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Coyotl

(15,262 posts)
Fri Jan 4, 2013, 10:35 AM Jan 2013

Big Oil's Billions in Tax Perks Survive Fiscal Cliff Deal

http://www.motherjones.com/mojo/2013/01/big-oil-tax-subsidy-fiscal-cliff

Everything was supposed to be "on the table" in the crafting of deal to avert the so-called fiscal cliff. But in the end, congressional Democrats and Republicans skipped over some of the most glaring tax perks and giveaways. Case in point: Congress didn't touch billions of dollars a year in freebies to the oil and gas industry that pad the profit margins of companies such as ExxonMobil and BP.

The final fiscal cliff deal does not touch oil and gas subsidies, confirms Rory Cooper, a spokesman for House Majority Leader Eric Cantor (R-Va.). Ending the costliest tax breaks for oil and gas companies would have raised tens of billions of dollars in revenue. Trimming just a handful of these breaks for the big five companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—would've raised $24 billion over the next decade. President Obama's 2012 budget proposal called for ending 13 breaks benefiting oil and gas companies of all sizes; it would have saved $46 billion over 10 years. ....
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Big Oil's Billions in Tax Perks Survive Fiscal Cliff Deal (Original Post) Coyotl Jan 2013 OP
A billion here, a billion there pscot Jan 2013 #1
Oh, what to say.... SammyWinstonJack Jan 2013 #2
Oh, what to say? R. Daneel Olivaw Jan 2013 #3
 

R. Daneel Olivaw

(12,606 posts)
3. Oh, what to say?
Fri Jan 4, 2013, 11:06 AM
Jan 2013

46 billion over ten years could buy a lot of:

infrastructure repairs: roads and bridges

meals for hungry kids

low-no interest education/retraining loans for the out of work

research/development into wind, solar ...fusion(?)

cancer research

AIDS research

the list goes on...


But why do we give a subsidy to those fatcats who don't need it and just pass it along to their top echelon or to the republicans, via campaign funds, is beyond me.

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