"Oil industry fights American taxes, but reaps subsidies; Warns a new levy would cut jobs, hike gas prices" by David Kocieniewski, New York Times | July 4, 2010
NEW YORK — When the Deepwater Horizon drilling platform set off the worst oil spill in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes.
The owner,
At the same time,
With federal officials now considering a new tax on petroleum production to pay for the cleanup, the industry is fighting the measure, warning that it will lead to job losses and higher gasoline prices, as well as an increased dependence on foreign oil.
Have they NO SHAME?
Related: Senate Working on BP Bailout
Yeah, YOU are going to be PAYING for this thing ONE WAY or ANOTHER, AmeriKan taxpayers!
But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.
And here I WANTED MY MONEY going to SCHOOLS and HEALTH CARE!
According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry....
And WAY LOWER than the 40%+ burden YOU are CARRYING, American taxpayers!
Oil industry officials say that the tax breaks, which average about $4 billion a year according to various government reports, are a bargain for taxpayers....
I guess they REALLY BELIEVE you will DINE on SHIT, newspaper reader.
Sorry for the SICK ANALOGY, but GIVE US a FUCKING BREAK!!!
As oil continues to spread across the Gulf of Mexico, however, the industry is being forced to defend tax breaks that some say are being abused or outdated....
Yeah, I think it was the BILLIONS in PROFITS each QUARTER that convinced me!
This as the GOVERNMENT pushes an ADDITIONAL GAS TAX in the form of a CLIMATE CHANGE CARBON TAX!
Don't take my word for it:
"Motor fuel may be subject to a carbon tax"
I would COUNT ON IT, America!
Efforts to curtail the tax breaks could face fierce opposition in Congress; the oil and natural gas industry has spent $340 million on lobbyists since 2008, according to the nonpartisan Center for Responsive Politics, which monitors political spending.
Jack N. Gerard, president of the American Petroleum Institute, warns that any cut in subsidies will cost jobs.
Even though the OIL NEVER MOVES, huh?
Go JUMP in the GULF, you SICKENING FUCK!!!!!!!!!!!!!!!!!!
I'm sorry, readers, it MUST be the HEAT!
“These companies evaluate costs, risks and opportunities across the globe,’’ he said. “So if the US makes changes in the tax code that discourage drilling in gulf waters, they will go elsewhere and take their jobs with them.’’
GOOD!!!
I'll HOLD the DOOR for you ENVIRONMENTAL WAR CRIMINALS!!!!!!!!!!!
But some government watchdog groups say that only the industry’s political muscle is preserving the tax breaks.
In the form of CAMPAIGN KICKBACKS, 'er, CONTRIBUTIONS!
An economist for the Treasury Department said in 2009 that a study had found that oil prices and potential profits were so high that eliminating the subsidies would decrease American output by less than half of one percent.
Over the last 10 years, oil companies have also been aggressive in using foreign tax havens.
So are WAR LOOTERS like HALLIBURTON!
Many rigs, like Deepwater Horizon, are registered in Panama or on the Marshall Islands, where they are subject to lower taxes and less stringent safety and staff regulations. American producers have also aggressively exploited the tax code by opening small offices in low-tax countries....
Which is why the GLOBALIST FRONT MEN LOVE GLOBALIZATION!!
