Obama calls standard or itimized deductions on income tax “subsidies.” CUTTING SUBSIDIES FOR OIL COMPANIES IS CODE FOR RAISING TAXES! All companies take deductions for equipment purchases. Oil companies are paying about 40% in taxes while companies like Apple pay about 20%. You know what GE is paying in taxes but Obama is not mentioning GE.
Obama not only wants to pick winners and losers, he wants to punish YOU. Companies don’t pay taxes, YOU pay taxes. Raising taxes on Oil Companies will increase prices of Gas at the Pump even more.
Profit margins are very low in the Oil Business and in Health Care Insurance but for totally different reasons. Blue Cross pays Bean Counters more than Doctors and operates out of palatial buildings. Oil Companies spend enormous amounts of funds in equipment and exploration. It costs $2.50 to produce a thousand cubic feet of Shale Natural Gas that sells for $2.25. It costs about $95 to produce a barrel of Shale Oil.
For those trapped in Wisconsin Government Schools or who watch PBS Touch-Feely News, here is the bottom line. The United States has the highest Corporate Tax in the World as Japan reduces its tax. That means we are LESS competitive as the government takes more money to redistribute to Algae, Wind, Solar and Cow Manure development. The Obama Administration will continue to try the socialist, Marxist, progressive nutty ideas that have been proven losers for hundreds of years. America is on its knees and will soon be on its back in oil production, National Security, Education, Opportunity and Business Climate. What are YOU going to do about it?