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

To: J_F_Shepard who wrote (870602)	7/5/2015 3:41:37 PM
From: Brumar89	Read Replies (1) \| Respond to of 1578184

XOM and companies like it don't get a percentage depletion deduction and haven't since 1974. Congressional moves to punish oil companies happens every time gasoline prices rise. As if hurting oil companies will help bring down prices. The people in Washington DC are aggressively stupid.

To: J_F_Shepard who wrote (870602)	7/5/2015 3:49:47 PM
From: i-node	1 Recommendation Recommended By gamesmistress Respond to of 1578184

>> Who lobbied for the oil depletion allowance? You're really, really confused. The %Depletion provision was put in the Internal Revenue Code in 1926, although at a rate much higher than to where it was eventually reduced. THE ELIMINATION OF % DEPLETION TODAY WOULD HAVE NO EFFECT WHATSOEVER ON TAX LIABILITIES OF THE FIVE MAJOR OIL COMPANIES. Not one nickel. So, WTF is your complaint?