Obama wants to end big oil tax breaks?? But look at all the 'good'
tax breaks do! *"According to the Pew Economic Policy Group, an
extension of all of the Bush tax cuts will cost $3.1 trillion over ten years,
once the costs of servicing the debt are factored in." Tax
breaks work! Just look at the declining gas price...oh.
Removing those tax breaks will not make fuel prices go down.However,
with the profits that oil companies are taking in I don't see why they need big
tax breaks, incentives, etc. I don't think they should be phased out overnight
or there would be a significant spike in fuel prices just on speculation alone
but I do believe that we need to begin phasing them out.
Pagan,tax cuts don't create deficits. Spending more than you take in
@ lost in DC, tax cuts play as much a role in deficits as spending. They are
intertwined. Stop being so doctrinaire all the time.Removing the
tax breaks makes the price of gas more subject to the market (supply and demand)
by removing artificial price supports (which is essentially what they are).
There may be a spike in prices, but then the price of their products would
become a function of the economic system we claim to revere. This will actually
be a litmus test for Republicans on whether they really want to cut deficits and
government spending, or if they are actually involved in a systematic policy to
shift the wealth to the already rich and corporate set. I truly believe they
want the latter, but we shall see.
Lost in DC. WHHAAAT! Tax cuts = taking in less money. Spending the very same
ammount+ taking in less money = DEFECITS. Do you understand?? Neither did George
Bush. When he became president we had a balanced budget and a surpluss. What
happened?? He gave tax breaks= taking in less money. He started wars, and spent
twice as much, and took in half as much. A first grader could see the folley of
it, although most republicans cant. Democrats tend to be more educated than
republicans ,but come on, I mean really.
How about this:We place a significant tariff on all imported oil
& gas, but allow American produced oil & gas to continue with tax
breaks. That way instead of continuing to financially support terrorists and/or
Mr. Obama's foreign oil magnate buddies, we may actually give incentive to US
companies to drill and produce jobs and economic stimulus. Don't
know if it would work, but it sure would seem a wiser course than taxing,
Homebrew:At the end of Clinton's administration the national debt
stood at $5.662 trillion -- an increase over his predecessor of $1.485
trillion(numbers from US national Debt by Presidential Term). How does one
extract a surplus or balanced budget from those numbers?I do not
mean to excuse GW Bush for his spendthrift ways, but most forget that there were
several things that the government shelled out emergency relief for during his
administration: 2001=$30 billion for 9/11; 2004=$14 billion for 4 Florida
hurricanes; 2004=$87 billion for hurricane Katrina -- costliest natural disaster
in US history (all 2006 figures obtained from US News & World Report). The
fact is he added on average about $500 billion annually to the national
deficit.Mr. Obama added to the deficit in his first full year in
office $1.612 trillion. He added $1.714 trillion his second year. Both years
more than 3 times W's rate, but that's OK because he's a Democrat and not George
If we're so interested in bringing gas prices down to an affordable amount, why
not consider reducing the TAXES the regular joes spend on gasoline? We do pay a
lot of money in gasoline taxes every week...
Ending tax breaks for oil companies is a good idea! Another good idea is to tax
unions and end GE's "greenenergy" tax breaks too!
This has been tried and failed in the past. BO isn't good at his history
lessons. Big government just has to step aside and let the free market work.