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Politics : PRESIDENT GEORGE W. BUSH
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To: H-Man who wrote (176319)8/31/2001 8:38:18 AM
From: ColtonGang  Read Replies (1) of 769667
 
Example....."Government directly subsidizes oil consumption through preferential treatment in tax codes. A multitude of federal corporate income tax credits and deductions results in an effective income tax rate of 11 percent for the oil industry, compared to the non-oil industry average of 18 percent. If the oil industry paid the industrywide average tax rate (including oil) of 17 percent, they would have paid an additional $2.0 billion in 1991. Our results are consistent with a recent report by the Alliance to Save Energy that estimated the benefits of individual federal corporate income tax provisions. Their results showed that in 1989 preferential treatment yielded $1.8 billion to $4.6 billion in individual income tax benefits to the oil industry (Koplow, 1993)."
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