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Posted on 08/12/2011 9:16:56 PM PDT by NoLibZone
The recent debt ceiling debate has prompted increased focus on deficit reduction, with President Obama and congressional leaders proposing various cuts and tax increases aimed at moving the budget towards balance. As has become typical, for President Obama and his friends in Congress, this means targeting the oil and gas industry with proposals to nix tax credits and deductions that are broadly available across industries well beyond oil and gas.
But a resumption of drilling would pour $44 billion into the American economy, create 230,000 jobs and, what’s more, increase tax revenues from American oil and natural gas companies by $12 billion, according to GEST.
This tallies with the overall conclusions of Dr. Joseph Mason, who considers that we could achieve $8 trillion in new economic output over the next 40 years, meaning $2.2 trillion in tax and royalty revenues, from new drilling.
(Excerpt) Read more at biggovernment.com ...
Big problem. Your using Logic. Logic has no place in the white house at this time.
Canada lowered Corp tax rates from 42% to 15% and business is booming for them.
Guess whats happened to their revenues and deficit?
Reagnomics works every time!
Arrest Bam first.
Yes, exactly. Drill here, drill now, pay less.
Guess whats happened to their revenues and deficit?
Reagnomics works every time!
I was gobstopped when my broker suggested that I should arrange my investment affairs on the premise that the government would raise the capital gains tax "because the government needs revenue." I told him that I would count on the Republican majority in the House to prevent any such thing - and I would contribute to the primary opponent of any Republican who failed in that duty. I also pointed out that every time the capital gains tax rate has been raised it has yielded less revenue, and every time the rate has been lowered it has yielded more revenue.I didn't think of the actual killer argument - which is that his very proposals for what I should do before an increase in the cap gains tax rate would contribute to assuring the very drop in revenue which I was projecting. Next time I speak to him, I'll mention it; I wonder what his response will be to that.
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