Pres. Obama: Let’s End Tax Breaks for Oil Firms and Invest $2 Billion in Alternative Fuel

See on Scoop.itDidYouCheckFirst

The “Great Recovery” is in full swing, and while the stock markets continue to rise along with the already record-setting corporate profits, the middle class is feeling as squeezed as ever. As cong…

Greg Russak‘s insight:

Projected value of credits and subsidies to oil industry over next 10 years:

Section 199 = $18.2billion

Foreign Tax Credit = $8.5billion

Intangible drilling cost subsidies = $12.5billion

Percentage depletion deductions = $11billion

 

TOTAL COST TO TAXPAYERS OVER 10 YEARS = $50.2billion

 

One more important fact to remember in November.

 

From http://www.opensecrets.org/industries/indus.php?Ind=E

"Led by the oil and gas industry, this sector regularly pumps the vast majority of its campaign contributions into Republican coffers. Even as other traditionally GOP-inclined industries have shifted somewhat to the left, this sector has remained rock-solid red."

 

See on www.demonews.org

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About Peaceful Patriot

Proud middle class husband, father, and progressive liberal. Registered Non-Partisan but have much more in common with Democrats than Republicans. Consider Libertarians to be immature and underdeveloped in their understanding of reality. An atheist who doesn't care what you believe so long as you stop pretending the Founding Fathers intended for you to legislatively force your beliefs on everyone else. Laughs out loud in mocking disdain at the abject lunacy of birthers, climate science deniers, and hard core tea partiers. If that offends you, too bad. You're not rational and have no place at the adult table.
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7 Responses to Pres. Obama: Let’s End Tax Breaks for Oil Firms and Invest $2 Billion in Alternative Fuel

  1. jmsabbagh says:

    Men are weight by their deeds.

  2. ebrew79 says:

    Wait, don’t you know that there is absolutely nothing wrong with Corporate Welfare. This billion dollar corporations are well within their rights to sit on their butts and collect Government checks. Seriously, how much better would we be as a nation is we stopped giving these clowns a free ride. Please Checkout My Blog. http://www.ericbrewton.com

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