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Posted on 04/29/2011 12:02:34 PM PDT by NormsRevenge
WASHINGTON (Reuters) – House Budget Committee Chairman Paul Ryan said on Thursday he supports cutting tax breaks for the oil industry as lawmakers search for ways to battle rising gasoline prices.
In response to a question at a town hall meeting in Waterford, Wisconsin, the Republican congressman said he agreed that oil company subsidies should end.
"We're talking about reforming the safety net, the welfare system, we also want to get rid of corporate welfare," Ryan said to applause.
A video of the question and answer was posted online in a blog run by the liberal-leaning Center for American Progress Action Fund.
A spokesman for Ryan was not immediately available for comment.
A statement from his office to the Politico news organization said the House of Representatives-passed budget resolution "clearly states that as part of an overall corporate tax reform, tax loopholes and deductions for all corporations should be scaled back or eliminated entirely. That obviously includes oil companies."
On Monday, House Speaker John Boehner said Congress should "take a look" at the multibillion-dollar subsidies to oil companies.
"It's certainly something we should be looking at," Boehner said in an ABC News interview. "We're in a time when the federal government's short on revenues. They ought to be paying their fair share."
U.S. President Barack Obama sent a letter to congressional leaders on Tuesday urging them to follow up on his repeated calls to scrap $4 billion in subsidies to the oil and gas industry.
Republicans long have argued that killing the tax breaks ultimately would increase, not lower, retail gasoline prices.
(Excerpt) Read more at news.yahoo.com ...
When you make $10 Billion in profits in 12 weeks, why do you need subsidies? This is a rip off.
On Monday, House Speaker John Boehner said Congress should “take a look” at the multibillion-dollar subsidies to oil companies.
“It's certainly something we should be looking at,” Boehner said in an ABC News interview. “We're in a time when the federal government's short on revenues. They ought to be paying their fair share.”
U.S. President Barack Obama sent a letter to congressional leaders on Tuesday urging them to follow up on his repeated calls to scrap $4 billion in subsidies to the oil and gas industry.
Republicans long have argued that killing the tax breaks ultimately would increase, not lower, retail gasoline prices.”
Are the Republicans out of their freakin minds? Raising taxes on corporations! Ya that's what we need.
We need to send these guys one last communication.
Start applying conservative principles, conservative policy, and speaking the truth to the American people or we will PRIMARY EVERY DAMN ONE OF YOU!!
We could use a moratorium on the fed and state gas taxes .. anything.. unfortunately, until siphoning reaches epidemic proportions .. We NeeD R E L I E F ..
I have been warning you about this for weeks. Ryan and others are getting killed in these Town Hall meeting (on camera) because the Democrats, independents, whoever (they look like white middle class ~ 50s and 60s) came in to them with prepared scripted questions/Dem talking points like :”Why are you taking away my medicare to pay for tax subsidies to the big oil companies, and tax cuts for the rich?” and caught them off guard. It was like they were completely unprepared for these questions.
Giving in on the vote is just the formality in politics, it's the losing the debate (in voters eyes ) that is the loss. Republicans should have been prepared.
Some talk radio talk show hosts wont tell you this, they will say it's all imaginary or made up(unless its polls against Obama-care). But they dont have to be re-elected.
You’ll never get relief from this president. He won’t be happy until he puts us all into slavery and turns our country into sand......like Saudi Arabia.
“...as part of an overall corporate tax reform, tax loopholes and deductions for all corporations should be scaled back or eliminated entirely. That obviously includes oil companies.”
The important words there are: “as part of an overall corporate tax reform.”
The oil companies are on board with this, and there is no need to get all exercised about it unless the current deductions are disallowed and tax reform does not get passed. I’m confident they have taken care of that possibility.
The best solution would be to eliminate corporate taxes, but that’s not politically feasible in this environment. Baby steps, baby steps.
I stick with Ryan. Our fiscal programs and processes and regulation are a disaster no matter what file folder you open, whether its the red ink in Defense, Education, Health Care or Entitlements. China owns it all. What would be wrong with large cutting across the board and rebuilding essentials as needed, the rebuilding starting with Defense and Entitlements only for the poorest of the poor?
McDonald’s has a much higher profit margin, iirc.
What about them?
Apple has ungodly profit margins compared to Big Oil.
What about them?
As far as subsidies, it’s a BS argument.
http://www.powerlineblog.com/archives/2011/04/028921.php
Infiltrated town halls are going to be routine, along with bleating out the old stand by, the racism card, so we have to get out in front of these tools of combat by exposing them loud and clear, and 24/7. Informing the black populations is a good destination while they are in the wake up mode beginning to see that Obama’s Plantation politics wants them kept, lock-stock-barrel in the field.
We have so-o-o much going for us if we saddle up and deliver the dang message!
Cut the subsidies, they don’t care they will just raise the price.
We need to cut the subsidies for all the industries ! Deregulate the industries and they will take care of the growth ! Every dollar needs to be saved! It should not be just government spending !
If they are going to have a Town Hall meeting they need to be able to explain why their specific policies are specifically good for their voters. Is this too abstract of an idea? (rhetorical question) If they cant they shouldnt have them. Jeeze!
The Democrat talking points they are being hit with are on MSNBC every night for over a month now, and Obama is repeating them. So how can they be so unprepared? They cant expect their audience to be all Rush fans, unless they are stupid.
The principled Conservative position is that no private sector enterprise should receive taxpayer subsidies.
I make about $1000 per year for my oil lease. I am allowed to deduct 15%, or $150 that I don’t have to pay taxes on. I am taxed on the rest. The reason that I get this DEPLETION DEDUCTION, it is not a subsidy, is because my little one acre of land is now worth less because oil has been pumped out of it. The land owners are for the most part little guys (and gals). How does increasing taxes lower gas prices, anyway. (Taking away a tax deduction = increasing taxes.)
A tax deduction is one thing. An incentive is something else.
You are making the point that the mineral reserve is finite and like capital equipment (that is depreciated) is used up over time.
The problem is that the oil companies buying the oil leases get a depletion allowance for their portion of the cost as well. In the late 1920s as I understand the history, the IRS wanted to quit paying for the depletion allowance share of unproductive or dry leases the oil companies bought up. So they said to the oil companies, we only want this deduction (allowance) going on your expense side if it is a set amount per gallon produced — in other words, we don’t want to let you expense anticipated usage on something that is a loss or risk — charge that one time only.
Now, they think of that as too much money kept by producer and property owner.
Granted that a lot of this is to encourage of help a particular industry, but change should be careful reform and to quickly implemented so as to not harm peoples property and income.
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