Kosh
Quick Look Over There!
The Ryan budget’s apparent retention of 100-year-old tax breaks while adding new ones ignores the century of federal support for oil production. According to an analysis by DBL Investors, the oil-and-gas industry received a total of $446 billion in government subsidies from 1918 through 2009. Meanwhile, the renewable energy industry received just $5.5 billion from 1994 to 2009. Moreover, over this time U.S. taxpayers invested $80 in oil for every $1 invested in clean, renewable energy.What "special tax breaks" have the oil companies been getting for 100 years?
Meet the New Oil Tax Breaks Same as the Old Oil Tax Breaks Center for American Progress
America's Most Obvious Tax Reform Idea: Kill the Oil and Gas Subsidies
In a world where $100-a-barrel oil is here to stay, there's no need to pad the industry's bottom line.
Why Big Oil Doesn't Need Uncle Sam's Help
The oil industry's lobbyists like to argue that its array of tax write-offs (which allow companies to deduct everything from drilling costs to the declining value of their wells) aren't any different than other deductions for less publicly reviled companies. Cutting them will discourage new exploration and put jobs at risk, they claim.
Yet, some of the breaks are anachronisms that date back almost to the days of John D. Rockefeller. And in a world of permanently high crude prices, there's very little rationale for subsidizing the bottom lines of companies like ExxonMobil and BP.
- Expensing Intangible Drilling Costs ($13.9 billion): Since 1913, this tax break has let oil companies write off some costs of exploring for oil and creating new wells. When it was created, drilling meant taking a gamble on what was below the earth without high-tech geological tools. But software-led advances in seismic analysis and drilling techniques have cut that risk down.
America s Most Obvious Tax Reform Idea Kill the Oil and Gas Subsidies - The Atlantic
- Deducting percentage depletion for oil and natural gas wells ($11.5 billion): Since 1926, this has given oil companies a tax breaks based on the amount of oil extracted from its wells. The logic is, if manufacturers get a break for the cost of aging machinery, drillers can deduct the cost of their aging resources. (You decide for yourself whether that makes any sense.) Since 1975, it's only available to "independent oil producers," not the big oil companies, like Exxon and BP. But many of these smaller companies aren't actually small. According to Oil Change International, independents made up 86 of the top 100 oil companies by reserves. Those 86 had a median market cap of more than $2 billion. So essentially, this is a tax break that subsidizes the Very Big oil companies at the expense of the Very Biggest.*
Many of these subsidies were put in place when a barrel of oil was less than $12/barrel.
Other subsidies are design for them to invest into newer technologies that are less polluting and more environmentally friendly.
So what does the far left hate the environment?
False premises, distortions and lies, the ONLY thing conservatives EVER have
ONCE MORE ANYONE?
ONE POLICY CONSERVATIVES HAVE EVER BEEN ON THE CORRECT SIDE OF HISTORY ON IN THE US? lol
Once again proving that the far left is programmed to use talking points and propaganda vs any type of facts.
Hint: Conservatives can also be Democrats. Well maybe not now since the far left is complete control.
Project much Bubba?
ONE policy CONSERVATIVES have EVER been on the correct side of history on in the US? LOL
Again the far left denies history in order to suit their programmed propaganda.
Conservatives can also be Democrats, except maybe to the far left...