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Politics : Formerly About Advanced Micro Devices

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To: puborectalis who wrote (779960)	4/15/2014 9:46:20 AM
From: i-node	Read Replies (1) of 1574798

>> Percentage depletion allowance: That is not an "oil subsidy". In a classic tax case, years ago, the owner of a garbage dump was allowed to use percentage depletion based on a hole in the ground which was being filled with garbage. I claim percentage depletion every year for brine extracted from our land. It isn't about oil and/or gas. >> The foreign tax credit: Which pretty much every taxpayer gets if they happen to pay foreign taxes. >> Expensing intangible drilling costs: These costs which otherwise would be deductible in the form of depreciation. Not unlike Microsoft (and every other software company) does with the software it develops, which is expensed as "research & development". >> Domestic manufacturing tax deduction No more an "oil subsidy" than it is a subsidy to any other manufacturing corporation. If Congress wants to do away with it, fine, but it doesn't affect oil companies any more than it does P&G or Corning.

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