How Not To Create Jobs: Further Tax An Industry That Employs Nine Million Americans

ATR ^ | 2011-09-15 | Christopher Prandoni

[92nina]

Stimulus 2.0= Lost oil and natural gas jobs
Oil and natural gas companies are responsible for about 9.2 million jobs in this country and about 7.5 percent of its GDP. Raising taxes on this industry would force companies to delay or scrap future projects as it becomes significantly harder for them to recover their investment costs. Repealing the below deductions and credits could kill 170,000 jobs and ultimately reduce government revenue, according to a Wood-Mackenzie study.

Encumbered by taxes
Already paying a little over $85 million a day, the oil and natural gas industry’s earnings are taxed at an effective rate of 41 percent. Compare this to the average income tax rate of 26 percent for non-oil and natural gas companies in the S&P 500 and it is clear that oil companies are paying their "fair share."

How to create jobs
House Republicans have passed eight bills that would create jobs and induce domestic growth by increasing onshore and offshore energy production, and preventing the EPA from implementing onerous regulations. Allowing oil and natural gas companies to develop America’s vast resources would create around 530,000 jobs, bringing the treasury increased revenue and reducing our dependence on foreign oil. Eliminating imminent EPA rules would provide utility, manufacturing, and coal companies/refiners the certainty they need to invest and grow.

Unfortunately, the Democrat-controlled Senate rejected every single House GOP proposal to jumpstart our fledging economy. Disappointingly, President Obama seems to be doubling-down on his Party’s tax and regulate approach.
List of 9 proposed tax hikes on oil and natural gas producers in Stimulus 2.0...

Read more: http://www.atr.org/create-jobs-further-tax-industry-employs-a6453#ixzz1Y2SgjA2F

[92nina]

Obama drags out Dems' favorite tax hikes in jobs plan.

Take this article and others I found to the fight to the Libs on their own turf; put the Left on the defensive at Digg and at Reddit and in Stumbleupon and Delicious

[Venturer]

I do not believe the deductions or the tax will hurt the oil companies that much.

It’s gonna hurt the consumer as the tax’s are passed on at the p[ump.

I could be wrong, but it really makes no difference, in the end no matter who is hurt,it is we the Consumer who is going to bend over and have this shoved up our butts.

Thank You Mr. Obama you sorry SOB.

[RexBeach]

So, turning this upside down, if the price of oil goes the way of natural gas, should not the government pay the oil companies huge payments to make up the difference?