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Thread: Senate blocks bill repealing $2 billion in oil tax breaks

  1. #21
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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by tlmorg02 View Post
    If we are going to reduce the budget, then not only the poor must feel the pinch. Big oil and the rich must as well. Gas prices are spiking regardless of the tax breaks, to say the subsidies are keeping prices low is ridiculous, simply corporate welfare, which is still welfare.

    Silly man, companies don't pay taxes, the consumers of their products do with higher costs. Unless you believe in price controls too...
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by liblady View Post
    i did not know about this study.....but find a little comfort in this:

    In sum, this report finds that providing access to Head Start has benefits for both 3-year-olds and 4-year-olds in the cognitive, health, and parenting domains, and for 3-year-olds in the social-emotional domain.

    thanks for pointing this out. perhaps this program needs to be reconsidered, although i can't imagine why it would not benefit kids. makes no sense to me.
    Because it's symbolism over substance; it's the notion that throwing money at a problem will solve it. Head Start as a solution, is obviously not working nor well conceived. Setting aside the argument that the fed govt shouldn't be doing this anyway, if a program doesn't work it should be eliminated.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by tlmorg02 View Post
    If we are going to reduce the budget, then not only the poor must feel the pinch. Big oil and the rich must as well. Gas prices are spiking regardless of the tax breaks, to say the subsidies are keeping prices low is ridiculous, simply corporate welfare, which is still welfare.
    Then I suppose my home mortgage tax deduction is also welfare.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by ludahai
    Have you read the thread? The "tax breaks" are on FOREIGN EARNED INCOME!!! If you pay taxes on income earned in another country IN THAT COUNTRY, why should you pay taxes AGAIN on that same income???
    Quote Originally Posted by ludahai
    It was in a link I posted earlier today...

    Your link was to a bill being discussed about dual-capacity taxpayer rules. Totally different and separate from this particular bill repealing tax breaks.

    The part in this bill that pertained to foreign taxes would have been to end their deductions for taxes paid to foreign governments, not double tax their foreign income.
    “We just simply don’t know how to govern” - Rep. Steve Womack (R-AR) a member of the House Budget Committee

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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    I don't believe in subsidizing an industry that's profitable. If the claim is the free market system will adjust to consumer demands, then let the markets do what they do and stop giving tax breaks to companies within certain industries that don't need them.

    Big oil received their tax breaks to spur job growth when oil was a cottage industry. Now that they've proven they can be self-sustaining, it's time to cut the damned umbilical cord.

    You want your tax dollars to be used the right way to bring down the national debt? Well, here's one way to do it. More to the point, some folks have complained about the government providing tax dollars for private companies to conduct research and development. Well, if you really feel that way then you shouldn't have a problem with eliminating the tax cuts to big oil because all they're really doing with the money (besides paying big bonuses to their shareholders or corporate execs which is fine if they're doing so from their corperate earnings) is conducting research to fine new oil reserves or innovations in drilling techniques. Can't they do such on their own dime and not using taxpayer dollars? Let's not be two-faced about it.
    Last edited by Objective Voice; 05-18-11 at 02:42 PM.

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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by liblady View Post
    Senate blocks bill repealing $2B in oil tax breaks - Politics - Capitol Hill - msnbc.com



    why? why? why do we give companies with record profits tax breaks, especially now?
    how can the people who voted against this bill, in good conscience, suggest we cut, say, head start programs and food stamps?
    As pointed out in another thread 3 of the 4 tax breaks, not subsidies but tax breaks, are for all businesses in the U.S.

    Why are oil companies being targeted for tax deductions when all other businesses get to take them?
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by Harry Guerrilla View Post
    As pointed out in another thread 3 of the 4 tax breaks, not subsidies but tax breaks, are for all businesses in the U.S.

    Why are oil companies being targeted for tax deductions when all other businesses get to take them?
    i didn't know that. which thread?

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by liblady View Post
    i didn't know that. which thread?
    http://www.debatepolitics.com/breaki...post1059494170

    News stories have become jokes.
    They rarely tell the whole story behind things like this.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by Harry Guerrilla View Post
    http://www.debatepolitics.com/breaki...post1059494170

    News stories have become jokes.
    They rarely tell the whole story behind things like this.
    according to your source, this is only part of the bill....and it comes down to semantics. i believe that we are subsidizing the oil companies.

    Typically, U.S.-based companies are required to pay taxes on all income they earn globally. Companies then receive U.S. tax credits for payments to other governments so they aren’t taxed twice on the same income.

    The dual-capacity rules, as currently written, create a distinction between income taxes levied on profits and royalties that companies pay when they extract government-owned oil and gas. Royalties can be taken as tax deductions, not as more valuable tax credits. “Dual capacity” refers to the fact that companies pay taxes to other governments for multiple purposes.

    “U.S. oil and gas companies have smart lawyers and accountants, and they have figured out that if you can convince foreign governments such as Nigeria to charge your taxes -- to charge you taxes instead of royalties on your exploration, then they can get a big break on U.S. taxes,” Senator Robert Menendez, a New Jersey Democrat, said May 10 at a news conference in Washington. “This amounts to the U.S. government subsidizing foreign oil production.”

    Originally Posted by johnny_rebson:

    These are the same liberals who forgot how Iraq attacked us on 9/11.


  10. #30
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    Re: Senate blocks bill repealing $2 billion in oil tax breaks

    Quote Originally Posted by liblady View Post
    according to your source, this is only part of the bill....and it comes down to semantics. i believe that we are subsidizing the oil companies.

    Typically, U.S.-based companies are required to pay taxes on all income they earn globally. Companies then receive U.S. tax credits for payments to other governments so they aren’t taxed twice on the same income.

    The dual-capacity rules, as currently written, create a distinction between income taxes levied on profits and royalties that companies pay when they extract government-owned oil and gas. Royalties can be taken as tax deductions, not as more valuable tax credits. “Dual capacity” refers to the fact that companies pay taxes to other governments for multiple purposes.

    “U.S. oil and gas companies have smart lawyers and accountants, and they have figured out that if you can convince foreign governments such as Nigeria to charge your taxes -- to charge you taxes instead of royalties on your exploration, then they can get a big break on U.S. taxes,” Senator Robert Menendez, a New Jersey Democrat, said May 10 at a news conference in Washington. “This amounts to the U.S. government subsidizing foreign oil production.”
    A subsidy is the government giving someone money from the government coffers to support their business.
    A tax break is allowing a business to keep more of the money they earned.

    Sure there are clever accounting procedures, but that isn't left to only the oil companies.
    All businesses do this in some form or another.

    Want to see the worst offenders, check out small businesses and how many of them fraudulently claim business expenses, that they never incurred.
    I was discovering that life just simply isn't fair and bask in the unsung glory of knowing that each obstacle overcome along the way only adds to the satisfaction in the end. Nothing great, after all, was ever accomplished by anyone sulking in his or her misery.
    —Adam Shepard

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