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

    1. I’m not sure I follow you jmsabbagh, but thanks for sharing your thoughts. I think I agree with what you’re saying. One other thing besides a person’s deeds as a measure are the means they use to achieve them. For me, the ends never justify the means.

  1. 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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