Will they simultaneously cut the massive extraordinary taxes on oil? (See Gas Tax)
What subsidies are you talking about? There has been a depletion allowance for oil producers, which if I recall correctly, exempts about 15% of their oil production from federal taxes. The depletion allowance is an unjustifiable tax break for oil that gives it a cost advantage over other energy sources and it wouldn’t bother me if congress ended the depletion allowance. But other than that, I can’t think of any “massive subisdies” for oil. So what else are you talking about?
All subsidies should end...Obozo is right with this one....
BTW, how’s everyone at DNC headquarters today? Just wondering....I’m hoping you’re all OK and feeling lucid today.
To what, and what amount have the alleged Subsidies been? Anyone??
Cut Sugar subisdies too!
This man is a threat to the Republic. It cannot be said more plainly.
Tax and regulate a business until it is no longer a viable business model and reduce them to begging for subsidies or ‘targeted’ tax breaks.
Raises revenue and puts them under the governments heel, both coming and going.
That makes a lot of sense. Subsidize petrolium and then tax the hell out of it. Giving out money with one hand and taking it back with the other.
In other words, he wants to increase taxes on heating our homes and getting to work. I guess since he’s from Hawaii he doesn’t understand that.
***Obama wants to end all Federal subsidies for petroleum***
Does this mean that Mexico and Brazil will not get US tax money for exploration?
“This will not affect state, county, city or township gasoline, heating oil and diesel fuel subsidies.”
It will depend on the form of the “subsidy”.
If a state, county, city or township is giving a “subsidy” to fossil fuel enterprises, sure they can keep them set at their current rates, if they choose.
But that is a minority of the type of “fossil fuel subsidies” involving state, county, city and township governments.
It will increase the tax-payers cost for “subsidies” for state, county, city or township governments when they have to pay higher prices for the fossil fuel products that have been subsidized to them and/or that they are subsidizing for their constituents, for fossil fuel products whose new prices will reflect the loss of their federal “subsidies”.
Who, with a rational mind, calls a "reduction of greenhouse gas emissions" at the rate of 00.25 percent a year (a mere ten percent over a total of forty years) a "significant down payment"?
No one. So, in spite of the rhetorical language that Obama used, the factual information amounts to a minuscule so-called "down payment".
And is it worth it??
"In the US alone, the federal government gave US$72 billion in subsidies to the fossil fuel industry between 2002 and 2008, according to a study by the Environmental Law Institute."
Yes true. Is it significant? $72 billion over six years amounts to $12 billion a year - TO THE ENTIRE FOSSIL FUEL INDUSTRY.
Yet Exxon-Mobile alone payed $116.2 billion in taxes in 2008 alone - all by itself.
As usual, Obama is pandering to the ignorant and offering a smokescreen of snake oil that will never deliver a significant reduction in "green gas emissions" or greater energy security.
Well, that shouldn't be too hard, since there aren't any.
So we'll all be paying more for petroleum products without receiving a corresponding tax cut to offset it.
This is functionally a tax, probably a huge one, that will hit all classes.
But, he promised us that he would only raise taxes on the "rich."
Gotta love those Obama promises.