Political Forums - Ending Tax Breaks for Big Oil

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Ending Tax Breaks for Big Oil

How this gonna play out? The Dems wanting to curtail tax breaks to Big Oil during a time in which they are enjoying record profits, yet the GOP opposes it (in favor of Medicare cuts). Is this gonna bite the GOP in the @ss or is their "no tax hikes on this poor little industry" rhetoric gonna carry the day?

When revenue is close to all time lows, and the oil companies don't need special treatment any more, it will be hard to sustain an argument against the cessation of this give away. Don't forget that the increased price of gasoline makes the oil companies even more vulnerable.

Regards,

D-Ray

Buchanan mentioned on the McLaughlin Group that Exxon made 8 cents on the dollar last year. 8%? That's mighty thin.

The price of gas cuts both ways. If you cut the breaks, and gas goes up - guess what people think?

Pete

I think Harold Ford Jr has some reasonable points, but will this article prompt forum members to finally stop demonizing the oil industry (or any other industry for that matter)?

http://online.wsj.com/article/SB1000...s_opinion_main

Doubt it! :)

Quote:

Originally Posted by piece-itpete (Post 62707)

Buchanan mentioned on the McLaughlin Group that Exxon made 8 cents on the dollar last year. 8%? That's mighty thin.

Pete

Quote:

The world's largest public energy company reported net income of $7.56 billion, or $1.60 a share, in the second quarter, up 91% from $3.95 billion, or 81 cents a share, in the same period in 2009.
Analysts were expecting earnings of $1.46 a share, according to a survey by Thomson Financial.
Earnings for the first half of 2010, excluding special items, were $13.9 billion, up 60% over the first half of 2009. http://money.cnn.com/2010/07/29/news...xxon/index.htm

Quote:

HOUSTON — Exxon Mobil, the largest American oil company, reported a 53 percent increase in its fourth-quarter profit on Monday, helped by an improving world economy that has increased energy demand and crude prices. http://www.nytimes.com/2011/02/01/business/01oil.html

Considering all the businesses closing their doors in this economy I would say they are doing pretty good.

Buchanan lol. :p

Carl

Quote:

Originally Posted by finnbow (Post 62694)

Ending Tax Breaks for Big Oil

lol, this has as much chance as single payer had

Quote:

Originally Posted by whell (Post 62715)

did you even read this?

and to answer your question, I hope the hell none of us here stop demonizing the demon.

Quote:

Originally Posted by noonereal (Post 62729)

lol, this has as much chance as single payer had

... and I think killing Agricultural subsidies has even less of a chance (to the point of not even the point-seeking Dems will touch it).

Why is it punitive to eliminate an exception from the obligation to pay taxes? I thought the right was fighting against using tax policy to advance public policies.

I'm all for the review of the regulations. As I recall, that is going on for all departments. If a regulation is out-dated, eliminate. If a regulation provides protection for the public or the environment, enforce it. If an industry practice is causing harm, regulate it.

I doubt that the wisest public policy now is to deplete our oil reserves. The development of alternative energy sources - and conservation strategies - should be a higher priority than drill baby drill.

Regards,

D-Ray

Quote:

Originally Posted by noonereal (Post 62731)

did you even read this?

and to answer your question, I hope the hell none of us here stop demonizing the demon.

Of course I did. Did you? You'd prefer to subsidize our pursuit of a questionable domestic energy strategy, and continue to enrich foreign oil interests, on the backs of working families who can least afford to pay inflated prices for gasoline, heating oil and oil - based products?