Skip to comments.Obama administration proposes to raise taxes on oil & gas industry
Posted on 07/13/2009 9:58:18 AM PDT by kcvl
You may already be aware that the Obama administration has proposed to raise taxes on the oil & gas industry as part of its budget proposal. You need to be aware that this would mean a significan tax increase on royalty owners as well. The Obama administration proposes to repeal percentage depletion with respect to oil and gas wells for tax years beginning after December 31, 2010.
As a royalty owner you are currently allowed a deduction of 15% of the gross income from oil and gas. The repeal of that deduction would increase your federal and state taxes by over 17%. Should this tax increase take place, less money would be availbable for new exploration and development activities that would generate additional royalties for royalty owners. Between the additional taxes and the decrease in drilling activity, lesss economic activity would occur in the communities where the wells are located and where the royalty owners live.
Candidate Obama ran on the promise he would not raise taxes on the 95% of Americans who earn less than $250,000 each year. If you count yourself among that group ask your Representative and Senators to help President Obama to keep that promise by defeating the proposal to eliminate percentage depletion.
excerpted letter from David M. Dayvault Chief Financial Officer Abercrombie Energy
I wonder how T.Boone Pickens is going to this information on his current holdings, he did opt out of WindPower as we all well know.
Just a little added incentive to make them drill somewhere else, anywhere else, but here.
Promises made by Democrats are only for election purposes....not to be kept in reality.
0bama wants to plunge us into the eighteenth century before oil.shalom b'SHEM Yah'shua HaMashiach
perhaps even the seventh or eight century with sharia law.
Didn’t we hear we needed to be ‘energy independent’ from these liars?! Well...how do they propose we do that? ‘Green energy’ (whatever that is), wind mills, blowing hot air themselves?
taes = taxes
When you raise tax you raise the cost of doing business and it is passed along. If a business needs an after tax profit of 10 percent to stay a viable entity, if you raise the taxes you must raise you price at the other end to maintain the 10 percent or you go out of business.
I have asked the moderators to fix my horrible typing error. It’s been happening a lot this morning! NOT a good start today.
So we get crap and tax energy regulation and taxes on oil and gas companies that get passed through to consumers as icing on the cake.
Even if Obama actually believed he is looking out for the poor and disadvantaged, I’m not sure how he can reconcile these policies to his rehtoric when they are the ones who will be hurt most by taking even more of what little they have to get by with. This is just another stellar example of how selfish and narcissistic our political establishment has become with everyone, including the poor and disadvantaged being its victims.
Well it’s a good thing that the Kennedy’s have Kenoil and Mokeen Oil the the tax exempt Arctic Royalty Limited partnership.
Just wait until people start seeing the results of Obama’s policies in their paycheck, gas pump, utility bills. Let's see how much of that ‘hope & change’ they like. The only thing is the rest of us will get it too!
You'll notice none of his policies will affect his traveling with his entourage and extended family paid for by the TAXPAYERS!
Will someone please help me get the title changed? Thanks!
yep, he did. I was just watching a commercial last night that discussed how he was getting out of the project. /sarc
Seriously, if this info hadn't been on FR, I'd have never heard it. I hate the MSM.
I contacted the Admin Moderator.
In fairness, Obama did prepare us to survive such things when he advised us to check the air pressure in our tires.
When is this crippling insanity going to end. We can’t afford to wait even 6 more months let alone until 2010 or 2012.... most of us will be flat broke by then.
Thank you! I can never remember who I need to ping.
that’s the plan, the “Stimulus” is working perfectly
If it wasn't such a serious matter I would laugh!
It's like they think we are that stupid! I think we heard everyday how many jobs Pres. Bush lost but when it's Obama it's actually a good thing he has lost SIX MILLION JOBS. /s
He is looking out for the poor and disadvantaged by making them more numerous.
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