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4 Bumps

What will it acomplish if we take away Oil companies tax breaks?

Those of you who insist we need to take away tax breaks from the 5 biggest oil companies, I'm just wondering what you think that will accomplish.
Pay off the debt? Fund health care? Bring down gas prices? Grow jobs...... Or just make you feel better?



Answer Question
 
itsmesteph11

Asked by itsmesteph11 at 9:46 PM on May. 13, 2011 in Politics & Current Events

Level 39 (113,405 Credits)
Answers (38)
  • They want higher gas prices. Don't really understand why. Apparently they're completely clueless about basic economics and don't understand that any new cost incurred by a supplier of a resource is ALWAYS ALWAYS ALWAYS passed on to the consumer of that resource.
    NotPanicking

    Answer by NotPanicking at 9:48 PM on May. 13, 2011

  • – collapse
    It'll make a bunch of rabid right-wing pundit squawk like chickens with their heads cut off, which is always fun to watch.
    bishopblack

    Answer by bishopblack at 9:49 PM on May. 13, 2011 (hidden) + expand

  • People don't even understand the basics of how we get oil. Do you have any idea how many companies and entities are involved with just one well? You can have a wireline company, frac company, rig hand company, derrick company, tool company, and the list goes on and on and on. And then there are the drivers that deliver fuel to rig sites, the companies that set up pads, the companies that rent or sell equipment, the people or entities that actually own the mineral rights, the company that's leasing the property from the entities that own the mineral rights.

    At that's really just the tip of the iceberg. Taking away tax breaks from the top 5 companies doesn't even start to touch on all the different aspects that actually go into oil.
    miss_lisa

    Answer by miss_lisa at 9:52 PM on May. 13, 2011

  • It'll make a bunch of rabid right-wing pundit squawk like chickens with their heads cut off, which is always fun to watch.
    bishopblack

    Answer by bishopblack 4 minutes ago
    1386 Level 14

    That was brilliant.
    Carpy

    Answer by Carpy at 9:54 PM on May. 13, 2011

  • Don't be fooled NP. They know EXACTLY what they are doing.
    Carpy

    Answer by Carpy at 9:56 PM on May. 13, 2011

  • Nothing. They pay something like $20 million a day in taxes. Charles Krauthammer said last night that if the tax breaks were taken from the oil companies and applied to the debt for 100 years, it would, in essence, erase 2 months of debt. The tax incentives add up to nothing and is only a 'feel good' gesture. Oil companies suprised Congress with their stance. They didn't fight for the tax breaks. They begged to be allowed to go back to work, employ people, and make money so they could pay taxes. Bet they didn't expect that!


    http://dailycaller.com/2011/05/12/krauthammer-rips-oil-company-congressional-show-trials-a-disgrace/

    jesse123456

    Answer by jesse123456 at 9:57 PM on May. 13, 2011

  • "any new cost incurred by a supplier of a resource is ALWAYS ALWAYS ALWAYS passed on to the consumer of that resource"

    We pay for it one way or another. Tax breaks mean less money into our system and paying off our debt. Government subsidies we pay to oil companies comes from our pockets.

    It's not about what we do with that money we would save by not subsidizing the oil industry it's about the principle that they shouldn't be receiving it to begin with. That sort of support is intended for an emerging industry to help it get established because it boosts job creation and economic growth when new industries are created. It's not meant to be welfare for a multi billion dollar industry decades later.

    just mho but we should put that money into new sustainable technologies and creating middle class job opportunities HERE in the US
    Anonymous

    Answer by Anonymous at 10:10 PM on May. 13, 2011

  • Government created jobs mean more draw on tax money, not more infusion -it's a net loss. If you want job creation, it must come from the private sector to move money into the system instead of out of it.
    NotPanicking

    Answer by NotPanicking at 10:14 PM on May. 13, 2011

  • "Government created jobs mean more draw on tax money, not more infusion -it's a net loss. If you want job creation, it must come from the private sector to move money into the system instead of out of it. "

    agreed on that point. I was meaning if we insist on subsidizing something it should be creating new industries and new opportunities not supporting well established and thriving industries.
    Anonymous

    Answer by Anonymous at 10:19 PM on May. 13, 2011

  • There is no economic reason for sudsidising profitable industries with taxpayers' money . Like many other tax breaks and subsidies handed out to corporate welfare bums , not just big oil, the reasons are solely political and have nothing to do with economic efficiency.

    There may be disagreement about the better uses to which those funds could be put , but better uses are not hard to find .
    janet116

    Answer by janet116 at 10:26 PM on May. 13, 2011

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