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Old 05-18-2011, 05:38 PM
 
69,368 posts, read 64,001,245 times
Reputation: 9383

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Quote:
Originally Posted by skoro View Post
You're shouting.
nope.. no list. Thanks again for bumping up the thread to prove you cant provide a list
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Old 05-18-2011, 06:01 PM
 
Location: Tampa Florida
22,229 posts, read 17,825,162 times
Reputation: 4585
Quote:
Originally Posted by pghquest View Post
I'm sure wrench will right after you learn the difference between a business expense, and a subsidy..
Although all media even, Gasp, FOX, refers to it as a subsidy bill, technically you are correct. It is primarily tax related. So the bill would have no longer subsidized some of their tax burdens. But I doubt Wrench will ever figure out what constitutes a filibuster these days and you will never fail to nit pick meaningless discrepancies.
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Old 05-18-2011, 06:20 PM
 
Location: Chicagoland
41,325 posts, read 44,881,088 times
Reputation: 7118
Quote:
Originally Posted by florida.bob View Post
Try to learn what a filibuster is. You have a couple of years to find out before it will change, but you obviously need the exercise.
Maybe you and the democrats should learn the bill they brought to the floor was unconstitutional...no?
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Old 05-18-2011, 07:33 PM
 
Location: New Mexico
8,396 posts, read 9,428,218 times
Reputation: 4070
Smile You want a list?

Quote:
Originally Posted by pghquest View Post
nope.. no list. Thanks again for bumping up the thread to prove you cant provide a list

I got yer list right here

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Old 05-18-2011, 07:39 PM
 
69,368 posts, read 64,001,245 times
Reputation: 9383
Quote:
Originally Posted by skoro View Post
I'll never understand why someone who was proven to be WRONG, continues to bump a thread.. Maybe oneday you can explain it to me.. Right after you find the list of subsidies.. It shouldnt be this hard for you to find a list.. odd..
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Old 05-18-2011, 08:21 PM
 
Location: Hinckley Ohio
6,721 posts, read 5,193,488 times
Reputation: 1378
we all wonder why you do that...
Quote:
Originally Posted by pghquest View Post
I'll never understand why someone who was proven to be WRONG, continues to bump a thread.. Maybe oneday you can explain it to me.. Right after you find the list of subsidies.. It shouldnt be this hard for you to find a list.. odd..
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Old 05-18-2011, 08:25 PM
 
69,368 posts, read 64,001,245 times
Reputation: 9383
Quote:
Originally Posted by buzzards27 View Post
we all wonder why you do that...
Still waiting for a list of SUBSIDIES, not your meaningless list of business writeoffs.. Until you can provide that, your postings are nothing but meaningless attacks and babble..

Even bob above admitted they were business expenses and not subsidies.. When will you admit you were wrong?
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Old 05-18-2011, 08:28 PM
 
Location: Hinckley Ohio
6,721 posts, read 5,193,488 times
Reputation: 1378
you are dodging the fact that the oil companies have been given ways to "expense" items and move cost forward, when other industries cannot use those special tax treatments.
Quote:
Originally Posted by pghquest View Post
Then you didnt even read what you posted..

If wages arent payroll, then what are they?

And the rest again, fuel, repairs, hauling, supplies are ALL costs that are business expenses, and deducted from ALL businesses. The bs about recovering the cost of the life of the investment is bull ****.. I linked you right to the IRS website which says the are write offs for ALL BUSINESSES.. You dont amortize or depreciate any of these costs.
again, oil companies have been given favorable terms of how they can use these tax breaks that other companies cannot use.
Quote:

And you still dont know that wages are business expenses and not "subsidies", thereby its not taxed for ANYONE. oooh the humor.. You should have kept this to yourself..
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Old 05-18-2011, 08:30 PM
 
Location: Hinckley Ohio
6,721 posts, read 5,193,488 times
Reputation: 1378
working with blinders, you have them already.... selective memory, selective reading ability?
Quote:
Originally Posted by pghquest View Post
Still waiting for a list of SUBSIDIES, not your meaningless list of business writeoffs.. Until you can provide that, your postings are nothing but meaningless attacks and babble..

Even bob above admitted they were business expenses and not subsidies.. When will you admit you were wrong?
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Old 05-18-2011, 08:38 PM
 
Location: FL
20,702 posts, read 12,500,485 times
Reputation: 5452
Quote:
Originally Posted by buzzards27 View Post
WRONG, AS ALWAYS:

These tax breaks do NOT sound like they are invented for anyone but BIG OIL.

1. Intangible drilling costs. Firms engaged in the exploration and development of oil or gas properties may expense (deduct in the year paid or incurred) certain types of drilling expenditures from their taxes. These costs include wages, fuel, repairs, hauling, and supplies related to and necessary for drilling and preparing wells for the production of oil and gas. Other companies incurring similar types of costs must recover this cost over the life of the investment. SAVING: $7.839 billion over 10 years.

2. Deduction for tertiary injectants. Tertiary, or enhanced oil recovery, methods increase the amount of oil that a company can extract from a well by an additional 5 percent to 15 percent according to some research. This tax expenditure subsidizes the costs of tertiary injectants—the fluids, gases, and other chemicals that are pumped into oil and gas reservoirs as part of this process. The subsidy essentially gives companies government money for acting in ways that will enhance their profits. It allows companies to expense the costs of tertiary injectants, even though such costs should be recovered over time. Companies can alternatively choose to deduct these costs as an intangible drilling cost. SAVING: $67 million over 10 years.

3. Percentage depletion allowance. Percentage depletion allows an independent oil company to deduct from its taxes about 15 percent from the revenue generated from a well, even if that amount exceeds the well’s total value. This means that oil companies take a deduction as long as a well is producing oil, without regard to how much, or whether, the well is still declining in value. Companies in other industries are only allowed to deduct an amount that represents the decline in their investment’s value that year. SAVING: $10 billion over 10 years.


4. Passive investments. The government generally only allows investors to deduct a limited amount of losses from “passive activities” such as renting land in order to prevent tax shelters. Yet oil and gas properties are exempt from this rule. This gives oil and gas companies a competitive edge over other types of energy companies. SAVING: $180 million over 10 years.


5. Domestic manufacturing tax deduction. Companies that manufacture, produce, or extract oil and gas or any primary derivative receive a manufacturing subsidy provided that the product was made in the United States. But since removing this subsidy does not affect the production of oil, the subsidy does not significantly affect business decisions and eliminating the subsidy would not affect consumer prices. The subsidy is essentially a throwaway for oil companies. The tax expenditure is provided through a deduction for 9 percent of income, subject to a limit of 50 percent of the wages paid that are allocable to domestic production during the taxable year. SAVING: $17.3 billion over 10 years.

6. Geological and geophysical expenditures. The Energy Policy Act of 2005 created this tax subsidy, which allows companies to deduct the costs associated with searching for oil, recovering the costs over a two-year period. SAVING: $1.1 billion over 10 years.

7. Foreign tax credit. This credit is intended to prevent the double taxation of income that is taxed abroad but also subject to tax in the United States. Yet companies, particularly oil companies, have managed to exploit this subsidy even when they don’t pay income taxes abroad. SAVING: $8.5 billion over 10 years.




8. Enhanced oil recovery credit. Companies receive a 15 percent income tax credit for the costs of recovering domestic oil when they use “enhanced oil recovery” methods to extract oil that is too viscous to be extracted by conventional primary and secondary water-flooding techniques. The EOR credit is nonrefundable and is allowed if the average wellhead price of crude oil (using West Texas Intermediate as the reference) in the year before the credit is claimed is below the statutorily established threshold price of $28 (as adjusted for inflation since 1990) in the year the credit is claimed. Oil prices in fiscal year 2006 were too high for companies to receive this subsidy, but the subsidy remains in existence. Its elimination is not expected to produce budget savings.


9. Marginal well production. This provision provides a subsidy for oil and gas produced from certain types of oil and gas wells. These wells include those that produce heavy oil and those with an average production within a statutorily specified range. Oil prices were too high for companies to receive this subsidy in fiscal year 2006, but the subsidy remains in existence. Its elimination is not expected to produce budget savings.


The total government savings from eliminating these subsidies is projected to be $45 billion over 10 years.

They don't seem to have a problem with that but it is OK for them to try to take away medicare from the old and disabled and give them worthless vouchers.
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