In a May, 2011 report by Congressman Daryl Issa (R-CA) entitled, “Rising Energy Costs: An International Result of Government Action”, he cites Former Congressman Harold Ford, Jr. (D-TN), on why the Administration falsely labeled 199 a “subsidy” specifically for oil and gas companies. “Why, when gas prices are climbing, would any elected official call for new taxes on energy? And characterizing legitimate tax credits as ‘subsidies’ or ‘loopholes’ only distracts from substantive treatment of these issues. Lawmakers misrepresent the facts when they call the manufacturing deduction known as Section 199—passed by Congress in 2004 to spur domestic job growth—a ‘subsidy’ for oil and gas firms. The truth is that all U.S. manufacturers, from software producers to filmmakers and coffee roasters, are eligible for this deduction.”
Obama Administration Plans To Eliminate Yesterday's Energy