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Re: Big Oil Subsidies 

By: DueDillinger in CONSTITUTION | Recommend this post (1)
Sat, 18 Jun 11 6:00 AM | 45 view(s)
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Msg. 13571 of 21975
(This msg. is a reply to 13570 by monkeytrots)

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As always, the devil is in the details. Since this is the tax code, the details are complex and intensely boring.

“(1) Section 43.
Enhanced oil recovery credit.

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._43._Enhanced_oil_recovery_credit

“(2) Section 45I.
Credit for producing oil from marginal wells

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._45I._Credit_for_producing_oil_and_gas_from_marginal_wells

“(3) Section 469 with respect to working interests in oil and gas property.
Passive activity losses and credits limited

http://www.taxalmanac.org/index.php/Sec_469

“(4) Sections 613 and 613A, with respect to percentage depletion for oil and gas.
Sec. 613 Percentage depletion

http://www.taxalmanac.org/index.php/Sec._613

Sec. 613A. Limitations on percentage depletion in case of oil and gas wells

http://www.taxalmanac.org/index.php/Internal_Revenue_Code:Sec._613A._Limitations_on_percentage_depletion_in_case_of_oil_and_gas_wells

“(5) Section 199 with respect to income derived from the production of oil and gas.

Sec. 199 Deduction relating to income attributable to domestic production activities

http://www.taxalmanac.org/index.php/Sec._199

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Re: Big Oil Subsidies
By: monkeytrots
in CONSTITUTION
Sat, 18 Jun 11 2:58 AM
Msg. 13570 of 21975

On this first day of March, oil prices came in like a lion, but when it comes to taking away oil company tax breaks and cutting the federal deficit, Republicans act like docile lambs. Today a grand total of zero Republicans were brave enough to say the biggest oil companies don’t need 100 year-old tax breaks to sell $100 per barrel oil to make more than $100 billion per year in profits.

From your article, Linda. Sometimes they just can't HELP THEMSELVES in using a tad bit of the truth in their lying propaganda.

Look down the 'list' of those so-called 'tax breaks' - no different than what is allowed for ALL similar businesses. Depletion - look up the logging industry and mining industries.

See - a TAX BREAK - is in absolutely no way a 'tax subsidy'. That is a MASSIVE FRAUD that has been perpetrated by a hoard of lying thieves.


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