Yesterday President Obama was in Milwaukee talking about job creation, even thought the country has lost over 3.4 million jobs since the passage of the $862 stimulus bill.
But Obama, who even before the Gulf of Mexico oil spill clearly had a grudge against the energy industry, wants to punish it.
From a Boston Herald op-ed:
Specifically, one proposal being considered in Congress would cancel the domestic jobs deduction for only the oil and natural gas industry. This jobs-creating tax provision was enacted to promote all domestic manufacturing jobs and is available to all U.S. manufacturing industries, including steel, construction and even advertising. In fact, Congress has already imposed limits on the amount of the deduction available to the oil industry, giving it less benefit than other industries. Doing away with this provision altogether would be adding insult to injury.Related posts:
Contrary to what is being reported, the oil and natural gas industry pays its fair share of taxes, if not more. Oil and gas companies pay federal income taxes at an effective rate more than 70 percent higher than other Standard and Poor’s industrials. According to the federal Energy Information Administration, the major energy-producing companies paid more than $280 billion in income taxes between 2006 and 2008.
Additional taxes and fees such as production taxes, import duties and property taxes paid by oil and gas companies amount to billions in revenue for all levels of government. For the 2009 fiscal year, nearly $17.3 billion was doled out to local, state and federal governments. But increasing taxes on the industry would result in less revenue for government as companies scale back operations to offset increasing expenses - and given the current state of affairs most states could use the extra cushion. Increased taxes hinder companies' ability to operate efficiently and remain competitive in today’s global marketplace
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