The Residential Real Estate Post-Crash Index-Moderated Message Board

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Strategies & Market Trends : The Residential Real Estate Post-Crash Index-Moderated

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To: Jim McMannis who wrote (19424)	4/28/2011 9:35:09 PM
From: microhoogle!	2 Recommendations Read Replies (1) of 119360

Subsidies can take many forms and oil companies can suck the tit of federal government (and individual titlings of the states) dry in various possible ways including tax credits and direct subsidies. For starters how about $4 billion - the recent discussion where Boehner graciously put foot in his mouth from Republicans point of view where he agreed that this could be cut. Read here on how conveniently Transocean set shop elsewhere to skirt taxes and the type of subsidies BP was getting When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes. The owner, Transocean, moved its corporate headquarters from Houston to the Cayman Islands in 1999 and then to Switzerland in 2008, maneuvers that also helped it avoid taxes. At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began. nytimes.com minyanville.com In my view Tax Breaks should be reserved for an emerging industry to take a foothold and collectively become a viable entity. Credits to already highly profitable oil companies is a GIVE AWAY! I would not however, mind if XOM or BP's alternative energy divisions were getting that tax credit.

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