A tax break for green energy is called a bailout, but tax breaks for oil companies are just fine, why they're not even subsidies and revenue neutral to boot, right??
Well guess what?? Somebody else pays for these tax subsidies, just as someone pays for farm tax subsidies, ethanol subsidies, etc.
Point is, oil and gas companies are generally very profitable, and tax subsidies are a reward for just what??
When Exxon makes record profits, why are they still allowed foreign tax credits??
Look it up before you answer.
Then perhaps it's time you stopped
"Just one problem. Those "subsidies" are not subsidies. They are tax breaks. Of the $4 billion in alleged subsidies to Big Oil,$1.7 billion derives from a domestic manufacturing tax deduction intended to keep factories in the U.S. It is available to every company, not just oil companies. Another $850 million comes from another tax provision, also available to every U.S. corporation, that gives a credit for taxes paid to foreign countriesójust as you can deduct your state taxes from your federal income taxes. Yet another $1 billion comes from tax rules that let oil companies treat oil in the ground as capital equipment for write-down purposes, and the rest comes from rules that let oil companies write off certain business costs immediately.Maybe these are dumb rules. Maybe they need changing. But in no sense can they be called subsidiesói.e., money taken from Smith and given to Jones. The failure to tax Exxon more does not increase your payment to the IRS by one red cent."