White House budget would kill $38.8B in tax breaks for oil, gas and coal

[babylonsister]

White House budget would kill $38.8B in tax breaks for oil, gas and coal
By Ben Geman - 02/01/10 09:52 AM ET


The White House calls for the end of nearly $40 billion in tax beaks for oil, gas and coal companies in its budget proposal released on Monday.

The tax effort is sure to prompt outcry from industry groups, who have long argued that ending the subsidies will stymie investments in domestic energy production.

The fiscal year 2011 budget plan calls for repealing $38.8 billion worth of tax breaks for oil, natural gas and coal companies over a decade, according to the White House.

Obama’s first budget plan a year ago called for cutting $31.5 billion in oil-and-gas industry incentives, including a repeal of the industry’s ability to claim a lucrative domestic manufacturing tax break.

Congress did not act on the proposals, which are opposed by a mix of Republicans and Democrats representing oil-and-gas producing states.

more...

http://thehill.com/blogs/e2-wire/677-e2-wire/78991-white-house-budget-revives-oil-industry-tax-fight

[dmallind]

1. He's just like Bush I tell you! NT

[Captain Hilts]

2. But, but, the oil industry will stop finding and selling oil without them! Oh! Never mind.

INsane they've lasted this long.

Fingers crossed this works.

[agent46]

3. Of course

It well never occur to anyone in the "energy industry" to pass the costs onto the consumer.

[dixiegrrrrl]

4. Wh can "call" all it wants to.

Obama can get credit for the "calling for" sensible proposals.
But Congress can---again--fail to pass the laws that make it so.
I am not listening to rhetoric, I am watching what happens.

[ThomWV]

5. A couple of weeks ago I heard on the radio that every dime of gas price increase drains $140B

That if the price of gasoline went up a dime it drained about $140 billion from the economy. So, if you cut subsidies to oil companies by thirty billion you would expect gas prices to go up by about two cents. I can live with that.

[theophilus]

6. Summer before last, when the gas prices went way up, was the start of the recession. I think

big oil owns a large share in the mess we are in right now. It really put the brakes on discretionary spending by the public. Mortgages got harder to pay, etc.

[OHdem10]

7. Start demanding that Companies who get tax breaks prove how

how many jobs they were able to create. Not in other
countries but here in our beloved country.

Around 2006, the GOP developed a Tax and "Grants" package
for Business. $139 Billion in Give Aways. A Group
of Republicans stood in the Presser Area at the Capitol.
I remember Trent Lott explaining this was a JOBS BILL.
GE got 8 BILLION.
Yes, the jobs were in Tehran, Taiwan, China, anywhere
but the good old USA.

I am a Liberal who does understand we must give Businesses
Incentives so I do not knee-jerkedly yell foul when I
see Corporations and Businesses getting breaks.

But darn it, I am sick of these Companies with Allegiance
TO No Country getting breaks that disadvantage the U.S.

Demand Accountablility. They must show when where and whom
they hired as a result of the American Taxpayers Gift.