Republican senators, including our own Dick Burr, successfully filibustered a bill that would have denied the big oil companies multi-billions in tax subsidies -- billions -- because hey! you don't peck at the hands giving you big fat worms of campaign cash.
thank you for continuing to call out these "pickpocket repugthugs"
ReplyDeleteAs someone who is genuinely concerned about our growing budget deficit, this infuriates me. It should be a no-brainer for both parties. If you don't want to raise taxes, at least close the loopholes and stop the tax breaks. If we want a freer economy we have to stop some of these government subsidies to private industry.
ReplyDelete"Free" enterprise does not apply in the case of TBTF (too big to fail) institutions whether they are Armaments manufacturers, oil companies, banks, car makers, whatever. Both parties, unfortunately, are guilty of coddling these so-called persons. Some of these oil subsidies go back to World War I! Once upon a time a Republican (!), Teddy Roosevelt, took out to Bust the Trusts. And it was Ronald Reagan (!!) who presided over the demolition of the old AT&T. Of course neither TR nor Reagan would be welcome in today's party.
ReplyDeleteLet's end all these 'subsidies'....not just oil companies, but ethanol producers, electric car rebates, etc.
ReplyDeleteOf course prices for gasoline and other fuels will probably go up, but I agree with the sentiments here. The government should not be subsidizing private businesses.
Could anyone tell me though, exactly what subsidies the oil companies are getting. I know about the oil depletion allowance, but that's hardly a subsidy..it's depreciation of an asset.
they get the same "SUBSIDIE'S" that every other company big or small in BOONE,NC get! its called R&D, asset depreciation,employee expenses Deductions, moving expense reimbursements,and the list goes on and on and on.there just a bigger company than most, so there deduction's (SUBSIDIE'S) are bigger.take away all SUBSIDIE'S and you would have a lot less cpmpanies in BOONE,NC.but im just a high school grad.what do i know,
ReplyDeleteThe tax credits are for oil exploration. Government should use tax incentives to encourage actions and behavior that benefit society. Increasing and prolonging our dependence on non-renewable fossil fuels is extremely deleterious to our world. We should stop subsidizing fossil fuels and go all out - a new Manhattan Project - focussed on safe renewable energy sources.
ReplyDeleteUsing fossil fuels until alternative energy sources become economically feasible is not only acceptable, it is completely necessary.
ReplyDeleteThe oil companies are leading the way in research to produce cheap alternative energy. They know it is coming sooner or later and want to stay in the game.
The Christian Science Monitor is pretty middle of the road politically; several weeks ago it ran an interesting article on federal subsidies to energy producers: Gas and Oil producers get various subsidies and tax benefits to the tune of $41 billion a year. Coal gets $8 billion, nuclear $9 billion, etc. None of this is in the same league with depreciation allowances for small business, etc.
ReplyDeletehttp://www.csmonitor.com/USA/Politics/2011/0309/Budget-hawks-Does-US-need-to-give-gas-and-oil-companies-41-billion-a-year
What's the proportion of federal subsidies going to fossil fuels vs renewable sources?
ReplyDelete