Friday, December 7, 2012

Tax Loopholes

Not only is the world not moving to green energy fast enough to avoid very severe future effects of climate change, its nations are still massively subsidizing the poisonous hydrocarbons that are dooming our great-grandchildren– to the tune of $58 billion a year. The US subsidies to Big Oil and Big Coal are $13 billion a year. At least, lets stop encouraging bad behavior.

Ending the industry’s tax breaks would not affect Americans’ gas prices, or kill jobs. writes that “nonpartisan congressional analysts and industry experts say higher taxes would have little or no effect on gasoline prices.” And at the same time oil enjoyed low tax rates and earned high profits, Exxon, Shell, and BP still shed 17,500 jobs.

ExxonMobil, Chevron, and ConocoPhillips have paid federal tax rates well below the 35 percent top corporate rate. ExxonMobil, for instance, paid a 13 percent tax rate in 2011, after drilling deductions and benefits, and 14 percent on average between 2008 and 2010.

Since November 6, the states seeing at least $20,000 worth of API ads have either a senator or governor up for reelection in 2014:
Pennsylvania: $228,530
Ohio: $203,960
*North Carolina: $165,400
*Colorado: $154,020
New York: $127,960
*Arkansas: $106,920
*Louisiana: $101,100
Michigan: $100,760
*Virginia: $74,250
Texas: $68,070
*New Mexico: 29,520
*Alaska: $19,040
*Ads specifically mention senators by name. This TV commercial explains why Congress' proposal to increase taxes on the oil and natural gas industry makes no sense in this economy. Instead, America should produce more domestic oil and natural gas. Unlike industry taxes, increased U.S. energy production will create jobs and economic growth to get America moving!

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