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Thread: Senate votes to protect oil company subsidies

  1. #21
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    Re: Senate votes to protect oil company subsidies

    Quote Originally Posted by TheDemSocialist View Post
    Uhh you cant handle factual information?
    LOL!!!

    Oh, I can handle factual information easily enough...I just prefer to get it from credible sources. Maddow doesn't fit that bill.
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    Re: Senate votes to protect oil company subsidies

    Quote Originally Posted by Mycroft View Post
    LOL!!!

    Oh, I can handle factual information easily enough...I just prefer to get it from credible sources. Maddow doesn't fit that bill.
    Yes of course sense she spun this so hard core. I dont know how you are trying to argue that this is somehow biased or not true...
    Senate defeats Democrats' measure to kill off
    Senate defeats bill to end tax breaks for Big Oil | The Kennebec Journal, Augusta, ME
    Senate Republicans defeat White House proposal to strip subsidies from oil companies - Political Intelligence - A national political and campaign blog from The Boston Globe - Boston.com
    Senate rejects repeal of oil incentives - Darren Goode - POLITICO.com


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    Re: Senate votes to protect oil company subsidies

    Quote Originally Posted by Mycroft View Post
    LOL!!!

    Oh, I can handle factual information easily enough...I just prefer to get it from credible sources.
    Like headlines :
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    Re: Senate votes to protect oil company subsidies

    I've got an idea. How about Democrats agree to kill their Green subsidies, and Republicans agree to kill fossil fuel subsidies simultaneously. Whadaya say?

    See, this is why Tariffs are superior for market interventionism, they don't create deficits.
    Last edited by Matt Foley; 03-31-12 at 05:46 PM.

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    Re: Senate votes to protect oil company subsidies

    Wait so we're gonna play favorites and eliminate general business deductions, just for oil companies?
    There is one, just for oil companies, tax break.

    The rest are general business deductions.
    Just love the spin.
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    Re: Senate votes to protect oil company subsidies

    Lets get real. There are 9 types of tax breaks for oil companies.

    Oil & Gas Industry Subsidies

    1. Intangible drilling costs---primarily wages for looking for oil. 7.83 billion. Expectation--lower wages for new oil workers and a flattening of the wage curve
    2. Deduction for tertiary injectants-- fully support the elimination of this subsidy. The increased profit is all the impetus needed.
    3. Percentage depletion allowance ---allows capital deduction of the vlaue of the well, even beyond the value of the well. Cap it at the well value and call it done. It looks like a questionable amortization scheme to me.
    4. Passive investments --- limits losses from passive activites like renting land. I agree this should be capped for oil companies as it is for every other company.
    5. Domestic manufacturing tax deduction ---dont support removing this, they are firmly in the manufacturing industry. If removed for them, it should be removed for all companies and it will not be so it should stay.
    6. Geological and geophysical expenditures --- changes on the law to rework the amortization of exploration from 2 years to 7. Agree, more unform amortization is a good thing.
    7. Foreign tax credit --- Prevents double taxation from US and foreign governemnts. Everyone else gets it, they should too.
    8. Enhanced oil recovery credit ---with current technology isnt expected to see use. We dont use water to recover oil anymore. Should be eliminated, old law thats no longer needed.
    9. Marginal well production ---given for low production wells so machinery already in place doesnt have to be replaced from disuse. Almost non-existent use by oil companies, production is too high. Agree, get rid of it if its not being used.
    Comments in that reddish color. 1 through 9 swiped from link.

    So...I agree with some of it. I disagree with some of it. Im willing to bet no one is willing to tackle each portion of their tax code piece by piece. Because if you did, I bet it would play out almost exactly the way I outlined with the far left and far right staking out all or nothing positions when common sense ones are what we need. Oh well, those are my opinions on the "subsidies" the oil companies are getting.

    To show why I put subsidied in quotes: How Much Big Corporations Pay In Taxes [GRAPHIC]

    CORPORATE-TAXES.jpg

    Guys, thats a HuffPo link so attacking the messenger wont be of much traction. I think Oil companies are paying quite a lot in taxes even AFTER getting tax breaks. Do those breaks need to be examined? Yes. Can we do it while Obama is politicizing the issue instead of examining it with some common sense? Probably not.
    Last edited by OpportunityCost; 03-31-12 at 09:16 PM.

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    Re: Senate votes to protect oil company subsidies

    I went looking around for what subsidies are proposed to be cut. Apparently the dem plan of action is the Menendez plan (Senate-NJ-D).

    So what exactly is it?


    Senate defeats Democrats' measure to kill off

    The Joint Committee on Taxation estimates that removing the incentives would raise $24 billion over 10 years, while extending the green-energy and efficiency incentives would cost $11.7 billion over the same period, according to Menendez’s office.

    The plan would prevent major integrated oil companies from claiming deductions on certain drilling costs, strip their ability to claim a lucrative deduction on domestic manufacturing income that’s available to a suite of industries, and nix several other incentives as well.
    So they want to eliminate the manufacturing tax break that a slew of other companies get. Eliminate them all or dont eliminate them. Picking just the oil companies seems like its targeting rather than a good tax policy....which it is. The other stuff is real non-specific but if its the amortization costs and drilling breaks, Im leaning for. Put the breaks up on a line by line vote. Vote em up or down.

    Oh yeah...debate? We dont need no steenkin debate :
    The vote Thursday followed several days of tactical maneuvering on both sides of the aisle. Republicans oppose the Menendez plan but unexpectedly voted Monday to allow debate on the bill, saying they welcomed the chance to pit their energy plans against those of Democrats.

    But Senate Majority Leader Harry Reid (D-Nev.) cut debate on the bill short, blocking consideration of a handful of GOP amendments, including a proposal to dramatically expand offshore oil-and-gas leasing.

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    Re: Senate votes to protect oil company subsidies

    From the link:
    Exxon pocketed nearly $4.7 million every hour" last year, and simply doesn't need taxpayer subsidies on top of companies' massive profits.
    The president added "it's like hitting the American people twice."
    To a certain extent, that is true, but it's only hitting the Americans who actually pay in toward federal income taxes that are getting hit twice. The thing worth noting is that the feds get a huge amount of federal revenue from the oil companies, so Obama is being disengenious as best, and downright manipulative at worst. The feds don't want to piss off one of their primary income sources besides federal income tax revenues from individuals. As much as the government likes to demonize Big Oil and Big Tobacco, they love the money generated for DC.
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    Re: Senate votes to protect oil company subsidies

    Quote Originally Posted by TheDemSocialist View Post
    Source @: The Maddow Blog - Senate votes to protect oil company subsidies

    So Republicans really hate handing out money right? The only hand outs they give away are to big business and oil companies, the rest of the American people that just say "**** you" too. Ridiculous...

    Thoughts?
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    Response?
    [/FONT][/COLOR]
    Subsidies? Shouldn’t these be called tax breaks? Subsidies are funded by tax payers...in other words, the money is taken from one person and given to another (in this case, it would be a lot of people (since a company is made up of people). On the other hand, a tax break is just allowing a person or a group of people/company to keep more of their OWN money. So there is a big difference between a subsidy and tax break.

    And I believe these tax breaks are standard business deductions enjoyed by several companies, not just oil companies..

  10. #30
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    Re: Senate votes to protect oil company subsidies

    Quote Originally Posted by Porchev View Post
    Subsidies? Shouldn’t these be called tax breaks? Subsidies are funded by tax payers...in other words, the money is taken from one person and given to another (in this case, it would be a lot of people (since a company is made up of people). On the other hand, a tax break is just allowing a person or a group of people/company to keep more of their OWN money. So there is a big difference between a subsidy and tax break.

    And I believe these tax breaks are standard business deductions enjoyed by several companies, not just oil companies..
    Posts 26 and 27.

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