Pres Obama just called on congress to end oil subsidies

[dblack]

Cant wait 'till November............

Why? What's going to happen then?

 

[Katzndogz]

It took approximately 30 minutes for the democratic senate to vote against his proposal to end subsidies. I would bet that the senate is better informed that I am and they knew sometime this morning, that China has passed Exxon/Mobile. There are still a few America leaning democrats in the senate that wouldn't allow one of our major industries to be crippled like that. obama likely knew, but would never care.

 

[uscitizen]

How many people actually understand that 'big oil' is just being singled out and demogogued here, by the way?

'The tax deduction in question was enacted in 2004 and applies to all domestic manufacturers, not just oil and gas companies. It was designed to increase competitiveness in the face of the U.S.’s 35 percent corporate tax rate, among the highest in the developed world.

Democrats settled on the five biggest oil producers as their first target.'

Both Parties Get It Wrong on Big Oil Tax Breaks: Caroline Baum - Bloomberg

Very few corporations pay the full 35%.
What is the effective rate? A mega bank had a net tax credit last year.

General Electric, Obama's buds paid nothing, so I guess both parties get it wrong on tax breaks and subsidies. Now, let's cut spending and let people keep more of their earned income.

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

 

[uscitizen]

It took approximately 30 minutes for the democratic senate to vote against his proposal to end subsidies. I would bet that the senate is better informed that I am and they knew sometime this morning, that China has passed Exxon/Mobile. There are still a few America leaning democrats in the senate that wouldn't allow one of our major industries to be crippled like that. obama likely knew, but would never care.

The senate and house are both controlled by lobbyist money.
It is like Rand talking about closing loopholes and tax shelter for the rich. Only a fool would think that will happen.
Or if they close one loophole they will make 2 more.

 

[dblack]

Obama is an idiot and so is anyone who believes his crap.

They are not subsidies, they are tax breaks. The government is allowing them TO KEEP MORE OF THE MONEY THEY EARN. A subsidy is simply free money.

The oil companies get the same tax breaks that every other company gets.

/THREAD

There's no such thing as "simply free money". When government offers up tax breaks to some people, but not to others - it puts more of the burden of government debt on those of us who don't get the breaks.

It's fine to point out that tax cuts in general don't really 'give' us a damn thing. They're just taking less from us. But when they're offered up selectively, only to those of us who comply with the demands of the state, they're insidious expansions of government power. In the case of the tax breaks in question, they're rewards for doing things the oil companies are likely to be doing anyway, things that will likely lead to higher profits for them, so they are more like subsidies than mandates, but the effects are the same.

 

[Katzndogz]

Democrats should be facing a few facts. obama has had a very bad week. The Supreme Court ripped apart his signature health care bill. The boy who "looked like his son" turned out to be a thug. Democrats deep sixed his program to end oil subsidies. A federal judge dismissed all charges against the Hutaree.

He has not won a single issue.

 

[boilermaker55]

He is trying to bring down gas prices while the pubs work to keep prices high.

.

Make oil exploration more expensive is a way to bring down gas prices?

Economic retard.

LOL

Why do you feel we should subsidize oil companies?

 

[PLYMCO_PILGRIM]

Cant wait 'till November............

Why? What's going to happen then?

A whole lot of dishonest attack ads from Obama against his Rival and from Obama's Rival against him.

 

[OODA_Loop]

Why do you feel we should subsidize oil companies?

We do all commodities.

Are you prepared for the price adjustment if not ?

 

[boilermaker55]

Why do you feel we should subsidize oil companies?

We do all commodities.

Are you prepared for the price adjustment if not ?

So in some instances you feel it is okay to subsidize some industries but not others?
Are you really saying making that statement?

 

[ScreamingEagle]

It took approximately 30 minutes for the democratic senate to vote against his proposal to end subsidies. I would bet that the senate is better informed that I am and they knew sometime this morning, that China has passed Exxon/Mobile. There are still a few America leaning democrats in the senate that wouldn't allow one of our major industries to be crippled like that. obama likely knew, but would never care.

PetroChina is now tops worldwide in oil production (while we sit tight on the equivalent of several Saudi Arabias).....of course BO knew it.....he's doing all he can to hurt American enterprise......

 

[Papageorgio]

Very few corporations pay the full 35%.
What is the effective rate? A mega bank had a net tax credit last year.

General Electric, Obama's buds paid nothing, so I guess both parties get it wrong on tax breaks and subsidies. Now, let's cut spending and let people keep more of their earned income.

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

That was three years ago, Obama and his followers controlled congress and did nothing, oh wait the helped subsidize bank and auto companies and green energy and on and on, seem to be no change from one to the next.

 

[Star]

Democrats should be facing a few facts. obama has had a very bad week. The Supreme Court ripped apart his signature health care bill. The boy who "looked like his son" turned out to be a thug. Democrats deep sixed his program to end oil subsidies. A federal judge dismissed all charges against the Hutaree.

He has not won a single issue.

And yet... Obama leads Romney in the 3 swing states.


To Republican's --- when things are going as badly as they are for Republican party candidates, being behind by...


The “swing-state poll” for Quinnipiac University shows Obama ahead of Romney by 7 percentage points in Florida, 6 points in Ohio and 3 points in Pennsylvania. In a comparable survey released in early December, Romney led Obama by 3 points in Florida and 1 in Ohio, while the Pennsylvania figures were the same -- the president up by 3.


is a good thing?

 

[PredFan]

Obama is an idiot and so is anyone who believes his crap.

They are not subsidies, they are tax breaks. The government is allowing them TO KEEP MORE OF THE MONEY THEY EARN. A subsidy is simply free money.

The oil companies get the same tax breaks that every other company gets.

/THREAD

There's no such thing as "simply free money". When government offers up tax breaks to some people, but not to others - it puts more of the burden of government debt on those of us who don't get the breaks.

It's fine to point out that tax cuts in general don't really 'give' us a damn thing. They're just taking less from us. But when they're offered up selectively, only to those of us who comply with the demands of the state, they're insidious expansions of government power. In the case of the tax breaks in question, they're rewards for doing things the oil companies are likely to be doing anyway, things that will likely lead to higher profits for them, so they are more like subsidies than mandates, but the effects are the same.

Not at all. The are tax breaks that ALL companies get. There are no special tax breaks for oil companies.

 

[uscitizen]

General Electric, Obama's buds paid nothing, so I guess both parties get it wrong on tax breaks and subsidies. Now, let's cut spending and let people keep more of their earned income.

Bush promised to do that and hat total control of congress for what 6 years?
He kept on spending and so did the republican controlled congress.

That was three years ago, Obama and his followers controlled congress and did nothing, oh wait the helped subsidize bank and auto companies and green energy and on and on, seem to be no change from one to the next.

bush signed TARP.

He also did the Pill Bill.

The tax rebate checks.

And nearly doubled the debt during his 8 years, during 6 of shich his party controlled congress.

And YES Obama has carried the Bush traditions forward.

 

[PredFan]

He is trying to bring down gas prices while the pubs work to keep prices high.

.

Make oil exploration more expensive is a way to bring down gas prices?

Economic retard.

LOL

Why do you feel we should subsidize oil companies?

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

 

[PredFan]

Democrats should be facing a few facts. obama has had a very bad week. The Supreme Court ripped apart his signature health care bill. The boy who "looked like his son" turned out to be a thug. Democrats deep sixed his program to end oil subsidies. A federal judge dismissed all charges against the Hutaree.

He has not won a single issue.

And yet... Obama leads Romney in the 3 swing states.


To Republican's --- when things are going as badly as they are for Republican party candidates, being behind by...


The “swing-state poll” for Quinnipiac University shows Obama ahead of Romney by 7 percentage points in Florida, 6 points in Ohio and 3 points in Pennsylvania. In a comparable survey released in early December, Romney led Obama by 3 points in Florida and 1 in Ohio, while the Pennsylvania figures were the same -- the president up by 3.


is a good thing?

We all know that Obama is leading everyone. The reason he's ahead, is that you cannot fix stupid.

 

[uscitizen]

Make oil exploration more expensive is a way to bring down gas prices?

Economic retard.

LOL

Why do you feel we should subsidize oil companies?

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

Oil subsidies by the numbers
March 28th, 2012 From Green Right Now Reports

$1 Trillion – Profits earned by the top five largest oil companies Exxon-Mobil, Chevron, ConocoPhillips and foreign-owned BP and Royal Dutch Shell came to nearly $1 trillion for the 10 years from 2001-2011.

$4 Billion – Total Annual US Subsidies to oil companies.

$7,610 — Tax breaks to the oil and gas industry, every minute.

$24 billion – The amount that could be saved over the next decade by cutting annual oil subsidies in half.

$12 billion – the amount that would be used from the oil subsidy savings to reduce the deficit under the bill to cut oil subsidies proposed by Sen. Robert Mendendez (D-N.J.) in the Senate.

$12 billion – the amount of oil subsidy savings under the Mendendez plan that could be re-dedicated to tax incentives for clean, renewable energy, from non-polluting sources.*

abc11.com Green Content - Oil subsidies by the numbers

 

[uscitizen]

Origins


The Congressional Research Service states the fledgling oil industry in the United States first received government assistance in 1916. That was when intangible drilling costs were able to be fully deducted from a company's expenses for tax purposes. In 1926, a write-off for cost depletion was introduced. That provision allowed oil companies to deduct costs based upon overall gross receipts and not just the actual value of the oil.


Both of those subsidies still exist. The Obama administration claims the average subsidy for huge oil companies is $4 billion per year. The bill in the Senate would have saved $24 billion in 10 years. The White House claims when gas goes up one cent per gallon, oil companies make $200 million more per month.


Statistics


The American Chemical Society cites a report by Double Bottom Line Venture Capital that explains how the oil industry has reaped benefits from subsidies. From 1918 to 2009, the average annual subsidy was $4.86 billion. By comparison, the nuclear energy industry gets around $3.5 billion per year.

History of U.S. Oil Subsidies Go Back Nearly a Century - Yahoo! News

 

[boilermaker55]

Make oil exploration more expensive is a way to bring down gas prices?

Economic retard.

LOL

Why do you feel we should subsidize oil companies?

We are not subsidizing oil companies. That is a complete lie. Only fools would believe it.

Really, Where did you get your information?
It seems then that the people in congress are all liars.