no longer be able to deduct from their taxes if YOU do away with all "subsidies"!!!
   
   
5. $33 billion charitable contributions YUP I would say like Obama did these are RICH people deductions right!!! And of course THESE subsidies help in contribution to helping people!
   
   
6. $27 billion deductions of health care items (guess what... again NOT the rich people... HCA people!) And again... the average american deducts $27 billion in health care expenses... NOT evil wealthy or corporations!
   
   
7. $14 billion Deduction for domestic Production activities (AH... this is the tax deduction ALL companies not just oil companies take for depletion of their raw assets!
   
   
8. $11 billion Various energy and natural resources credits/deductions.. AGAIN those evil companies that get credits for CO2,etc.. global warming credits!!!)

So Tell me where in any of the attached list and above there are "subsidies"???

 

[Mad_Cabbie]

Subsidizing oil is stupid anyway.

The prices of gas or other fuel is set by whatever customers are willing to pay.

Oil companies already have too high of a margin of profit to justify receiving tax revenue in the form of subsidies.

It's just another form of wealth distribution.

Remove the subsidies and charge a higher tax for fuel - use that revenue to lower federal income taxes FOR EVERYONE.

Why just give it to the oil companies to play with?

 

[Redfish]

Subsidizing oil is stupid anyway.

The prices of gas or other fuel is set by whatever customers are willing to pay.

Oil companies already have too high of a margin of profit to justify receiving tax revenue in the form of subsidies.

It's just another form of wealth distribution.

Remove the subsidies and charge a higher tax - use that revenue to lower federal income taxes FOR EVERYONE.

Why just give it to the oil companies to play with?

8% is too high? What profit margin should they be "allowed" to make? How about big pharma? they make 25-30% profit, software (apple and microsoft) make 25%. Why is it evil for oil companies to make 8%?

The government makes more profit on each gallon of gas than the oil companies do, and the govt has zero risk and invests zero money.

Tax credits for exploration and development are NOT subsidies. Will you libs ever stop the lies?