Posted on 07/06/2010 3:38:16 PM PDT by citizenredstater9271
The American Petroleum Institute on Tuesday began running ads in opposition of a decision by House Ways and Means Chairman Sandy Levin (D-Mich.) to pay for his green energy tax bill by rescinding several tax breaks benefiting the oil and gas industry. The ads are slated to run in 10 states and depict the tax increases as job killers. The 15- and 30-second ads will attempt to show voters that increasing taxes on an industry that supports 9.2 million jobs and represents 7.5 percent of the country’s GDP will have a devastating effect on the economic rebound.
“The ads are part of the national debate on energy and tax policy,” said API President and CEO Jack Gerard in prepared remarks. “We hope they will help ensure decisions affecting our economic and energy security are not made in a vacuum or based on incomplete information.”
It remains unclear if Levin will host a markup on his bill. Congressional sources told The Hill that Speaker Nancy Pelosi (D-Calif.) will be the one who decides if the legislation will be marked up. The so-called tax extenders bill that failed to pass the Senate was not subjected to a markup and contained several controversial tax increases. One increase aimed at S corporations taxed retained earnings. Some lawmakers have pointed to that measure and strongly hinted that had the legislation gone through the markup process it might have passed the Senate.
(Excerpt) Read more at thehill.com ...
Whether it's an indirect tax, or a direct tax, the Socialists are for it. This should create more "Government Jobs", to oversee, over-staff, payoff friends, etc., as always.
In the real America, technology was developed by private industry, through innovation that paid off when the end-product became an economic and desirable product.
In the government-backed scheme, we eliminate competition and discourage innovation, and we channel taxpayer funds to favored contributors who produce non-economic and undesirable products (or none at all), and fleece the taxpayer to do it. Without subsidies, this Green crap can't survive or compete with current technology/production. If green energy were competitive, it would already be here. There needs only to be incentive to innovate, which is economically viable product....NOT a taxpayer subsidized uneconomic shove-it-down-your-throat crap product.
The left thinks that depletion is a subsidy. I contend that depletion is a valid business expense. Perhaps someone in the oil and gas industry can comment on the elimination of depletion as a business expense.
A lot of those companies supported Duh Won. BP was one of them. lol.
A voice with facts on his side. Nice post.
I have spent my whole career in oil and gas. OF COURSE depletion is a valid business expense - it is the equivalent for the reserves being produced, that depreciation is for machinery in a factory. It is the recognition of the cost of a wasting asset. Some might not like revenue-based percentage-based depletion, as opposed to cost-of-the-asset based depletion, however. But, that is the law that Congress, in its wisdom, has enacted.
Well stated. Agree...
LOL the socialist left is chipping away at the free market and our constitution. Global warming is a hoax. The world is starting to realize that.
Of course, the legislation they are fighting is really no different than job-killing, tax-raising bills the Democrats have passed on health care, banking etc.
They all attack a vital segment of our economy with outlandish taxes that will kill jobs and raise costs while assassinating a free-market economy and yet the media and the administration will continue to blow happy smoke up our butts about how we are in recovery and how those mean Republicans are the only thing holding them back when nothing could be further from the truth.
How long are we going to tolerate these communists lying to us before we respond with desperate measures?
People won't care unless they see how it is going to effect them. And we have too many people who won't connect the dots until it is too late.
What most people outside industry don’t know, is that any mineral owner under production, ie farmers, ranchers, regular landowners, etc., ALL get to take advantage of the depletion allowance.
Are they going to take away depreciation write offs for homeowners next?
Also being discussed is the elimination of tangible and intangible write-offs-—something that EVERY MANUFACTURING INDUSTRY gets as a write off. Try telling a builder or developer he can no longer write off the cost of materials, etc.
The industry depends on large amounts of investment capital that is, in part, drawn by the tax write offs. Lose that and we’ll see a 20-30% immediate drop in wells drilled. Wait till the price increases from that hit home.
And therein is the problem. As it was with the masses voting in Clinton (TWICE!), it is with Obama. If Clinton had not let Osama off on a technicality (so he says anyway) we wouldn't have had 9/11. The masses have not realized their folly until it was too late to do anything about it. Nothing short of a bloodbath in November will turn the tide of events that Obama and crew have set in motion.
Claire McCaskill of Missouri is running a greenie campaign ad using a military war vet “who talks about his fight for oil and how the wonderful McCaskill wants solar power and ad naseum which will KILL ..strike that..I mean create alot of jobs. If the people in MO buy that...shame on them
A lot of industries donate to both candidates in a major election. Some get more than others.
How’s that working out for them?
Unfortunately, we all ended up with this zipperhead who doesn't know squat except spend and steal.
But simply put, not one person I know in the oil patch voted for the current occupant at 1600 Penna. Ave., nor would they ever.
fyi
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