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Senate Attempt To Eliminate Big Oil Subsidies Defeated

ptif219 said:
So take the government to court. If it is not fair the huge big oil lobbyist should be able to get unfair tax laws changed. This sonds like either some one is lying or the government needs to change tax laws.
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What is unfair about NOT paying tax on foreign-earned income that you paid tax on in the country it was earned in? I pay income tax on my TAIWAN-earned income in TAIWAN and on my U.S. earned income in the U.S.
 
ptif219 said:
So take the government to court. If it is not fair the huge big oil lobbyist should be able to get unfair tax laws changed. This sonds like either some one is lying or the government needs to change tax laws.
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this is getting really stupid. dem senators are pandering to the ignorant who think its the oil companies who are responsible for high oil prices alone and these scumbag dem senators are acting as if these high prices can be cured by increasing costs on these companies

sadly lots of people who claim to be conservatives buy into this populist psychobabble because they are mad that they have to pay higher prices

you really don't like the free market do you? and you are going to love the government driving up the cost of gas even more because a bunch of dishonest asswipes in the senate are pandering to people like you
 
ludahai said:
What "subsidy" is "big oil" receiving other than the same tax break everyone else gets on FOREIGN profits... I do not pay U.S. tax on my Taiwan-earned income... This is what we are talking about here... the Dems in the Senate now want to tax foreign earned income ONLY for oil companies...
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Why then is not called a tax break? I say stop the subsidies and fix the problems in the tax laws. This to me seems that there is a lot of lying and BS going on. I still don't understan a company making Billions complaining about a few million. That to me shows greed. If they lose subsidies they lose what may be 5% of their profit if that.
 
haymarket said:
which has exactly what to do with Turtle failing to back up any of his pontifications?
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how is your post relevant to the subject?
 
ptif219 said:
Why then is not called a tax break? I say stop the subsidies and fix the problems in the tax laws. This to me seems that there is a lot of lying and BS going on. I still don't understan a company making Billions complaining about a few million. That to me shows greed. If they lose subsidies they lose what may be 5% of their profit if that.
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OMG-you base reality on what some scumbag politician calls something?

do you believe in a free market?

do you believe that a company should be double taxed-
 
TurtleDude said:
how is your post relevant to the subject?
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Pointing out that you make a post in a thread and in doing so fail utterly to back up your pontifications is always relevant to the subject when you make the original post than commits the sin against the basic concept of debate.
 
TurtleDude said:
this is getting really stupid. dem senators are pandering to the ignorant who think its the oil companies who are responsible for high oil prices alone and these scumbag dem senators are acting as if these high prices can be cured by increasing costs on these companies

sadly lots of people who claim to be conservatives buy into this populist psychobabble because they are mad that they have to pay higher prices

you really don't like the free market do you? and you are going to love the government driving up the cost of gas even more because a bunch of dishonest asswipes in the senate are pandering to people like you
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I do love the free market that is why I say stop all tax money give aways. The price does not matter to me I buy ethanol free. Yesterday it cost $4.55 a gallon I spent $100 to fill my pick up.

Also know the obscene profits drive up the price of everything you buy because of transportation costs.
 
TurtleDude said:
OMG-you base reality on what some scumbag politician calls something?

do you believe in a free market?

do you believe that a company should be double taxed-
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So let oil lobbyist get tax laws changed. I don't want millions in tax loopholes.
 
haymarket said:
Pointing out that you make a post in a thread and in doing so fail utterly to back up your pontifications is always relevant to the subject when you make the original post than commits the sin against the basic concept of debate.
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why not discuss the topic rather than obsess over me?
 
ptif219 said:
Why then is not called a tax break? I say stop the subsidies and fix the problems in the tax laws. This to me seems that there is a lot of lying and BS going on. I still don't understan a company making Billions complaining about a few million. That to me shows greed. If they lose subsidies they lose what may be 5% of their profit if that.
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because the liberal media wants you to be angry and make you think these are subsidies they are talking about and not tax breaks... read the article I linked...

It is not subsidies they are going to lose, but the protection from taxation on foreign profits which ALL industries and individuals enjoy...

I do agree that the tax code is broken and is in need of overhaul, but it is piecemeal legislation like this that is the cause of the complicated mess the tax code is in the first place...
 
haymarket said:
Pointing out that you make a post in a thread and in doing so fail utterly to back up your pontifications is always relevant to the subject when you make the original post than commits the sin against the basic concept of debate.
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The link I posted backed up OUR assertion that it is double taxation that is being discussed here, NOT subsidies...
 
ptif219 said:
I do love the free market that is why I say stop all tax money give aways. The price does not matter to me I buy ethanol free. Yesterday it cost $4.55 a gallon I spent $100 to fill my pick up.

Also know the obscene profits drive up the price of everything you buy because of transportation costs.
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What "tax money give away" is there in not taxing income earned OVERSEAS???
 
ludahai said:
because the liberal media wants you to be angry and make you think these are subsidies they are talking about and not tax breaks... read the article I linked...

It is not subsidies they are going to lose, but the protection from taxation on foreign profits which ALL industries and individuals enjoy...

I do agree that the tax code is broken and is in need of overhaul, but it is piecemeal legislation like this that is the cause of the complicated mess the tax code is in the first place...
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I showed a link. 69% profit increase. 10 billion in profit first quarter. They are bitching about a few million in tax loopholes? I find that pure greed. Again they have lobbyist get the laws changed so we don't need subsidies, subsidy is just another word for tax loophole.
 
ludahai said:
What "tax money give away" is there in not taxing income earned OVERSEAS???
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It is a subsidy that is a tax loop hole so change the law or pay the tax.I don't see a subsidy for the death tax
 
Sgt Meowenstein said:
Big sun, big wind? There is no such thing. Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
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You can make personal donations. The answer is cut off corporations from the gov. tit, do not tax them, do not regulate them, and if they fail or succeed it is their own affair. If there is a reason to boost an area of the economy let the government do it themselves and run it themselves on our behalf.
 
ptif219 said:
It is a subsidy that is a tax loop hole so change the law or pay the tax.I don't see a subsidy for the death tax
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It isn't a subsidy or a loophole. Businesses should not have to pay tax on income already taxed in the country that it was earned in. That isn't a very difficult concept. If the U.S. taxes income that is earned and already taxed in another jurisdiction, that is double taxation, not a loophole and certainly not a subsidy...
 
Funny things about this topic and the "subsidies" you guys want to get rid of.
Tax breaks aren't subsidies, but any who.

Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US.

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.

Foreign tax credit -- $850 million. All companies get credit for taxes they pay to other countries.

Intangible drilling costs -- $780 million. This is the only direct tax break that only oil companies get.

You people are ridiculous. :lol:
Read the underlined, it's very important.
 
OpportunityCost said:
Hmm. They paid a lot of taxes. I think this is something that needs looked at.

XOM Income Statement | Exxon Mobil Corporation Common Stock - Yahoo! Finance

According to that document they paid 21billion in income tax. Maybe someone would share something more detailed or pertinent?
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No.. they paid 21 billion in tax.. world wide.. and most of it, if not all was outside the US. They did not pay taxes on their US operations since I bet like most American companies they run at a loss... for tax reasons of course.
 
ludahai said:
It isn't a subsidy or a loophole. Businesses should not have to pay tax on income already taxed in the country that it was earned in. That isn't a very difficult concept. If the U.S. taxes income that is earned and already taxed in another jurisdiction, that is double taxation, not a loophole and certainly not a subsidy...
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So change the law and stop the subsidy. Oil companies have lobbyist
 
Sgt Meowenstein said:
Big sun, big wind? There is no such thing.
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So I Guess that means We The People deserve to have the billions of our dollars given to Big Sun and Big Wind..... returned.....

Subsidies should be for newer, lesser industries for R&D and what not. Big oil does not need subsidies. Big oil makes big profits and hands out big bonuses. They don't need my money. Alternative energy companies, struggling to get a foot in the market, do need my money. And I'm happy to give it to them.
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Great......you and the rest of the libtards can give all you want. The rest of us have wallets and purses that need a break. Thanks.....
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Badmutha said:
So we can all agree.......stop giving money to Big Oil, Big Wind, Big Sun.......and stop seizing 40% of their profits.
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.
.
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Even with the elimination of their subsidies they wouldn't be paying 40%... Don't use hyperbole.
 
xpiher said:
Even with the elimination of their subsidies they wouldn't be paying 40%... Don't use hyperbole.
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What subsidies? We aren't even TALKING about subsidies here. I guess if the liberal media lies about something enough, it becomes truth to liberals...
 
ludahai said:
What subsidies? We aren't even TALKING about subsidies here. I guess if the liberal media lies about something enough, it becomes truth to liberals...
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Tax Expenditures operate the same as a subsidy.

Get rid of the all. Let the market sort it out. Am I right?


Harry Guerrilla said:
Funny things about this topic and the "subsidies" you guys want to get rid of.
Tax breaks aren't subsidies, but any who.

Domestic manufacturing tax deduction -- $1.7 B. This is a tax deduction given to every manufacturer in the US.

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.

Foreign tax credit -- $850 million. All companies get credit for taxes they pay to other countries.

Intangible drilling costs -- $780 million. This is the only direct tax break that only oil companies get.

You people are ridiculous. :lol:
Read the underlined, it's very important.
Click to expand...

You know there is a problem with the tax code when people feel its justified to give companies a break for the cost of operating business. How about the tax code just be re-written to only tax profit instead of total income?
 
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