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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBig Oil's Billions in Tax Perks Survive Fiscal Cliff Deal
http://www.motherjones.com/mojo/2013/01/big-oil-tax-subsidy-fiscal-cliffEverything 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 companiesBP, Chevron, ConocoPhillips, ExxonMobil, and Shellwould'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. ....
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 companiesBP, Chevron, ConocoPhillips, ExxonMobil, and Shellwould'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
pscot
(21,023 posts)1. A billion here, a billion there
Pretty soon you're talking about real money.
SammyWinstonJack
(44,129 posts)2. Oh, what to say....
R. Daneel Olivaw
(12,606 posts)3. Oh, what to say?
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.