Obama has stated multiple times that the oil and gas industry is recieving subsidies. What exactly is he talking about?
I’m suspecting that he really means that the gov’t is “giving” money by not taxing them more. Does anyone here know more details?
Oil and gas companies can depreciate expenses much faster than other industries (as they should, due to heavy up front costs). In his socialist mind that turns in to corporate welfare.
My tax professor walked into class the first day and said he was going to explain what taxes are due the government in 5 minutes. He then said, “what did you make? Send it in.” He then said we would spend the rest of the semester learning what the government would let us keep. That’s O’s mindset. All money is his and he will let you, or the companies know what they can have. If you get to keep some of your earnings, you have received a subsidy.