Originally Posted By: Drew99GT
Originally Posted By: jsharp
I keep hearing about all of these oil company subsidies. what are you talking about?
You seriously don't understand how much the oil industry is subsidized? As an example, with all provisions in the tax code for the oil industry, they pay on average almost 10% less in taxes than all other corporate industries.
http://www.ucsusa.org/clean_vehicles/fuel_economy/subsidizing-big-oil.html
http://media.cleantech.com/node/554
Gee, I wonder why the current administration and former Elephant Congress wouldn't do the same for new energy technology.
The only comedy I see is people on this board who are "let the market work this out" folks, get their panties in a wad when someone like Boone Pickens comes along and "wants to let the market work it out". He's investing his own money into mass alternative energy and the first private citizen to do so on this level. I'll stay with Al on this one - we better get a lot more Pickens out there to start investing in alternative energy, or we'll end up in the scrap heap of history.
Pickens isn't asking to let the market work. He's looking for tax dollars to make it work the way he wants. Big difference.
I do love these from your link though -
# reduced corporate income taxes for the oil industry
Is their tax rate lower than other industries? Show us the tax code. Because if it's just a case of investments offsetting tax liabilities then lots of industries have that. Ones with large investments needed in particular.
The claim is "effective income tax rate of 11% for the oil industry', compared to the non-oil industry average of 18%" No one pays the average by the way. Some pay more, some pay less. We could eliminate certain investment credits I suppose.
But most of the clean and renewable energy companies in particular have massive credits and subsidies. Are you all for eliminating those too? I somehow find that doubtful...
# lower than average sales taxes on gasoline
The reason being that there are other taxes paid on a gallon of fuel instead of or in addition to the nominal sales tax. Other products have varied taxes such as food and drugs. Want to eliminate all of those?
But look, if it's such a big problem, how about we just raise the fuel tax? You're aware of course that oil companies don't pay that tax, the consumer does. So you won't be hurting Big Oil in any way.
# government funding of programs that primarily benefit the oil industry and motorists.
My favorite. In particular - programs that benefit *motorists* The people that by the way are the source of revenue in the first place. Wouldn't want them to keep some of their money or get something back for it would we?
# "hidden" environmental costs caused by motor vehicles, namely air, water, and noise pollution.
Please. You're blaming oil and the oil companies for X amount of pollution as measured by whatever standard the legislature comes up with this year? You know, the same can be said for virtually any industry and if you work the numbers enough you can make them say something.
But no problem. Lets not just "externalize" the cost of oil and the oil business, lets be fair and do it with *every* industry. I'm all for it. You?
And let's not forget as you as you whine about the Elephant administration and attempt to blame it all on them - Gas was roughly $2.25 a gallon when the Donkeys took control of congress. According to their lies, Job One for them was to get the price down.
How much is now?
Great Job!!