Dems Take Aim at Oil Company Tax Breaks

[crunch]

http://hosted.ap.org/dynamic/storie...ME&TEMPLATE=DEFAULT&CTIME=2006-11-19-03-54-44

Topping the list for repeal are:

-Tax breaks for refinery expansion and for geological studies to help oil exploration.

-A measure passed two years ago primarily to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad.

 

[12Footer]

Re: Dems Take Aim at Oil Company Tax Breaks

Basic liberal economics. The word "TAX" cures everything to them.

 

[ricksrster]

Re: Dems Take Aim at Oil Company Tax Breaks

Taxes are passed on to the consumer meaning higher gas prices for everybody. I believe the typical congressman doesn't have a clue on how the economy works. The libs don't understand the importance of profits to a business.
Raising taxes hinders R&D.
Gas companies are in competition with each other. The one that can produce and sell fuel the cheapest will sell more gas and make more money for the stock holder. They will have more money for R&D and find better ways of producing gas and thus keeping prices low.

 

[JasonJ]

Re: Dems Take Aim at Oil Company Tax Breaks

"if they chose to drill in this country instead of going abroad."

The enviro-freaks have done a steller job of preventing new drilling, so those tax breaks havn't even been enjoyed by big oil. They will be repealing nothing...

 

[jtexas]

Re: Dems Take Aim at Oil Company Tax Breaks

"if they chose to drill in this country instead of going abroad."

The enviro-freaks have done a steller job of preventing new drilling, so those tax breaks havn't even been enjoyed by big oil. They will be repealing nothing...

That's the theory anyway, JJ, but reality is otherwise.

Besides which, the price of gas is demand-based, not cost-based.

 

[crunch]

Re: Dems Take Aim at Oil Company Tax Breaks

And if they don't drill and build new refineries?

 

[JasonJ]

Re: Dems Take Aim at Oil Company Tax Breaks

Yeah but I wasn't talking about gas prices, I know what affects gas prices. I was talking about the tax breaks for new drilling. Has there been new drilling in this country that I wasn't aware of? We have found new areas, but I am not hearing alot about definate drill timelines.

 

[Bondo]

Re: Dems Take Aim at Oil Company Tax Breaks

Hillarious Clinton is Already writing her New "Windfall Profits Tax" bill..........

Hillarious figured it out Along Time ago,.......
Tax the $h!t out of the Oil Companies,.........
The Voters Blame the Oil Companies for their wooos,.....
And the Politicans get away Scot Free,.... Blameless.......

She's Still Taxing the American Public to finance her Give-Aways,...........
Just at a different Level,+ Somebodyelse to Blame............

Pure Liberal Bull$h!t.....................:%

 

[PW2]

Re: Dems Take Aim at Oil Company Tax Breaks

Someone has to pay for drunken sailor spending spree of the repubs this last six years

 

[txswinner]

Re: Dems Take Aim at Oil Company Tax Breaks

And we have seen how the tax breaks have resulted in all the new refineries and price deceases in gasoline. The price of gas over the last 6years has gone ____________. you tell me.

The dems are in:

BRING HOME THE TROOPS

 

[Skinnywater]

Re: Dems Take Aim at Oil Company Tax Breaks

Except that "tax breaks" are taxpayer subsidys rather than taxes.
Why should the tax payer give subsidys to mega corporations who make mega profits?
It is the oil companys business to refine, explore and drill.
Keep my tax dollars out of it please.

 

[jtexas]

Re: Dems Take Aim at Oil Company Tax Breaks

"Except that "tax breaks" are taxpayer subsidys rather than taxes."

Sometimes "tax breaks" are subsidies...but usually I think, they're just tools governments use to elicit some kind of social behavior they (the governments) find "desireable." (For example, deductions for home mortgage interest and charitable donations).

I'm cynical about whether the tax breaks in question actually influence Big Oil's behavior - I think they'll take oil & gas where they find it, and if their lobbyists can carve out income tax exceptions they'll take 'em. So I guess it's a taxpayer subsidy after all.

Tax professionals have an expression: "by the grace of Congress."