Any idea how much bottled water companies make per gallon compared to oil companies? Did you know that it takes about 47 million barrels of oil a year to produce the plastic for the water? Which is worse and why is there no outrage about bottled water companies like there is about oil companies? These bottled water companies also get deductions...why not go after them too?
The left is angry because they are now being judged by the content of their character and not by the color of their skin.
1) Intangible drilling costs is a cost of doing business... Nobody is forcing them to be in that business... My tax dollars do NOT need to subsidize their "intangibles."
2) Same
3) Same
What's DISHONEST is the oil companies crying for $4 BILLION a year of MY TAX DOLLARS to subsidize their obscene profits that they're gouging us for. Production is NOT the problem... They decide they want more profits, they deliberately limit the amount they produce... OPEC wants more money per barrel...It's not a production problem... They just withhold more to drive up the prices... But the companies want US to subsidize their profits?... THAT's what's obscene.
Talk about dishonest. The federal government does not subsidize, that is to say it does not write a check to, Big Oil out of the tax dollars you pay. It gives them tax deductions for their business costs, just as it does for every business, to give incentive to invest capital rather than save it.
Tax exemptions and tax deductions are not government subsidies. Paying a farmer not to grow anything on his land is a government subsidy. Paying "benefits" for 99 weeks to an unemployed person is a government subsidy. Paying a landlord part of the rent in Section 8 housing is a government subsidy. Writing a refund check to return excess taxes that were collected by the government that were not owed to it is not a government subsidy. Allowing you do deduct the interest you paid on your mortgage prior to arriving at your taxable income is not a government subsidy. Cash for Clunkers was a government subsidy. Rebating the cost of purchasing alternative energy is a government subsidy, allowing you to deduct the cost from your income before your taxable income is derived is not.
Exemption, deduction and subsidy are not interchangeable terms my friend. A subsidy is something that the federal government does with the money it has collected. Allowing you to deduct the cost of something prior to figuring out how much of your money you must remit to the government in taxes is not a government subsidy.
