As we all know, they really aren’t subsidies, they’re tax breaks, most of which are available to lots and lots of companies who do other types of business. We also know that when you raise taxes the costs are rarely eaten by the companies
Treasury says plan to end fossil fuel subsidies would bring in over $35 billion
The Treasury Department estimates its plan to end subsidies for fossil fuel companies would bring in over $35 billion in federal revenue over 10 years.
Driving the news: “The main impact would be on oil and gas company profits. Research suggests little impact on gasoline or energy prices for U.S. consumers and little impact on our energy security,” officials said in a report on the wider White House tax policy proposal.
- The White House has not spelled out precisely what tax code provisions that affect fossil fuel companies they want to change.
- But past Democratic proposals have taken aim at areas like write-offs for certain drilling costs and the oil-and-gas industry’s eligibility for deductions on manufacturing income.
- The White House is looking to boost tax revenue from the oil industry while expanding tax incentives for renewable power, creating new transmission and storage credits and more.
The other side:Â The oil-and-gas industry argues that it doesn’t get special treatment under the tax code, and instead uses provisions aimed at spurring a wide range of business investment.
It’s always great when you have people making tax and monetary policy who have no experience working in the private sector, at least not anytime this century, eh? Seriously, all these fossil fuels and energy companies should just not sell their product to the White House. Let’s see how well they operate. Also, isn’t it required for Congress, specifically the House of Representatives, to change provisions of the tax code? That’s what my copy of the Constitution states.
But, take away those write-offs and deductions and the money gets passed on to the consumer. It means less investment, fewer pay raises for employees. None of this happens in a vacuum, as these Government fools always determine.
Meanwhile, John Kerry continues to be very silly in India
Biden will restore U.S. credibility on climate change, says John Kerry
…
“[Former President Trump] shot America’s credibility in the head and turned his back on science,†Mr. Kerry said in response to a question from The Hindu at a media roundtable at the end of his visit, referring to the U.S. decision to pull out of the Paris agreement (UNFCCC) on climate change in 2017.
“The United States comes back to the table understanding this obligation, understanding what we need to do, we come back with humility. We come back knowing that the for the last four years we’ve disappointed people,†he added, but pointed out that many U.S. states and cities had stayed the course on climate change mitigation despite Mr. Trump’s pull-out from the agreement.
This after taking a long fossil fueled flight almost halfway around the world.
Yet
What a load! Thanks Joey.
Bwaha! Lolgf
Teach the oil and gas stocks have lost 1/2_their value in the last 5 years
Why subsidize this industry ? Let their shareholders take more losses
Because for the most part it’s not really subsidized, John. It receives mostly tax breaks and depreciation allowance, which technically aren’t subsidies. The government gives you money with a subsidy, with a tax break you keep money that was already yours. The media erroneously combines the two under “subsidy†so as to say “look-fossil fuels receive subsidies, too!â€, and so fool people like you. Fossil fuels also pay billions in taxes, which would be a negative subsidy. Renewables are the ones receiving the subsidies
I’m fine with this, as long as the same tax breaks are removed from every other industry that uses them – and that taxes are lowered as well.
If the removal of tax breaks and subsidies are not uniformly enacted across all industries, the oil companies would have good legal grounds to sue.
A tax break is not a subsidy ?
In any case the fossil fuel industry is failing
I don’t want my taxes used to offer life duppodt to a failing industry
If youbeant to invest your money not mine in that industry go ahead
Do any of you fossil fuel lovers actually put youroney where your mouths are? I doubt it
No, it’s not. It’s a tax break-two different things. With one you’re given money, with the other you keep money-but that money you keep was yours to begin with
Of course tax breaks are “subsidies”. Someone else has to pay. nuCons claim that only direct cash payments are “subsidies”. So Social Security, Medicare, Medicaid, school lunches, food stamps and loan guarantees or low interest loans to renewable energy companies are “subsidies”. GE, Amazon, Apple, Exxon-Mobil, tRump Inc, etc avoiding billions of taxes on profits are not “subsidies” even when competitors are forced to pay taxes. Grifters gotta grift. Remember, America is a plutocracy.
NuCons love tax cuts/breaks on exec salaries and corporate profits. It’s because the GOP is the party of plutocracy and of working class whites afraid of the colorization of America. GOP: Helping millionaires, billionaires and corporations, and playing the white working class for suckers since 1980.
But Jeff, your corporation gets tax breaks, depreciation, and you even steal money from tax payers in the form of massive grants. Looking at your balance sheet shows you are a real turd according to you.
Rimjob’s, uh, corporation is going into the shitter according to the latest stock price.
Bwaha! Lolgf
davis,
You’re just making up scheisse again.
Lickenbrock…
Bwaha! Lolgf
“In any case the fossil fuel industry is failing”
That’s the dumbest statement yet. You realize 95% of our energy comes from fossil fuels, right? You also realize almost all of the energy you use comes from them too? How’s it failing? You are repeating shit you read on green energy blogs. Don’t be stupid.
“I don’t want my taxes used to offer life duppodt to a failing industry”
You shouldn’t want your tax money used to support any industry. But you’re okay with supporting BLM, abortion, tech billionaires, Hunter Xiden and welfare idiots? Is there no end to the stupidity of the left?
“If youbeant to invest your money not mine in that industry go ahead”
Then you agree we shouldn’t be forced into “investing” our tax money into green shit like Solyndra? Or any other crap leftist subsidy? Thank you.
“Do any of you fossil fuel lovers actually put youroney where your mouths are? I doubt it”
Every day when we turn on our heat, drive our cars, buy a plastic anything,
use medicines and I could go on. So do you. BTW, there are over 30,000,000 investors in oil producing companies either directly or in Mutual Funds. If you own a stock Mutual Fund chances are you invested in fossil fuel. You do realize all those billions of shares are owned by someone, don’t you?
“[Former President Trump] shot America’s credibility in the head and turned his back on science,â€
Says someone who knows nothing at all about science. What was he saying about credibility?