Related posts:
California: Two new gasoline siphoning cases
Siphoning: High gasoline prices making people literally sick; gas thefts up
Technorati tags:
Illinois, America, and the world
| Reagan mural, Tampico, IL |
On cue, President Obama has parlayed House Speaker John Boehner's off-the-cuff remark with ABC News into an appeal for the administration's tax hikes for oil and natural gas companies.Technorati tags:
The brouhaha over the speaker's words is the latest example of how so many members of the political class — as well as the media — have bought into the administration's rhetoric about ending "subsidies" for the oil and gas industry. But as we've explained before, a major portion of the "taxpayer money" the president seeks from the oil and natural gas industry is not a subsidy. It is a provision in the tax code known as "dual capacity," which enables the oil and natural gas companies operating overseas to avoid double taxation on income earned and taxed abroad. This well-established tax policy is meant to take the edge off an outdated U.S. corporate tax system that levies high rates and pursues income our firms earn abroad in a way that virtually no other developed country does.
Taking aim at oil and gas companies by removing dual capacity provisions, alongside Section 199 incentives (available to all manufacturers operating in the U.S. to promote job growth domestically), would eliminate 154,000 jobs and $341 billion in lost economic activity, according to a recent economic analysis.
Equally important, repeal of dual capacity provisions will not meaningfully reduce America's ballooning national debt — it may actually work in the opposite direction. We recently argued that our government must shun tax hikes and focus instead on comprehensive spending restraint. Furthermore, oil and gas operations add nearly $100 million a day to federal coffers from mineral rights, corporate taxes, and other fees energy companies pay to our government. The president's proposal to claw back what he calls tax preferences for oil and gas companies will raise the price of energy for all Americans by making the cost of production even higher than it already is.
Associated Press, May 14, 2005
Courier Mail-Newspaper, Australia, Nov. 9, 2005
FrontPage Magazine, January 3, 2006
New York Times, January 11, 2006
Chicago Sun-Times, February 19, 2006
Guest Blogger, Eric Zorn of the Chicago Tribune's blog, November, 2005 and February, 2006
News.com Australia, April 14, 2006
Guest on Constitututional Public Radio with Mark & Andrea WWBC 1510 AM Boynton Beach, Florida, July 27, 2006
North Shore Magazine, September, 2007
Jerry Agar Show, WLS-AM, August 6, 2008
Michael Koolidge Show, WRHL and WLBK AM, northern Illinois, October 1, 2008
Milt Rosenberg Show, WGN Radio 2, October 15, 2008
Patriot Games BlogTalkRadio, October 21 and 30, 2008
NBC 5.com, November 11, 2008
Panelist, Illinois Bloggers' Conference, May 8, 2009
Speaker, North Shore Tea Party, June 20, 2009
Ranked 20th in the NEW News survey of Chicago blogs by the Chicago Community Trust.
Representing Run for Bush: WGN-Radio
Chicago, Steve Cochran Show, October 8, 2004
Mentioned in the book, "The Manuchurian President," 2010.
Teri O'Brien Blog Talk Radio show, January 9, 2011
Endorsements
Right Wing News.com: Website of the Dayfor December 30, 2005
Professor Steven Plaut, author and FrontPage Magazine contributor: "You are doing excellent work!"
Jay Ambrose, Scripps Howard News Service,"You've done good work on thisissue, an example of how blogging can be of enormousimportance in our democracy."
FreeRepubic poster:"The Great Marathon Pundit!"
"You suck Ruberry!"Commenter's reply to one of my posts.
"I hope that you live every day as the bitter angry man that you seem to be."
Commenter "Marathonh8tr"
Credentialed journalist at the 2008 Republican National Convention.
Credentialed journalist at CPAC 2011.