Quote:
Originally Posted by PPark
The gas tax holiday doesn't make sense, but repealing tax incentives and subsidies to the industry does.
Currently the Oil companies enjoy many tax advantages. For instance, they wingle through a tax loop-hole that allows them to understate foreign oil and gas income. In 2004 a new deduction was slipped into the American Job Creation Act that allows them to deduct production costs--that piece of legislation costs us 1.4 billion annually. The list goes on and on.
This industry doesn't need to be penalized, but they currently don't need special treatment either. Really, do they need tax incentives and government subsidies to chase $100-plus a barrel oil?
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The gas tax holiday would save consumers 9 BILLION dollars over the summer. The Democrats can cut back on their earmarks and make the gax tax a permanent cut and use their earmarks to make up the 'shortfall'.
Where Clinton is going wrong is by proposing a back door tax on consumers by imposing 'windfall' taxes on a company with a 10% margin.
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You don't have to be crazy to be a liberal, but it helps.
"Ask not what your country can do for you, ask what you can do for your country." JFK
Ask not was you can for your country, ask what your country can do for you. Obama Platform
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