America's Most Obvious Tax Reform Idea: Kill the Oil and Gas Subsidies

There are 20 comments on the www.theatlantic.com story from Mar 20, 2013, titled America's Most Obvious Tax Reform Idea: Kill the Oil and Gas Subsidies. In it, www.theatlantic.com reports that:

In a world where $100-a-barrel oil is here to stay, there's no need to pad the industry's bottom line.

When Saudi Arabia's longtime oil minister, Ali Al-Naimi, opens his mouth, the world listens. Yesterday, during a speech in Hong Kong, he delivered a message that U.S. policy makers in particular would do well to take note of. The days of $100-a-barrel crude, he told the crowd, are here "for the foreseeable future."

Join the discussion below, or Read more at www.theatlantic.com.

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Makes sense

Dearborn, MI

#1 Mar 20, 2013
But then, how will those Welfare Queens, making record profits, buy their Cadillacs and $40 million mansions and vacation homes? Doesn't giving all our money to crooks help the economy?
Makes sense

Dearborn, MI

#2 Mar 20, 2013
Oh our BIG OIL addiction.

LIES, BITTER LITTLE LIES
Over 100 Lies Told to Promote the Iraq War
An Iraq invasion 10-year anniversary special

42 min ago by Mary Noble

It's well known that when America invaded Iraq, Bush and Cheney had no evidence linking Saddam Hussein to 9/11 and knew that the chance of finding WMDs was virtually nil.

What's less well remembered is the long series of lies and misdirections that convinced Americans that war with Iraq was both necessary and desirable.

A full catalog has been compiled by Mother Jones, totaling over 200 entries. It features numerous contributions from Dick Cheney, such as his false statement on Meet the Press just one week before the invasion: "'We believe [Saddam] has, in fact, reconstituted nuclear weapons.'(Cheney later claims he misspoke.)"

The timeline also includes many now-forgotten moments of malfeasance by the mainstream media and Bush's advisors, who collectively downplayed doubts over the grounds for war.

For instance, just one day before the invasion, the Washington Post buried an article revealing major doubts over the grounds for invasion deep inside the newspaper, on page A13: "As the Bush administration prepares to attack Iraq this week, it is doing so on the basis of a number of allegations against Iraqi President Saddam Hussein that have been challenged - and in some cases disproved - by the United Nations, European governments and even U.S. intelligence reports."

The timeline also shows the dates at which the public learned they'd been deceived - in most cases months after the invasion.

Via Mother Jones.

“It's a Brand New Day”

Since: Feb 06

New Rochelle

#4 Mar 20, 2013
Makes sense wrote:
Oh our BIG OIL addiction.
LIES, BITTER LITTLE LIES
Over 100 Lies Told to Promote the Iraq War
An Iraq invasion 10-year anniversary special
42 min ago by Mary Noble
It's well known that when America invaded Iraq, Bush and Cheney had no evidence linking Saddam Hussein to 9/11 and knew that the chance of finding WMDs was virtually nil.
What's less well remembered is the long series of lies and misdirections that convinced Americans that war with Iraq was both necessary and desirable.
A full catalog has been compiled by Mother Jones, totaling over 200 entries. It features numerous contributions from Dick Cheney, such as his false statement on Meet the Press just one week before the invasion: "'We believe [Saddam] has, in fact, reconstituted nuclear weapons.'(Cheney later claims he misspoke.)"
The timeline also includes many now-forgotten moments of malfeasance by the mainstream media and Bush's advisors, who collectively downplayed doubts over the grounds for war.
For instance, just one day before the invasion, the Washington Post buried an article revealing major doubts over the grounds for invasion deep inside the newspaper, on page A13: "As the Bush administration prepares to attack Iraq this week, it is doing so on the basis of a number of allegations against Iraqi President Saddam Hussein that have been challenged - and in some cases disproved - by the United Nations, European governments and even U.S. intelligence reports."
The timeline also shows the dates at which the public learned they'd been deceived - in most cases months after the invasion.
Via Mother Jones.
But where is $$$$ 4 TRILLION in Iraqi oil money that was to pay for Dick Cheney's war???

WHERE, Dick ???

Where, Georgie ???

“Obama Shames the USA”

Since: Apr 09

Location hidden

#5 Mar 20, 2013
Obama is the gas-pig oil-baron hore of the centuries.
4 dollars for a gallon of gas is killing the poor and it's Obama's doing.

Since: Feb 08

Hypoluxo Fl

#6 Mar 20, 2013
Ninthman wrote:
Obama is the gas-pig oil-baron hore of the centuries.
4 dollars for a gallon of gas is killing the poor and it's Obama's doing.
Isn't that the mission of you teabag reactionary troglodytes, kill the poor?

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#7 Mar 20, 2013
Ninthman wrote:
Obama is the gas-pig oil-baron hore of the centuries.
4 dollars for a gallon of gas is killing the poor and it's Obama's doing.
The President doesn't set gas prices; the oil barons do.

They could drop the price to $2/gal and STILL make billions in profits every year.

If you don't like $4/gal gas, then don't buy it. Or at least direct your complaints to the oil barons.
walkundertheinfl uence

Virginia Beach, VA

#8 Mar 20, 2013
Mr_Bill wrote:
<quoted text>
But where is $$$$ 4 TRILLION in Iraqi oil money that was to pay for Dick Cheney's war???
WHERE, Dick ???
Where, Georgie ???
I guess the war wasn't about oil after all.......

Since: Dec 07

Athens, TX

#9 Mar 20, 2013
They're not subsidies you pea brained uniformed nobama voters.

Domestic manufacturing tax deduction --$1.7 B. This is a tax deduction given to every manufacturer in the US. Per CNN, it was "designed to keep factories in the United States." If that deduction were eliminated for oil companies only, it would mean singling out oil companies from all other manufacturers.

Percentage depletion allowance --$1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business. Right now, oil in the ground is treated as capital equipment. Again, this "subsidy" amounts to how the cost of doing business is defined. All companies get it, not just oil companies.

Foreign tax credit --$850 million. Companies get credit for taxes they pay to other countries. All companies get this "subsidy," not just oil companies. Should a company pay tax on tax? Should only oil companies pay tax on tax?

Intangible drilling costs --$780 million. According to CNN, "[a]ll industries get to write off the costs of doing business, but they must take it over the life of an investment. The oil industry gets to take the drilling credit in the first year." Among these four tax "breaks," this smallest one was the only one that treated oil companies differently.

The left would love for us all to walk or ride mules....can we have 40 acres and a plow.

A very stupid party.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#10 Mar 20, 2013
Bluebonnets-Thistle wrote:
They're not subsidies you pea brained uniformed nobama voters.
Domestic manufacturing tax deduction --$1.7 B. This is a tax deduction given to every manufacturer in the US. Per CNN, it was "designed to keep factories in the United States." If that deduction were eliminated for oil companies only, it would mean singling out oil companies from all other manufacturers.
Percentage depletion allowance --$1 B. Any industry can write down a portion of the cost of its capital equipment as part of the cost of doing business. Right now, oil in the ground is treated as capital equipment. Again, this "subsidy" amounts to how the cost of doing business is defined. All companies get it, not just oil companies.
Foreign tax credit --$850 million. Companies get credit for taxes they pay to other countries. All companies get this "subsidy," not just oil companies. Should a company pay tax on tax? Should only oil companies pay tax on tax?
Intangible drilling costs --$780 million. According to CNN, "[a]ll industries get to write off the costs of doing business, but they must take it over the life of an investment. The oil industry gets to take the drilling credit in the first year." Among these four tax "breaks," this smallest one was the only one that treated oil companies differently.
The left would love for us all to walk or ride mules....can we have 40 acres and a plow.
A very stupid party.
More B.S.

YES, the oil & gas barons should be singled out because they're making a combined TRILLIONS in profits off the American people already.

A few billion less in taxpayer funded welfare each year won't stop them from drilling, refining, and selling gas for HUGE profits both here and around the world.

Since: Dec 07

Athens, TX

#11 Mar 20, 2013
By consistently pushing for higher tax rates on top earners, and tax credits and lower rates for lower- and middle-income earners, Democratic tax policies have unintentionally left the government dependent on the prosperity of upper-income taxpayers. Since the current recovery is so dismal, revenues have tanked."

Yup. And/or "duh."

Micheal Solon......Wall Street Journal today!!

The demorats cut their nose off to spite their face.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#12 Mar 20, 2013
Bluebonnets-Thistle wrote:
By consistently pushing for higher tax rates on top earners, and tax credits and lower rates for lower- and middle-income earners, Democratic tax policies have unintentionally left the government dependent on the prosperity of upper-income taxpayers. Since the current recovery is so dismal, revenues have tanked."
Yup. And/or "duh."
Micheal Solon......Wall Street Journal today!!
The demorats cut their nose off to spite their face.
Newsflash- We've ALWAYS been dependent on the prosperity of upper-income taxpayers because they're the ones with the money.

Who would you tax? All those people who already don't have any money to pay taxes? That's not going to fund the next war the GOPasaurs are planning- likely Iran or North Korea.

You have to tax those who have the money.
Makes sense

Dearborn, MI

#13 Mar 20, 2013
Mr_Bill wrote:
<quoted text>
But where is $$$$ 4 TRILLION in Iraqi oil money that was to pay for Dick Cheney's war???
WHERE, Dick ???
Where, Georgie ???
Dick made more profits keeping the Iraq oil off the market and that talk about paying for the war was just Republican LIES so Dick could profit from the war and the deaths of our soldiers.

Since: Dec 07

Athens, TX

#14 Mar 20, 2013
WeTheSheeple wrote:
<quoted text>
Newsflash- We've ALWAYS been dependent on the prosperity of upper-income taxpayers because they're the ones with the money.
Who would you tax? All those people who already don't have any money to pay taxes? That's not going to fund the next war the GOPasaurs are planning- likely Iran or North Korea.
You have to tax those who have the money.
North Korea and Iran are building massive weapons and puffing their chests out now and for the last several years, bozo. A particular political party has nothing to do with it.

recordar que… WWI, II, Korea, Veitnam....all democrat presidents

Tax those who have the money too much.......no more money. Try to keep up with the goings on in California these days..LMAO

Since: Dec 07

Athens, TX

#15 Mar 20, 2013
Makes sense wrote:
<quoted text>
Dick made more profits keeping the Iraq oil off the market and that talk about paying for the war was just Republican LIES so Dick could profit from the war and the deaths of our soldiers.
Spew......eat it again, spew it out, eat it again.......LMAO

http://www.factcheck.org/kerry_ad_falsely_acc...

You got conned by the Clintons, conned by Gore, conned by Kerry, conned by Pelosi.....

Gullible...yes, that's the word!!

“Obama Shames the USA”

Since: Apr 09

Location hidden

#17 Mar 20, 2013
Gas is 75 cents a gallon in Trinidad. Obama blows himself on Tuesdays.

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#18 Mar 20, 2013
Bluebonnets-Thistle wrote:
<quoted text>
North Korea and Iran are building massive weapons and puffing their chests out now and for the last several years, bozo. A particular political party has nothing to do with it.
recordar que… WWI, II, Korea, Veitnam....all democrat presidents
Tax those who have the money too much.......no more money. Try to keep up with the goings on in California these days..LMAO
Iraq & Afghanistan...... started by Republican presidents.

The GOPasaurs are the only ones constantly banging the war drums lately.

Ya gotta pay for the federal govt somehow. Who you going to tax? The poor??

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#19 Mar 20, 2013
Ninthman wrote:
Gas is 75 cents a gallon in Trinidad. Obama blows himself on Tuesdays.
Gas could be 75 cents a gallon in the US too; all the oil & gas barons have to do is tell their gas stations to set the price at 75 cents a gallon.

And they'd STILL make billions upon billions in profits every year.

In fact, they'd probably make MORE in profits by lowering the price because demand would shoot through the roof. They'd more than make up the difference on volume.

Of course since the sheeple gladly line up to pay $4/gal, there's ZERO incentive for them to lower the prices because they want to make the most profit per gallon as possible.
walkundertheinfl uence

Virginia Beach, VA

#20 Mar 20, 2013
WeTheSheeple wrote:
<quoted text>
Iraq & Afghanistan...... started by Republican presidents.
The GOPasaurs are the only ones constantly banging the war drums lately.
Ya gotta pay for the federal govt somehow. Who you going to tax? The poor??
I thought Afghanistan was started by the Taliban harboring Osama?

I thought Iraq was started by Saddam's belligerence?

I also thought everyone was taxed, some just at higher rates than others?

Looks like I was wrong.......

“Headed toward the cliff”

Since: Nov 07

Tawas City, Michigan

#21 Mar 20, 2013
walkundertheinfluence wrote:
<quoted text>
I thought Afghanistan was started by the Taliban harboring Osama?
I thought Iraq was started by Saddam's belligerence?
I also thought everyone was taxed, some just at higher rates than others?
Looks like I was wrong.......
Nope.

Turns out Osama was in Pakistan all along. So once again Shrub attacked the wrong country.

Iraq was attacked because Shrub wanted revenge because Sadaam tried to kill his daddy and because Cheney thought we'd get control of their oil.

A lot of world leaders are "belligerent"; should we be attacking all of them?

You're right, everyone IS taxed in some form. But to raise more revenue the only people with money left over to tax are the wealthy.
walkundertheinfl uence

Virginia Beach, VA

#22 Mar 20, 2013
WeTheSheeple wrote:
<quoted text>
Nope.
Turns out Osama was in Pakistan all along. So once again Shrub attacked the wrong country.
Iraq was attacked because Shrub wanted revenge because Sadaam tried to kill his daddy and because Cheney thought we'd get control of their oil.
A lot of world leaders are "belligerent"; should we be attacking all of them?
You're right, everyone IS taxed in some form. But to raise more revenue the only people with money left over to tax are the wealthy.
Osama was in Pakistan when 9/11 was planned and launched? Do tell.

Why on earth did Saddam try to kill Bush's daddy? What could possibly have been the motive?

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