Boehner opens door to ending tax breaks for big oil companies

[Janice]

Boehner opens door to ending tax breaks for big oil companies

House Speaker John Boehner (R-Ohio) opened the door Monday to ending some tax breaks for large oil-and-gas producers that Democrats have long sought to eliminate. >>>

Democrats in the Senate have sought to end many of these subsidies now for months, in part to help fund some of their spending priorities, and in part to use Republicans' refusal so far to eliminate the tax breaks as a political cudgel against the GOP. >>>

In terms of the tax credits, Boehner said he disagreed that the credits were "special benefits," but acknowledged that with the country's massive budget shortfall, Congress should keep all options should be on the table.

"It certainly is something we ought to be looking at. We're in a time when the federal government's short on revenues," Boehner said. "We need to control spending, but we need to have revenues to keep the government moving. And they ought to be paying their fair share."

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Anybody with half a brain knows that when you increase expenditures to corporations, the increase is simply passed on to the consumer. But Boehner knows that we arent quite that bright. (Guess he thinks were not much diff than the dummies) In fact it looks like Boehner has figured out the dirty little secret. No matter how many times he slaps us in the face, we'll always come back for more. What do they call that? The Stockholm syndrome? Isnt that what the dem politicians do to their own voter base? And of course rather than reduce big govt spending ... lets just raise the price of gas to the consumer through those evil, rich oil companys. Yeah .. thats the ticket.

 

[RightCoast]

Republicans should never even say revenue. They should only talk about spending.

[NHSparky]

"Tax breaks for big oil?"

Uh, assholes?  Do you realize that while you piss and moan about Exxon's "record profits" of $40 Billion/year, during that same time YOU the ****ing GOVERNMENT, pulled in over $100 BILLION in taxes from that same company?  Taxes which ultimately are paid by the consumer?

Boehner is starting to piss me off.

[Lacarnut]

"Tax breaks for big oil?"

Uh, assholes?  Do you realize that while you piss and moan about Exxon's "record profits" of $40 Billion/year, during that same time YOU the ****ing GOVERNMENT, pulled in over $100 BILLION in taxes from that same company?  Taxes which ultimately are paid by the consumer?

Boehner is starting to piss me off.

The wimpy weak kneed RINO pissed me off the first day he became majority speaker with his crying jag. What a *****.

He has the audacity to state that oil companies should pay their fair share. Either he is stupid or he is a liar. EXXON paid $89 billion in world wide taxes. The oil companies create more high paying jobs and pay more taxes than any other industry in the US.

One of the exemption this numbnut is talking about is the subsidy for the depreciation of plant and equipment that EVERY manufacturer enjoys. Oil depletion is another which would kill off smaller oil companies from drilling. Remove these two exemptions and their will be less production and the price will increase. Any fool knows that if you increase cost on a company, they have no choice but to go up in price. The idiot in office should know that but does not care. He wants to nationalize and regulate the oil companies so bad he can taste it. To make matters worse, we are giving our tax dollars for Latin American countries to drill for oil. If that is not insanity, I do not know what is.     

[Janice]

Republicans Lack Courage on Oil

RUSH:  I don't know if you've noticed it to this detail.  It's why I'm here.  Gasoline prices have gone up again for the 35th straight day.  I kid you not, ladies and gentlemen.  Thirty-fifth straight day.  Now, if there were a Republican in the White House, every network would kick off their evening news broadcast with this day by day count.  Instead, what do we get?  This is great news for America.  It will bring families together by keeping them at home.  It's great news for the planet, there's less driving. It's great news for Obama's bullet train idea.  Oh, yeah, rising gas prices, great, great news, except when they can find a way to rope Republican leaders into it.  >>>

Ladies and gentlemen, the gas price when Obama took office was $1.83 a gallon.  It isn't news.  It's almost never mentioned by our news media.  It's now over 108%, the gasoline price is up since Obama was immaculated.  I mentioned this yesterday.  The EPA, a bureaucracy, has denied Shell Oil a permit to drill off the Alaska coast.  And you know why?  Because the emissions might hurt a tiny village which is more than 70 miles away.  I kid you not.  That's the reason given.  And along the same line it's been reported that seven more oil platforms have left the Gulf of Mexico because they couldn't get permits to drill.  Most of them have gone down to Brazil.  They have gone to Brazil where we are subsidizing Petrobras offshore drilling.  So Shell Oil told by the EPA, you can't drill off Alaska 'cause of pollution.  We got a moratorium on drilling in the Gulf.  Seven oil platforms have shut down and moved to Brazil where we are funding that nation's oil exploration.  What are we doing here?  Well, once again we're talking about raising taxes on the oil companies and ending their subsidies on big oil companies.

==============================

Boehner ... nice guy with no backbone. Too marshmellowy for the fight. Repukes actually make me sick more often than dummocrats. I know that dummys want to take my money and my freedoms - they tell me every day. These repukes tell me otherwise but do exactly the same thing ... I mean, with friends like Boehner, who needs the statists?

Oil companies make 9 to 12 cents per gallon on gasoline. Gov't takes a percentage of the dollar sale - if tax is 8% they take in 32 cents per gallon on $4 gas - who makes more on $4 gas?

What a disappointment Boehner has been. Perhaps Mr. Speaker, when you find a pair ... you could use the phrase "Drill baby Drill". Maybe you can borrow a pair from Sarah.

[Janice]

A leadership deficit amid a budget crisis

This year's budget debate comes as we are in uncharted waters. President Obama, Congress and leading economists all know we are living on borrowed time. If we don't make a major course correction with regard to the federal budget, a major course correction will be forced on us - sooner rather than later. >>> because creditors would never be willing to lend to a government whose debt, relative to national income, is rising without limit."

Waiting on a crisis could lead to a downgrade of the nation's credit rating, a sudden spike in interest rates, a loss of confidence in the dollar or any combination of events that could send our economy into a tailspin. The president and Congress have failed to inform the public about how damaging these events could be. Unemployment could reach 20 percent, real gross domestic production could decline 10 percent to 15 percent, the bottom would fall out of the middle class, and low-income families would have no hope of a recovery. Waiting on this crisis before acting would be like waiting for an opposing army to invade before deciding how to prepare a defense. >>>

The president had an opportunity to provide leadership in his State of the Union address and in his budget but declined. >>> Congress, of course, can do more. We have to offer solutions of our own, conduct aggressive oversight and cut spending. Cutting discretionary spending is not a cure-all but will help us regain the credibility we'll need to reform entitlements. >>>

What America needs now is not division and posturing but real leadership. Instead of campaign rhetoric, the president and Congress need to launch a campaign to educate the American people about this seminal moment in our history. How we respond to our looming debt crisis will determine whether we follow the path of previous republics that drowned under a rising tide of debt or whether we cheat history and continue the great and historical claim of American exceptionalism.

===================================

It never ceases to fascinate me how the RINO republicans seem to think King Stinky would actually want to help America to prosper. How is it that a lowly common person such as myself can see that Stinky relishes presiding over the decline of this great nation? A nation he obviously holds in contempt. A nation he is determined to undermine and impoverish in the very shortest time span that he possibly can because he knows his time might be short.

How is this possible???

Is there some kind of gene deficiency inherent in RINOS? Will they ever be able to see and understand that Zippy is not just incompetent (though he is that too). But he is happy to Shepard this great nation into decline and its intentional and by design. There is no "working with him". Unless you want to help him make us a 2nd or 3rd rate nation.

 :clueless:

[Ptarmigan]

Gas prices and industry earnings: A few things to think about the next time you fill up
http://www.exxonmobilperspectives.com/2011/04/27/gas-prices-and-industry-earnings-a-few-things-to-think-about/

I know this is from the Exxon website, so may think this propaganda. Exxon paid their fair share of taxes. They don't need to be taxed more. Why pile on the oil company. They profit margins are like a 3 cents to the dollar. That's not wide.

[Janice]

A deficit of leaders ... Talk is all they're giving us

On the heels of Rep. Paul Ryan's bold "path to prosperity" proposal to dramatically slash the deficit and retire the national debt, there was House Speaker John Boehner, furiously horse-trading with the Democrats for spending cuts in the 2011 budget. >>>

The president treats our looming fiscal collapse with all the urgency of making a dinner reservation, scores cheap political points, goes blithely on spending and bitterly clings to his outmoded and unaffordable New Deal/Great Society view of government: more, bigger, faster.

In the Senate, Majority Leader Harry Reid, having survived a near-death electoral experience last fall, is a shrunken presence without his House sidekick, ex-Speaker Nancy Pelosi. In the negotiations with Boehner last week, Reid came away with a deal that pleased nobody, with the left accusing him of having caved to the GOP's "draconian" cuts.

But, upon closer examination, those cuts turned out to consist largely of accounting tricks. Which means that, across the aisle, things are even worse.

"Meaningful cuts" was, after all, the GOP mantra going into the talks -- but what they came away with was a handful of sand. The Congressional Budget Office reported yesterday that the deal ac tually trims just $352 million from this year's outlays instead of the advertised $38.5 billion.

Boehner, the perpetually tanned, rested and ready speaker, punted on the conservative base's hot-button issues, including defunding of Planned Parenthood and NPR, settling instead for an on-the-record vote about them down the road.

"We only hold one half of one-third of the federal government," he likes to say -- and while that might be realistic, it's also defeatist.

Collectively, Obama, Reid and Boehner aren't giving us leadership, but government by autopilot -- with the gravy train hurtling toward the cliff.

Did these guys not pay attention to the 2010 elections? Or are they too caught up in the ways of Washington to care? The voters spoke clearly that they wanted an end to business-as-usual inside the Beltway. They wanted a real two-party system, not a cozy racket that prizes "collegiality" above what's best for the country and relies on a fog of accounting tricks to convince the rubes that something is actually happening.

The voters who threw out the Democrats in near-record numbers wanted an end to ObamaCare and a hardheaded approach to reducing the size of government. They wanted a return to the principles of self-reliance and personal responsibility, and made it clear to the politicians that they were prepared to sacrifice for it.

They expected Boehner's Republicans to deliver -- not everything, and not all at once; politics still is the art of the possible. But they wanted to see combat, not watch a fixed fight.

If Boehner can't deliver anything but empty promises, look for a leadership revolution in his caucus before too long.

As for Obama and the Democrats -- well, next year's elections can't come soon enough.

==========================================

Amen. I hope voters remember this in the coming elections. This sort of "leadership" is best left for the "Titanic".

[Lacarnut]

We have another idiot, Paul Ryan, jumping on the wagon regarding removing tax breaks for oil companies. Increasing taxes on oil companies will result in higher prices and less production. These two birds, Boehner and Ryan, are following the Democratic playbook that oil companies do not pay their fair share. That is a crock cause they pay more into the treasury than any other entity.

If tax breaks for oil companies are removed, let's do it for all manufacturers. They do not need deprecation allowances for plant and equipment either. Just watch building and expansion come to a screeching halt. After watching a consultant on TV making plans to help 17 companies to move out of the US, I come to the conclusion that the sorry bastard in the WH and liberal democraps want this country to fail economically so that they can nationalize every industry. Then we will be totally dependent on government.

Also, the administration,the press and dumb ass Republicans use the word subsidies rather than tax exemption in an attempt to fool people. A depreciation write off is a tax break/credit not a subsidy. Subsidy is paying a farmer not to produce a certain crop. At least, that is how I define both terms.

[TVDOC]

We have another idiot, Paul Ryan, jumping on the wagon regarding removing tax breaks for oil companies. Increasing taxes on oil companies will result in higher prices and less production. These two birds, Boehner and Ryan, are following the Democratic playbook that oil companies do not pay their fair share. That is a crock cause they pay more into the treasury than any other entity.

If tax breaks for oil companies are removed, let's do it for all manufacturers. They do not need deprecation allowances for plant and equipment either. Just watch building and expansion come to a screeching halt. After watching a consultant on TV making plans to help 17 companies to move out of the US, I come to the conclusion that the sorry bastard in the WH and liberal democraps want this country to fail economically so that they can nationalize every industry. Then we will be totally dependent on government.

Also, the administration,the press and dumb ass Republicans use the word subsidies rather than tax exemption in an attempt to fool people. A depreciation write off is a tax break/credit not a subsidy. Subsidy is paying a farmer not to produce a certain crop. At least, that is how I define both terms.

At least the way I understand it, Boehner's comment was taken out of context, and the same with Ryan.  They are both proposing elimination of "loopholes" in the tax laws as a part of an included reduction in the overall corporate tax rate.  Based on their initial draft of reducing the maximum corporate bracket to 20%, elimination of this particular "loophole" would be a drop in the bucket.

Everybody realizes that the 4 billion that Obama is talking about is mostly "depletion allowances", which encourage oil producers to work older fields that are not as productive.  It is simply a form of accelerated depreciation.  Further, to place it in context the 4 billion in breaks to the oil companies is actually less than what Obama proposed to hand out to ACORN, before they crashed and burned...........chump change......and demagoguery 

Elimination of depletion allowances for US domestic producers without an offsetting reduction in tax rates will destroy jobs in Texas, Oklahoma, Kansas, and several other older oil producing areas.  Never overlook the unintended consequences of any government action......they are always there.......

One must also consider the fact (which the MSM will never quantify) that a substantial portion of US oil corporations earnings are derived from overseas operations, and not domestic ones.......with severe limitations on domestic production these companies are forced to move more and more operations out of the US......at the cost of jobs as well.


doc

[Ballygrl]

I didn't support Boehner as Speak of the House, he's business as usual.

[Lacarnut]

At least the way I understand it, Boehner's comment was taken out of context, and the same with Ryan.  They are both proposing elimination of "loopholes" in the tax laws as a part of an included reduction in the overall corporate tax rate.  Based on their initial draft of reducing the maximum corporate bracket to 20%, elimination of this particular "loophole" would be a drop in the bucket.

Everybody realizes that the 4 billion that Obama is talking about is mostly "depletion allowances", which encourage oil producers to work older fields that are not as productive.  It is simply a form of accelerated depreciation.  Further, to place it in context the 4 billion in breaks to the oil companies is actually less than what Obama proposed to hand out to ACORN, before they crashed and burned...........chump change......and demagoguery

limination of depletion allowances for US domestic producers without an offsetting reduction in tax rates will destroy jobs in Texas, Oklahoma, Kansas, and several other older oil producing areas.  Never overlook the unintended consequences of any government action......they are always there.......

One must also consider the fact (which the MSM will never quantify) that a substantial portion of US oil corporations earnings are derived from overseas operations, and not domestic ones.......with severe limitations on domestic production these companies are forced to move more and more operations out of the US......at the cost of jobs as well.
doc

I don't think Boehner or Ryan know their ass from the hole in the ground when it comes to the oil industry. They are just caving in like good little RINO weaklings. Boehner stated he wanted to look to see if the oil companies were PAYING THEIR FAIR SHARE. I heard this with my own ears. So, how retarded is that.

If we are going to remove loopholes such as depreciation as you call them, let's do it for green energy and all corporations rather than single out one industry so that we can reduce the corporate rate on all. Looks like me the oil companies are getting screwed on that deal. Plus, like you said, the small companies will be hurt if the depletion loophole is removed.

What Boehner and Ryan have to understand is that Obama and democrats hate the oil companies. I really don't think they get it. We are screwed with these two guys because Ryan's debt reduction plan if fully implemented would still increase the debt. Leave the damn oil companies alone cause they produce more high paying jobs and contribute more money to the treasury than any other industry. Another fact that probably slips the mind of dingbat Repubs is the fact that Obama wants higher gas prices so that people will buy the greenie cars. This is not rocket science.   

[The Hollywood NeoCon]

I posted this over in Political Ammo, FWIW

What are these, exactly? Because it sounds as if the government has given a huge break to this industry specifically, doesn't it? But nobody says what they are.

(I'm ignoring, for the moment, the stupidity of increasing the price of any commodity because we all know that price is passed on to the consumer.)

Every time prices increase (and often as a result of their friggin stupid policies such as shutting down drilling in the gulf, nixing pipelines and the ******* MOSQUITO AND MOOSE RESERVE ANWR), we hear Democrats bang this "no more subsidies for big oil" drum like monkeys on crack.

Well what's a "big oil tax subsidy?" I know of one. Section 199.

IRS Code Section 199

    SEC. 199. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES.

    (1) IN GENERAL- There shall be allowed as a deduction an amount equal to 9 percent of the lesser of--

    (A) the qualified production activities income of the taxpayer for the taxable year, or

    (B) taxable income (determined without regard to this section) for the taxable year.

This deduction was passed in 2004 as part of the American Jobs Creation Act of 2004, and is applicable to all domestic manufacturers.

Not just ExxonMobil and ChevronTexaco.

All. Domestic. Manufacturers. Companies that make soft drinks. Light bulbs. Bedding. Cigarettes. Booze. Condoms (see what I did there?)

Tupperware, Ford, Phillip Morris, Coca Cola and Louisville Slugger. Even Proctor and Gamble. Any company that makes something, here in the US qualifies for a deduction under Section 199. Even ethanol producers.

Except oil companies only get a 6% deduction.

Now, look, it's more complicated than I just described, there are limitations to the deduction that are related to W-2 wages for work performed specifically on the productive effort, the point is, a) it isn't just an oil company tax break and b) other manufacturers who are not filthy oil barons get more of it that the oil companies do.

So here's a suggestion. If you happen to be at a Town Hall, or some event where your duly elected representative to the United States Congress utters these words, walk up to the microphone, be polite, and ask that jackass "could you please explain just ONE of these tax subsidies for oil companies? Just one, that specifically favors them and no other industry"?

Have fun with it. Be playful. People like "playful."

[Lacarnut]

I posted this over in Political Ammo, FWIW

What are these, exactly? Because it sounds as if the government has given a huge break to this industry specifically, doesn't it? But nobody says what they are.

(I'm ignoring, for the moment, the stupidity of increasing the price of any commodity because we all know that price is passed on to the consumer.)

Every time prices increase (and often as a result of their friggin stupid policies such as shutting down drilling in the gulf, nixing pipelines and the ******* MOSQUITO AND MOOSE RESERVE ANWR), we hear Democrats bang this "no more subsidies for big oil" drum like monkeys on crack.
Well what's a "big oil tax subsidy?" I know of one. Section 199.

IRS Code Section 199

    SEC. 199. INCOME ATTRIBUTABLE TO DOMESTIC PRODUCTION ACTIVITIES.

    (1) IN GENERAL- There shall be allowed as a deduction an amount equal to 9 percent of the lesser of--

    (A) the qualified production activities income of the taxpayer for the taxable year, or

    (B) taxable income (determined without regard to this section) for the taxable year.

This deduction was passed in 2004 as part of the American Jobs Creation Act of 2004, and is applicable to all domestic manufacturers.

Not just ExxonMobil and ChevronTexaco.

All. Domestic. Manufacturers. Companies that make soft drinks. Light bulbs. Bedding. Cigarettes. Booze. Condoms (see what I did there?)

Tupperware, Ford, Phillip Morris, Coca Cola and Louisville Slugger. Even Proctor and Gamble. Any company that makes something, here in the US qualifies for a deduction under Section 199. Even ethanol producers.

Except oil companies only get a 6% deduction.

Now, look, it's more complicated than I just described, there are limitations to the deduction that are related to W-2 wages for work performed specifically on the productive effort, the point is, a) it isn't just an oil company tax break and b) other manufacturers who are not filthy oil barons get more of it that the oil companies do.

So here's a suggestion. If you happen to be at a Town Hall, or some event where your duly elected representative to the United States Congress utters these words, walk up to the microphone, be polite, and ask that jackass "could you please explain just ONE of these tax subsidies for oil companies? Just one, that specifically favors them and no other industry"?

Have fun with it. Be playful. People like "playful."

Good post. A loophole that that should be closed is one where corporation losses from overseas activity can be used to reduce profits in this country. It is my understanding that profits earned by a US corporation is not subject to taxes here so why should losses be allowed. That is how GE avoided paying any tax

[TVDOC]

Good post. A loophole that that should be closed is one where corporation losses from overseas activity can be used to reduce profits in this country. It is my understanding that profits earned by a US corporation is not subject to taxes here so why should losses be allowed. That is how GE avoided paying any tax

Losses are allowed (generally) because a corporation that derived income from offshore operations, also has to pay taxes on that income in the country in which the revenue is generated........those taxes are applied as a credit to potential taxes owed here in the US. 

However.....most multinationals generating (and paying taxes) on offshore revenue reinvest that revenue offshore, so it never falls into the greedy clutches of the IRS.  If they can locate operations in a place with low (or no) corporate taxed.....Ireland, and Singapore for exaample, they don't even have to report those revenues to US stockholders, or the IRS.....it's none of their business.

The principle is identical to an individual's tax return who works in one state here, and lives in another.  Or a US citizen living and working overseas.....so long as the income doesn't come into the US, it can't be taxed.

doc

[Janice]

Everybody realizes that the 4 billion that Obama is talking about is mostly "depletion allowances", which encourage oil producers to work older fields that are not as productive.  It is simply a form of accelerated depreciation. >>>

Elimination of depletion allowances for US domestic producers without an offsetting reduction in tax rates will destroy jobs in Texas, Oklahoma, Kansas, and several other older oil producing areas.  Never overlook the unintended consequences of any government action......they are always there.......

doc

Yes. That is what this little "ending tax breaks for big oil companies" is really all about. (Notice the reaction this headline gets sometimes) Except contrary to how the left on Crapital Hill and the media (thru misleading headlines) would like to portray it, this is primarily meant to drive the wildcatters, the independents and the small oil producers out of business. Theyve already driven most of the big producers away ... now theyre simply "cleaning up' whats left. These clowns are working overtime to drive this economy into the dirt as fast as humanly possible, all the while keeping most of us in the dark via obfuscation and slight of hand. This is nothing less than financial and economic depression (in business terms) in action. This is all about repression thru totalitarian tactics. And unfortunately we have GOP 'leaders' more than happy to 'play along' for whatever their petty reasons. This is why elections matter. Business as usual, contrary to what the GOP thinks must not be tolerated anymore if we are to survive with our liberties intact. This is the hard reality.

[Lacarnut]

Losses are allowed (generally) because a corporation that derived income from offshore operations, also has to pay taxes on that income in the country in which the revenue is generated........those taxes are applied as a credit to potential taxes owed here in the US. 

However.....most multinationals generating (and paying taxes) on offshore revenue reinvest that revenue offshore, so it never falls into the greedy clutches of the IRS.  If they can locate operations in a place with low (or no) corporate taxed.....Ireland, and Singapore for exaample, they don't even have to report those revenues to US stockholders, or the IRS.....it's none of their business.

The principle is identical to an individual's tax return who works in one state here, and lives in another.  Or a US citizen living and working overseas.....so long as the income doesn't come into the US, it can't be taxed.

doc

Since profits offshore that stay offshore are not subject to taxation in the US, why should losses overseas be allowed. Looks like double dipping to me.

GE has more tax breaks and subsidies than you can shake a stick at. Immelt and Rangel belong in jail for their crooked dealings that have cost the treasury big bucks.

[DumbAss Tanker]

4 billion means Jack Shit to the oil industry, they'll never feel it, and while they're certainly going to just pass it through, the impact is going to be neglible compared to everything else the Oministration is doing to throw gas on the price escalation fire. 

Reasonable tactical decision on Boehner's part under all the circumstances, it gives the GOP running room with the independents next year instead of letting the Dems be able to run around screaming that they're "Big Oil's bitch." 

[TVDOC]

Since profits offshore that stay offshore are not subject to taxation in the US, why should losses overseas be allowed. Looks like double dipping to me.

GE has more tax breaks and subsidies than you can shake a stick at. Immelt and Rangel belong in jail for their crooked dealings that have cost the treasury big bucks.

Some companies (Exxon for example) DO bring their revenues back to the US mostly to finance R & D, therefore those revenues are subject to US taxation AFTER applying credit for the foreign taxes they have paid on the same revenue.....it's not "double-dipping".  They are paying taxes, just not all of them to the US Treasury.

Regarding GE.....I agree with you, HOWEVER, their "big-ticket" items are nuclear and hydroelectric power plants, as well as  aircraft engines, most of which are sold overseas........particularly the nukes, which they can't sell here for obvious reasons.  GE's other domestic operations (such as broadcasting and entertainment)  have been hemorrhaging cash for a decade or more.  One doesn't need to pay taxes on losses (and they can carry them forward from year to year).  I suspect their cosy relationship with the Obama administration is survival instinct more than anything else, since they do have a sizable number of DoD contracts.

doc

[Lacarnut]

4 billion means Jack Shit to the oil industry, they'll never feel it, and while they're certainly going to just pass it through, the impact is going to be neglible compared to everything else the Oministration is doing to throw gas on the price escalation fire. 

Reasonable tactical decision on Boehner's part under all the circumstances, it gives the GOP running room with the independents next year instead of letting the Dems be able to run around screaming that they're "Big Oil's bitch." 

Killing off the depletion tax break for Exxon would not mean Jack Shit to them but it would make a huge difference to small operators.

Boehner is a dumb ass that knows nothing about the oil industry, and is a comprising weakling RINO. Leave the oil companies alone. They pay 30 to 40 per cent in taxes and go after the companies that do not pay shit like GE. The rate that corporations pay is around 9%.

Obama and the Democrats are going to scream racism, kicking old people to the curb, party of the rich, etc. So, what else is new if they scream about big oil being evil. Hell, they are going to do that if you take every dime in profits the oil companies make. 

[TVDOC]

Boehner is a dumb ass that knows nothing about the oil industry, and is a comprising weakling RINO. Leave the oil companies alone. They pay 30 to 40 per cent in taxes and go after the companies that do not pay shit like GE. The rate that corporations pay is around 9%.

Obama and the Democrats are going to scream racism, kicking old people to the curb, party of the rich, etc. So, what else is new if they scream about big oil being evil. Hell, they are going to do that if you take every dime in profits the oil companies make. 

I'm not in favor of turning our political momentum into a "circular firing squad" over the oil issue.

Demagoging the oil industry and playing class warfare are the only cards the Dems have left to play, especially  since with every day that passes more citizens wake up to what a complete utter failure Obama and his policies are.

We would be better served IMO to maintain focus on winning big in 2012........not throwing grenades at what limited leverage we have in DC at the moment........

doc

[Lacarnut]

I'm not in favor of turning our political momentum into a "circular firing squad" over the oil issue.
Demagoging the oil industry and playing class warfare are the only cards the Dems have left to play, especially  since with every day that passes more citizens wake up to what a complete utter failure Obama and his policies are.
We would be better served IMO to maintain focus on winning big in 2012........not throwing grenades at what limited leverage we have in DC at the moment........
doc

Why not put up a fight? When are the limp dick RINO's in Congress going to put up a fight? Not on the budget and probably not on raising the debt ceiling. Next year's budget will be the same. Ryan's 10 year plan is a joke cause it slows the growth of government down but remains still in deficit mode.
 
Do away the depletion allowance and you will hurt production in the US and prices will increase. I have never heard of an increase in taxes doing otherwise.

So what you are saying is that Repubs should allow the Democrats to set the agenda on energy. How about these wimps in Congress nail Obama for his hatred of big oil and shutting down production in the Gulf. Why can
not the dummies in Congress tell the American people that the Federal government and states make 4 or 5 times as much as the oil companies on a gallon of gas. I guess they are too stupid or chickenshit to do that. Tell you what, it makes little difference if the Repubs win the Presidency and the Senate with the same mousy lame Republician leaders as we have now.

Prices are going to stay high. You don't think that eliminating the tax breaks is going to help reduce prices do you? Obama wants high gas prices so that green energy will be more economical. Anyone that does not believe that is living in la la land.    

[TVDOC]

Why not put up a fight? When are the limp dick RINO's in Congress going to put up a fight? Not on the budget and probably not on raising the debt ceiling. Next year's budget will be the same. Ryan's 10 year plan is a joke cause it slows the growth of government down but remains still in deficit mode.
 
Do away the depletion allowance and you will hurt production in the US and prices will increase. I have never heard of an increase in taxes doing otherwise.

So what you are saying is that Repubs should allow the Democrats to set the agenda on energy. How about these wimps in Congress nail Obama for his hatred of big oil and shutting down production in the Gulf. Why can
not the dummies in Congress tell the American people that the Federal government and states make 4 or 5 times as much as the oil companies on a gallon of gas. I guess they are too stupid or chickenshit to do that. Tell you what, it makes little difference if the Repubs win the Presidency and the Senate with the same mousy lame Republician leaders as we have now.

Prices are going to stay high. You don't think that eliminating the tax breaks is going to help reduce prices do you? Obama wants high gas prices so that green energy will be more economical. Anyone that does not believe that is living in la la land.    

You're preaching to the choir.........I can't disagree with your points.  I am just pragmatic enough to understand that with the rather tenuous grip that Republicans have on power in DC right now, you won't see anything short of stopping the advance of Obama's agenda........reversing it will take big wins in 2012........

doc

[DumbAss Tanker]

Why not put up a fight? When are the limp dick RINO's in Congress going to put up a fight?

On this issue, because we'd lose, and play straight into the hand our enemies are trying to deal us to make sure we keep losing and Obama gets a second shot at hosing up the country even worse than he has already.

In a democracy, even if something is economicially stupid but only 1% of the population thinks so and 85% of them think it's a keen idea, you can either stand aside, or stand in the way and get crushed.

[Lacarnut]

You're preaching to the choir.........I can't disagree with your points.  I am just pragmatic enough to understand that with the rather tenuous grip that Republicans have on power in DC right now, you won't see anything short of stopping the advance of Obama's agenda........reversing it will take big wins in 2012........

doc

Reversing what Obama has done so far will take 5 or more years, and Obamacare may never be fully reversed. In the next 19 months of Obama's term, he will stop at nothing short of price controls and nationalizing the oil industry cause he hates the oil companies. He sees Republicans as weaklings, and in his negotiations with them, he will tell them to bend over cause I am going to screw you. For the life of me there are so many other things that Boehner and Ryan could come up with to reduce the deficit rather than dump on the oil companies FIRST. Political expediency and stupidity is no reason to take tax breaks away from the oil companies and give them to the greenie energy. That is not called fairness.