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Politics : Politics of Energy

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To: Road Walker who wrote (24859)	1/16/2011 12:01:45 AM
From: russet	3 Recommendations of 86355

All companies can deduct expenses before calculating taxable income. The oil industry is no different from any other. If expenses are subsidies then there elimination would put most businesses into bankruptcy if tax rates stay as high as they are now. What subsidy is given one year in advance of drilling? That would have to be a government grant, like the ones being given to companies that manufacture solar panel components in the U.S. that then move the facilities to China to take advantage of cheaper labor, labor that is treated like an expendable input, lax or non existent environmental standards and huge tax and grant subsidies from local governments. Rich people all over the world take advantage of tax schemes of local governments to encourage development of their natural resources to provide jobs and infrastructure for local communities. The oil industry is no different than any other industry in this regard either. But if we hadn't developed the fossil fuel industries in the last 100 years, we'd probably all be dead now instead of reading on a computer (that owes its development and manufacture to the resource and fossil fuel industry) how some people don't understand the tax system.

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