Subsidies for oil: another lib lie exposed

[The Rabbi]

Ask any lolberal about the tax code and eventually they'll get around to decrying "subsidies for oil and gas." Of course there is no such thing. This article shows as much. But I guess if you take the view that lolberals do that all money really belongs to the government (or "the people") then you get wrench whatever you want out of tax code fallacies.
Merrill Matthews: About Those Tax Breaks for Big Oil . . . - WSJ.com

President Obama has been telling America for months that special tax breaks for the oil and gas industry must come to an end. The presidential demand always prompts puzzled gazes among tax and energy-industry experts, who ask: What special tax breaks?

Thanks in part to a bill sponsored by Rep. Chris Van Hollen, a Democrat from Maryland and ranking member on the House Budget Committee, it's all much clearer now. The congressman has inadvertently called attention to the fact that those special tax breaks just for the oil and gas industry don't exist. Mr. Van Hollen proposes to create some very special punishments instead. Regardless of the bill's fortunes on Capitol Hill, it has already performed a public service by illuminating the fallacy behind assaults on the industry.

Mr. Van Hollen's ''Stop the Sequester Job Loss Now Act" would raise taxes on individuals—what he calls the "Fair Share on High-Income Taxpayers"—and effectively hike taxes on the oil and gas industry by changing the way their taxes are calculated. The problem with the bill is that the so-called tax breaks the industry would lose are not specific to oil and gas at all. They are widely available to lots of industries

More at the source.

 

[The Rabbi]

bmp

 

[bucs90]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

 

[Truthseeker420]

Nobody believes Fox Noise.

http://www.taxpayer.net/library/article/ongoing-tcs-analysis-of-the-fy2012-budget-proposal

 

[DiamondDave]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

 

[Darkwind]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

You would be better off asking him to find a dictionary and looking up the word subsidy. Though, I doubt he'd do that. The definition makes mention of 'special' tax breaks for an industry. Like farmers.....but makes no distinction of a subsidy when it is applied to everyone.

As for the Iraq and Afghanistan war......some people have blinders so large they only see a what they want to see.

 

[Truthseeker420]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

 

[Darkwind]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

Shall I post environmental studies funded by oil companies?

I'll bet you will not even get the comparison.

 

[editec]

Oil depletion allowance?

Do fishermen get a fish-depletion allowance?

Do gold miners get a gold-ore depletion allowance?

The oil depletion allowance is the longest running WELFARE SYSTEM in us history.

 

[Truthseeker420]

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

Shall I post environmental studies funded by oil companies?

I'll bet you will not even get the comparison.

Who would get such a ridiculous comparison?..but let's not beat around the bush(no pun)...what's your point?

 

[The Rabbi]

Oil depletion allowance?

Do fishermen get a fish-depletion allowance?

Do gold miners get a gold-ore depletion allowance?

The oil depletion allowance is the longest running WELFARE SYSTEM in us history.

there's a reason I have you on ignore. You consistently post stupid ill-informed incorrect responses, especially when you havent read the link in the OP, which you didn.t

 

[The Rabbi]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

First off, referring to an url that goes by warisacrime.org is an instant hit on your credibility, if you had any.
Second, that doesn't answer Dave's question: If the wars were subsidies to the oil companies then where is the extra oil? How come oil costs more now than it did before we started all of this?
I wont hold my breath for a coherent response.

 

[Truthseeker420]

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

First off, referring to an url that goes by warisacrime.org is an instant hit on your credibility, if you had any.
Second, that doesn't answer Dave's question: If the wars were subsidies to the oil companies then where is the extra oil? How come oil costs more now than it did before we started all of this?
I wont hold my breath for a coherent response.

Iraq War was not for cheap oil for Americans it was for big profits for transnational oil companies,

 

[High_Gravity]

Didn't the Chinese get the bulk of the Iraqi oil contracts?

 

[healthmyths]

Oil depletion allowance?

Do fishermen get a fish-depletion allowance?

Do gold miners get a gold-ore depletion allowance?

The oil depletion allowance is the longest running WELFARE SYSTEM in us history.

FACTS OK?? from the IRS OK???
Publication 535 (2012), Business Expenses

Depletion is the using up of natural resources by mining, drilling, quarrying stone, or cutting timber.
The depletion deduction allows an owner or operator to account for the reduction of a product's reserves.

There are two ways of figuring depletion: cost depletion and percentage depletion.

For mineral property, you generally must use the method that gives you the larger deduction.
For standing timber, you must use cost depletion.
Mineral property includes oil and gas wells, mines, and other natural deposits (including geothermal deposits).
For this purpose, the term “property” means each separate interest you own in each mineral deposit in each separate tract or parcel of land. You can treat two or more separate interests as one property or as separate properties.
See section 614 of the Internal Revenue Code and the related regulations for rules on how to treat separate mineral interests.

Accelerated depreciation is the set of IRS rules that allow businesses to deduct from their taxable income the declining value of business-related investments, such as equipment and machinery, faster than the value of those assets actually declines.
Consider the following example of how accelerated depreciation works: A delivery business purchases a new truck to expand its business and thus increase its revenues each year. But the truck is only expected to last several years before it breaks down. It is a “depreciating” asset.
Accelerated Depreciation | Center for American Progress

 

[Truthseeker420]

Didn't the Chinese get the bulk of the Iraqi oil contracts?

British Petroleum/ China cooperation got the original contract but I believe that deal fell through...

 

[Sallow]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

Where's all the extra oil?? Should be easy for you to point out then.... I am sure you have all the correlating and corroborating facts to support your assumption

What extra oil?

Oh..wait..DiamondDave..the expert economist thought that the oil companies were going to show altruism by flooding the market with cheap oil?

Really?

 

[jknowgood]

The biggest subsidies for the oil companies? The Iraq and Afghan wars.

That's an old liberal talking point, need to get a new one.

 

[The Rabbi]

Exxon Group Wins Iraq Oil Contract
Exxon Group Wins Iraq Oil Contract | War Is A Crime .org

First off, referring to an url that goes by warisacrime.org is an instant hit on your credibility, if you had any.
Second, that doesn't answer Dave's question: If the wars were subsidies to the oil companies then where is the extra oil? How come oil costs more now than it did before we started all of this?
I wont hold my breath for a coherent response.

Iraq War was not for cheap oil for Americans it was for big profits for transnational oil companies,

So the war was fought to increase oil supply, which lowers the price of oil, so that oil companies could reap huge obscene profits by selling their existing sources of oil for less money, right?

Geez, libs are bad at economics, math, and a bunch of other disciplines.

 

[Truthseeker420]

First off, referring to an url that goes by warisacrime.org is an instant hit on your credibility, if you had any.
Second, that doesn't answer Dave's question: If the wars were subsidies to the oil companies then where is the extra oil? How come oil costs more now than it did before we started all of this?
I wont hold my breath for a coherent response.

Iraq War was not for cheap oil for Americans it was for big profits for transnational oil companies,

So the war was fought to increase oil supply, which lowers the price of oil, so that oil companies could reap huge obscene profits by selling their existing sources of oil for less money, right?

Geez, libs are bad at economics, math, and a bunch of other disciplines.

Iraq was producing oil before the Iraq war , America didn't start talking war until Sadam kicked the American oil companies out of Iraq and nationalized the oil fields. And even if the world oil market was a free market supply isn't the only equation.