Obama to Congress: Kill oil industry'...

Obama to Congress: Kill oil industry's tax breaks

There are 44 comments on the Denver Post story from Mar 17, 2012, titled Obama to Congress: Kill oil industry's tax breaks. In it, Denver Post reports that:

President Barack Obama is sipping a Guinness at an Irish bar to observe St. Patrick's Day.

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Since: Apr 08

Mission Viejo, CA

#1 Mar 17, 2012
We need to have spend the money that is spent on oil tax breaks on clean energy/.
Sheik Yerbouti

Chalfont, PA

#2 Mar 17, 2012
ALL corporate tax loopholes should be closed!
HATE

Owatonna, MN

#3 Mar 17, 2012
End all subsidies to big companies and to the rich.

Even Romney said the rich are doing fine.

“"I'm A Great American!"”

Since: Sep 08

Obama Nation! USA! USA!

#4 Mar 17, 2012
Happy St Paddy's Day President O'Bama!
ivyawe

Philadelphia, PA

#5 Mar 17, 2012
16 shot, 1 dead, in overnight violence

http://www.chicagotribune.com/news/local/brea...

Obama will go down as the biggest mistake this dirtbag country we have now has ever made.

http://www.amazon.com/Bombs-Bugs-Drugs-Thugs-...

Now his pathetic dirtbags are going to try and get him re-elected? God help us!
Breitbart

Berlin, NJ

#6 Mar 17, 2012
Jerk off. The JBS had Obama figured out 40 years ago.

Since: Apr 08

Mission Viejo, CA

#7 Mar 17, 2012
Yeah, and what the GOP have to offer this country?
General Robert E Lee

Dallas, GA

#8 Mar 17, 2012
No entity should have any tax breaks, churches and non profits included. No entity should have to pay any income tax either.
General Robert E Lee

Dallas, GA

#9 Mar 17, 2012
discocrisco wrote:
Yeah, and what the GOP have to offer this country?
The end of the great socialist experiment.
Robert

Fort Lauderdale, FL

#10 Mar 17, 2012
anything obama makes the oil companies pay for they will just tack on for us to pay at the pump, not impressed.
Makes sense

Dearborn, MI

#11 Mar 18, 2012
Robert wrote:
anything obama makes the oil companies pay for they will just tack on for us to pay at the pump, not impressed.
Which makes the alternatives cheaper ergo change for the BETTER.

It's a WIN WIN situation.

We don't need to drain our US Treasury to give MULTINATIONAL CORPORATIONS producing WAR/DIRTY OIL and making RECORD PROFITS anymore WELFARE.

So GFY, loser!!

Love, AMERICAN PATRIOTIC CONSERVATIVES
Makes sense

Dearborn, MI

#12 Mar 18, 2012
Oh no, not the FREE MARKET!!! LONG LIVE DIRTY OIL SOCIALISM! LONG LIVE ALASKA SOCIALISM!!!! LONG LIVE SARAH PALIN!!!

LOL

That was all sarcasm, noting the HYPOCRISY of FAKE conservatives.
Robert

Fort Lauderdale, FL

#13 Mar 18, 2012
Makes sense wrote:
<quoted text>
Which makes the alternatives cheaper ergo change for the BETTER.
It's a WIN WIN situation.
We don't need to drain our US Treasury to give MULTINATIONAL CORPORATIONS producing WAR/DIRTY OIL and making RECORD PROFITS anymore WELFARE.
So GFY, loser!!
Love, AMERICAN PATRIOTIC CONSERVATIVES
Welfare????? not hardly,

the oil industry already faces a higher marginal tax rate at 41 percent. Obama's call for an end to oil subsidies is really code for targeted tax hikes against companies he does not like. Obama ignores the fact that the government does far more to hurt oil production than help it. Obama's tax hikes on the oil and gas industry will increase the price of oil and gas for American consumers and we will never never never see the benefits of increased revenue because tax hikes without spending cuts do nothing but make government bigger and harder for us to afford.

Don't get me wrong I am all for cutting subsidies, including those for oil and gas because the government does not need to be picking winners and losers, they have a proven track record of failing at that. Just look at Solaris, Fanny Mae or Freddie Mac.

Ending all subsidies would be good for American taxpayers and consumers but I am not for targeted tax hikes, nor should it reward other parts of the energy industry favored by the Administration.

If the administration truly wanted to give Americans a break at the gas pump they could provide access to our countryís domestic energy reserves, roll back regulatory burdens on companies and lift the de facto moratorium on offshore drilling permits.

Attacking the oil industry might satisfy the leftís bloodlust against corporate America, and it might play well in press conferences. But targeted tax hikes against industries one might not like is not an answer to the high price of gas. It might feel good in the short run, but itís not a long-term solution to Americaís energy problems.
rocky

Toledo, OH

#14 Mar 18, 2012
I thought Obama said he was trying to get gas prices down.Ending subsidies would increase prices even more.Obama is an idiot!

“your life is great”

Since: Aug 09

you poop in clean water

#15 Mar 18, 2012
Robert wrote:
<quoted text>
Welfare????? not hardly,
the oil industry already faces a higher marginal tax rate at 41 percent. Obama's call for an end to oil subsidies is really code for targeted tax hikes against companies he does not like. Obama ignores the fact that the government does far more to hurt oil production than help it. Obama's tax hikes on the oil and gas industry will increase the price of oil and gas for American consumers and we will never never never see the benefits of increased revenue because tax hikes without spending cuts do nothing but make government bigger and harder for us to afford.
Don't get me wrong I am all for cutting subsidies, including those for oil and gas because the government does not need to be picking winners and losers, they have a proven track record of failing at that. Just look at Solaris, Fanny Mae or Freddie Mac.
Ending all subsidies would be good for American taxpayers and consumers but I am not for targeted tax hikes, nor should it reward other parts of the energy industry favored by the Administration.
If the administration truly wanted to give Americans a break at the gas pump they could provide access to our countryís domestic energy reserves, roll back regulatory burdens on companies and lift the de facto moratorium on offshore drilling permits.
Attacking the oil industry might satisfy the leftís bloodlust against corporate America, and it might play well in press conferences. But targeted tax hikes against industries one might not like is not an answer to the high price of gas. It might feel good in the short run, but itís not a long-term solution to Americaís energy problems.
The United States government provides a large subsidy to oil companies, with major tax breaks at virtually every stage of oil exploration and extraction. Revenue attributable to capital investment, including the costs of oil field leases and drilling equipment, are taxed at an effective rate of nine percent, which is a much lower rate than the 25% rate for general business taxes and lower than the taxes of virtually any other industry, according to a 2005 study by the non-partisan Congressional Budget Office. For example, the Deepwater Horizon oil rig was registered in the Marshall Islands, since registering off-shore lowered the owner's (Transocean) U.S. tax liability. Additionally, the U.S. government was giving the rig's leasee, British Petroleum (BP), a major tax break: 70% of the rent was written off in the form of a tax break used only by the oil industry, for a tax deduction of more than $225,000 per day from the day the lease began
.
.
and this has been going on since the '50's.
It is I

Sophia, WV

#16 Mar 18, 2012
rocky wrote:
I thought Obama said he was trying to get gas prices down.Ending subsidies would increase prices even more.Obama is an idiot!
Remember obamas own words in 2008, under his plan energy prices would skyrocket.
General Robert E Lee

Dallas, TX

#17 Mar 18, 2012
Obama wants the tax breaks ended, only so the price of oil products will rise through the roof. He is in all reality trying to cut these breaks as part of his strategy, and to blackmail us into his "green energy" way of life.
liza

Fairmont, WV

#18 Mar 18, 2012
When you pay 10.00 a gallon, you ask for it!!!
Go ahead and follow the leader, look what has
happened to you in 3yrs.

You are wallowing in the lap of Omama luxery
now aren't you??? To [email protected] with the rest of us,
have a good life, you deserve everything he
takes from you...
You don't know what is going, just stupid and
ignorant is what he expects from you, and HE
GOT IT.
General Robert E Lee

Dallas, TX

#19 Mar 18, 2012
His policies have caused a 70% decrease in production from federal leases, and exist only to push us to the breaking point, bankrupting oil companies as the convert to, get ready for this one - ALGAE. It is all part of his plan.

Obama boasts that, on his watch, production is up and imports down. True, but truly deceptive. These increases have occurred in spite of his restrictive policies. They are the result of Clinton- and Bush-era permitting.

http://www.washingtonpost.com/opinions/obamas...
Robert

Fort Lauderdale, FL

#20 Mar 18, 2012
Obama has a left agenda, remember when talking about forcing green energy on the power companies. When asked about the realities, electrical companies did not have available to them the green sources and still had to use coal until technology changes.

He said

"I will make energy prices sky-rocket!"

"They can build coal fired plants, but we will bankrupt them!"

What does that say for us who have to pay the bill.

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