Username or Email Address
Do you already have an account?
Forgot your password?
  • Log in or Sign up

    VWVortex


    Links back to The Car Lounge (opens in same window)
    Results 1 to 8 of 8

    Thread: AJC, "There are no oil subsidies just normal tax deductions"

    1. Member jimbogxp's Avatar
      Join Date
      Dec 23rd, 2006
      Location
      Yuba City CA (near Sacto)
      Posts
      1,040
      Vehicles
      2008 Pontiac Solstice
      05-09-2012 01:45 PM #1
      I have read from people here that oil compaines receive subsidies to produce oil, like a farmer is paid subsidies not to farm his land.

      It turns out oil companies don't get subsidies, just routine tax breaks any US business gets. Apple, Starbucks, Walmart, any business.

      I read it here in this news article from the Atlanta Journal Constitution, which is not an editorial. This is a news article from Atlanta's largest newspaper.

      http://www.ajc.com/news/refiners-are...d-1434222.html


      It says:

      "President Obama incorrectly claims that American companies in the oil and natural gas sector receive billions of dollars in taxpayer “subsidies.” In fact, these companies pay more than $31 billion a year in federal taxes and simply get the same type of tax deductions as other American manufacturers."

      We have been lied to. Oil companies don't get subsidies to produce oil, like companies get who produce ethanol, solar power or wind power.

      Live and learn.

    2. Member Doedrums's Avatar
      Join Date
      Jun 14th, 2003
      Location
      Cascade, VA
      Posts
      2,167
      Vehicles
      12 Golf R, 04 VW R32
      05-09-2012 01:47 PM #2
      I predict this will end well.
      And if love remains, though everything is lost, we will pay the price but will not count the cost. -Neil Peart
      All hands, abandon ship!! Repeat, all hands abandon ship!!!!!
      I'm addicted to track!
      I'll stop "Hatin'" when YOU stop acting like a jackass.

    3. Member Egz's Avatar
      Join Date
      May 30th, 2002
      Location
      Virginia
      Posts
      16,257
      Vehicles
      2003 Ford Focus 2.3, 2006 Ford Fusion 2.3 Turbo, 2014 Fiesta SE 1.0T
      05-09-2012 01:48 PM #3

      "Charles T. Drevna is president of the American Fuel & Petrochemical Manufacturers. "

    4. Member 2.0T_Convert's Avatar
      Join Date
      Mar 23rd, 2009
      Location
      We-Haw-Ken
      Posts
      12,616
      05-09-2012 01:52 PM #4
      I have a feeling Obama knows this but chooses to phrase his words to use easy to understand language for the masses. People have enough trouble understanding tax credits for hybrids and EVs after all.

    5. Member overst33r's Avatar
      Join Date
      Jul 18th, 2006
      Location
      Tampa, FL
      Posts
      2,387
      Vehicles
      S2000 v3
      05-09-2012 01:52 PM #5


      135
      ╠╬╬╗
      246 R

    6. Member jimbogxp's Avatar
      Join Date
      Dec 23rd, 2006
      Location
      Yuba City CA (near Sacto)
      Posts
      1,040
      Vehicles
      2008 Pontiac Solstice
      05-09-2012 01:53 PM #6
      So much for "not an editorial". It is. And from some guy in the industry.

      That said, is he lying about no subsidies. Does oil get subsidies or just normal tax breaks like the guy said.

      If he is lying, then what "subsidies" do oil companies get. I mean, solar and wind power companies get reimbursed tax payer dollars above and beyond any tax deductions on profits. In fact, wind power companies don't make profits to pay taxes on let alone deduct from, and I'm not sure solar power companies do either.

      Still, can anybody list a single oil company subsidy, assuming the guy is lying? Or is he just telling the truth.

    7. Member
      Join Date
      Sep 16th, 2000
      Location
      Dar es Salaam, Tanzania
      Posts
      12,427
      Vehicles
      1994 Land Cruiser
      05-09-2012 02:02 PM #7
      Quote Originally Posted by jimbogxp View Post
      So much for "not an editorial". It is. And from some guy in the industry.

      That said, is he lying about no subsidies. Does oil get subsidies or just normal tax breaks like the guy said.

      If he is lying, then what "subsidies" do oil companies get. I mean, solar and wind power companies get reimbursed tax payer dollars above and beyond any tax deductions on profits. In fact, wind power companies don't make profits to pay taxes on let alone deduct from, and I'm not sure solar power companies do either.

      Still, can anybody list a single oil company subsidy, assuming the guy is lying? Or is he just telling the truth.
      There is this thing called...what's it again...oh yeah, Google.

      "The Congressional Research Service states the fledgling oil industry in the United States first received government assistance in 1916. That was when intangible drilling costs were able to be fully deducted from a company's expenses for tax purposes. In 1926, a write-off for cost depletion was introduced. That provision allowed oil companies to deduct costs based upon overall gross receipts and not just the actual value of the oil."

      Both are still in place.

    8. Global Moderator David@vwvortex's Avatar
      Join Date
      Oct 7th, 1999
      Location
      No. Virginia
      Posts
      19,487
      Vehicles
      '04 R32/83 Rabbit GTI/13.5 Jetta GLI
      05-09-2012 02:03 PM #8
      Or.. you can try reposting this in the off topic forum b/c this isn't going to work in TCL...

    Posting Permissions

    • You may not post new threads
    • You may not post replies
    • You may not post attachments
    • You may not edit your posts
    •