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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: Road Walker who wrote (433850)11/8/2008 12:38:00 PM
From: Tenchusatsu  Read Replies (1) | Respond to of 1573908
 
RW, I think it's dishonest to simply bring up tax breaks that Big Oil enjoys but not point out how many taxes they already pay in various forms.

Let's not forget how volatile the price of oil is these days. Governments really can't handle wild fluctuations in tax revenue.

Tenchusatsu



To: Road Walker who wrote (433850)11/8/2008 3:01:03 PM
From: Brumar89  Respond to of 1573908
 
including a "percentage depletion allowance" that allows oil companies to deduct 15% of their sales revenue

The percentage depletion deduction was taken away from the big companies in 1974. Small companies and royalty owners get it.

and 70% of their drilling costs.

They do get to deduct 70% of intangible drilling costs in the first year, though, as opposed to capitalizing and deducting over time. Mining companies get it too, only its called mine development cost.


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