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Politics : Formerly About Advanced Micro Devices
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FJB
To: Broken_Clock who wrote (870069)7/3/2015 1:54:55 PM
From: Brumar891 Recommendation  Read Replies (1) of 1580603
 
WTF? This is What They Mean by Oil and Gas Subsidies?
August 24, 2011, 2:07 pm

When the Left has talked about oil and gas subsidies, I have generally nodded my head and agreed that any such things should be eliminated, just as they should be eliminated for all industries. They have in the past thrown out huge numbers for such subsidies that seemed high, but I have not really questioned them. But then I see this chart at Kevin Drum’s site



Seriously, nearly half the “subsidy” number is the ability of a company to use LIFO accounting on inventory for their taxes? Since the proposition is to eliminate these only for oil and gas, what is the logic that somehow LIFO accounting is wrong in Oil and Gas but OK in every other industry? In fact, at least the first two largest items are both accounting rules that apply to all manufacturing industry. So, rather than advocating for the elimination of special status for oil and gas, as I thought the argument was, they are in fact arguing that oil and gas going forward be treated in a unique and special way by the tax code, separate from every other manufacturing industry.

...............

http://www.coyoteblog.com/coyote_blog/2011/08/wtf-this-is-what-they-mean-by-oil-and-gas-subsidies.html
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