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Energy Year Ahead: Energy Lobbyists Gird for Tax Overhaul Fight

Bloomberg -- A battle is brewing over a potential corporate tax overhaul in 2013, and the prospect fills oil and gas lobbyist Lee Fuller with dread.
“As a whole, this industry really doesn’t see an advantage to these proposals that would lower the corporate rates and eliminate deductions,” said Fuller, the vice president for government relations at the Independent Petroleum Association of America.
Translation: the energy industry is going to cling for life to its tax breaks.
Repealing investment benefits -- including one that allows deducting the expenses of everything from roadwork to well repair -- will curtail investments that are lowering foreign oil imports and creating thousands of jobs, Fuller said. Critics -- including President Barack Obama -- say oil and gas companies can afford to give mor


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Submitted Jan 02, 2013 By: mastermariner
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Author Topic: Energy Year Ahead: Energy Lobbyists Gird for Tax Overhaul Fight Back to Topics
REPLIES (newest first) Post a Reply
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jrs4125
Champion Author Indiana

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Message Posted: Jan 3, 2013 7:17:46 AM

If they're against it I'm for it.
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bell05
Champion Author Atlanta

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Message Posted: Jan 2, 2013 3:43:01 PM

Yea, BlueVanGroup, I buy that. Good post.
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PDQBlues
Champion Author San Diego

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Message Posted: Jan 2, 2013 2:55:28 PM


I bet the oil corporations will be lobbying hard to keep their massive tax breaks and tax subsidies. But people are pissed off about this massive give-away. It's time the taxpayer got that money back.
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bluebird1
Champion Author Toronto

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Message Posted: Jan 2, 2013 2:04:35 PM

Here we go again...all taxes except Big Oil & gas will go up because too many politicians are owned by them!!!!
DrCashFlow is right!!!
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DrCashFlow
Champion Author Massachusetts

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Message Posted: Jan 2, 2013 1:50:22 PM

kill all the lawyers and lobbyists... kill 'em tonight
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ktyson13
Champion Author Maryland

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Message Posted: Jan 2, 2013 11:35:03 AM

Energy companies need to pay less taxes, not more.
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zaq001
Champion Author Atlanta

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Message Posted: Jan 2, 2013 10:53:21 AM

Lee Fuller and the rest of the lobbyist are part of the problem. They need to be taken out of the equation. Make the tax code fair, less complicated, and out of reach of politicians and lobbyists!
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Dennisjk
Champion Author Detroit

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Message Posted: Jan 2, 2013 10:50:49 AM

Obama says the oil and gas companies can give more. You have to remember when they are required to give more, they pass that on to the consumers and the consumers are us.
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paulp24
Champion Author Harrisburg

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Message Posted: Jan 2, 2013 10:45:00 AM

Maybe if the oil companies would let us keep a little bit more of our money we wouldnt be looking and taking theirs. Just sayin...
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VernonOR
Champion Author Oregon

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Message Posted: Jan 2, 2013 10:39:45 AM

One thing I know for sure, if you think the answer to everything is just tax the rich, they will move and take their businesses with them, just like so many corporate American companies have already done. When you tax someone to death you take all the incentives out of trying to be rich if the first place, and trying to better yourself with great innovation and new start-up companies is what made this country great in the first place.
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ss70
Champion Author Detroit

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Message Posted: Jan 2, 2013 10:35:30 AM

they have money to do anything
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BlueVanGroup
Champion Author Fort Collins

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Message Posted: Jan 2, 2013 10:24:58 AM


"Obama's call to end the $4 billion in annual tax subsidies to oil companies including Exxon Mobil, the biggest U.S. oil company, has failed to pass in either house of Congress."

--------

Repeat after me:

THERE ARE NO "SUBSIDIES" FOR OIL COMPANIES.

Once again Obama is twisting words. The oil companies are just using the same business deductions any other company uses.

Obama just wants to punish them and steal their money.

Just so we're clear:

* Allowing people and corporations to keep a little more of the money they earned in the first place IS NOT a "subsidy."

* Taking money from those who earned it and giving it to your cronies (e.g. Solyndra) IS a "subsidy."

There will be a test next election day.
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yanman22
All-Star Author Rochester

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Message Posted: Jan 2, 2013 10:23:01 AM

ok
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TC5504
Champion Author West Virginia

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Message Posted: Jan 2, 2013 10:08:48 AM

It is going to cost us.
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daquanabe
Champion Author Houston

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Message Posted: Jan 2, 2013 10:07:02 AM

No matter what they do with business taxation, in the end... we pay for it. With that said, big oil really needs to pay their share.
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otherdave
Champion Author Indiana

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Message Posted: Jan 2, 2013 10:06:16 AM

If pro is the opposite of con isn't Con-gress the opposite of pro-gress???
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emernal
Champion Author St. Louis

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Message Posted: Jan 2, 2013 10:05:45 AM

Subsidies need to be reduced, especially for old technology that has been around for more then 20 years. The consumers of those products should be paying for them.
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gasmeup52
Champion Author Missouri

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Message Posted: Jan 2, 2013 10:05:23 AM

Stay tuned.
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Double_Golden
Champion Author San Francisco

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Message Posted: Jan 2, 2013 10:04:41 AM

big corporate making millions or billions, why are they still getting tax break compare to mom and pop store that having got no breaks and barely make a living...
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dlzastera
Champion Author Minnesota

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Message Posted: Jan 2, 2013 10:04:33 AM

The tax code needs a look.
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jimmy544
Champion Author Boston

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Message Posted: Jan 2, 2013 10:03:57 AM

Can you imagine the how the government lets these big companies off paying the taxes that you and I have to pay. And then there is a hue and cry not to subsidized new renewable energy companies that have the potential to free us from fossil fuel. Come on this is a bad joke. No more oil, coal and gas subsidies. It is time they stood on their business. The profits have been enormous and the executives made rich on our dime.
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krobp46
Champion Author Milwaukee

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Message Posted: Jan 2, 2013 10:03:19 AM

Keep Us Posted
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momof5MN
Champion Author Twin Cities

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Message Posted: Jan 2, 2013 10:02:49 AM

This morning, I have to agree, BlueVanGroup!
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40mpgsaturn
Champion Author Wisconsin

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Message Posted: Jan 2, 2013 10:01:25 AM

Sounds like a battle!
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BlueVanGroup
Champion Author Fort Collins

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Message Posted: Jan 2, 2013 10:01:07 AM


As history shows, anything Congress does just makes things worse.
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RobertSpratt
Champion Author Virginia Beach

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Message Posted: Jan 2, 2013 10:00:53 AM

okay
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ARCO
Champion Author Pittsburgh

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Message Posted: Jan 2, 2013 10:00:41 AM

YEP!!!
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paoli8
Champion Author Philadelphia

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Message Posted: Jan 2, 2013 10:00:41 AM

Interesting to see what happens
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Don20
Champion Author Oklahoma City

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Message Posted: Jan 2, 2013 9:59:51 AM

Any tax that is forced on the oil companies will only be passed along to the consumer...
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ModelWarships
Champion Author Missouri

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Message Posted: Jan 2, 2013 9:59:43 AM

in the end all new taxes and costs get passed onto us.
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Tutootin
Champion Author Toronto

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Message Posted: Jan 2, 2013 9:59:41 AM

Vin63, Totally agree. This is just plain obscene!!
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skb69sa
Champion Author San Antonio

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Message Posted: Jan 2, 2013 9:59:17 AM

Ok
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ericbcire
Champion Author Nevada

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Message Posted: Jan 2, 2013 9:58:42 AM

The costs will be passed to consumers.
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avloc
Champion Author Pittsburgh

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Message Posted: Jan 2, 2013 9:58:06 AM

This is welfare.....on the Corporate level.
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2962
Champion Author Omaha

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Message Posted: Jan 2, 2013 9:56:51 AM

I don't want to tell Nobama however the tax credit we got for a new truck made the difference between buying a new truck and hiring a new man to put on the street or pulling a guy out of the shop and paying him mileage to use his personal vehicle. It really dose make a difference to a small business.
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Sego
Champion Author Florida

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Message Posted: Jan 2, 2013 9:56:12 AM

will be interesting to see what happens
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GPD1739P
Champion Author Illinois

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Message Posted: Jan 2, 2013 9:55:16 AM

Sorry - subsidies as a whole need to go. Until and unless the US Government starts operating at a surplus, we need to reign in spending wherever we can.
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rrs517
Champion Author Colorado

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Message Posted: Jan 2, 2013 9:54:56 AM

It is about time. The oil industry pays more taxes than any other industry. Their profit margins are only 6% - which is in the middle of the pack of 200+ industries.
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Minutefan
Champion Author Springfield

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Message Posted: Jan 2, 2013 9:54:37 AM

i hope they remember that high energy costs drag the economy down.
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Gassed01
Champion Author Toronto

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Message Posted: Jan 2, 2013 9:54:31 AM

If they don't pay, cut their massive grants.
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BillHeatherL
Champion Author Alberta

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Message Posted: Jan 2, 2013 9:54:22 AM

of course they do not want to pay more
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Tanks_alot
Champion Author Rhode Island

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Message Posted: Jan 2, 2013 9:54:07 AM

At least the oil and gas industries provide a useful product, unlike the solar panels and windmills that can't perform 24-7 and are FAR more expensive.

We will save ten times as much money if we end the HALF A TRILLION DOLLARY subsidies to the failed "green energy" companies (donors to the Democrats).

End ALL subsidies.
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kyrunner
Champion Author Lexington

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Message Posted: Jan 2, 2013 9:53:27 AM

I can't believe how many people on this site still think depreciation of used up oil fields is a subsidy! Now wind, ethanol and solar giveaways are true subsidies and they should have stopped yesterday!
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Gassed01
Champion Author Toronto

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Message Posted: Jan 2, 2013 9:53:12 AM

Big Oil doesn't want to pay their fair share of taxes so they can pad their massive executive bonuses with more cash.
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lakeaffected
Champion Author Grand Rapids

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Message Posted: Jan 2, 2013 9:51:22 AM

They need to pay
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jacob5066
Champion Author College Station

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Message Posted: Jan 2, 2013 9:51:11 AM

Really, I am shocked
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Vin63
Champion Author San Bernardino

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Message Posted: Jan 2, 2013 9:50:45 AM

Just cut the huge subsidies that the oil industry receives, and has been receiving for 100 years.
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mainenightowl
Champion Author Maine

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Message Posted: Jan 2, 2013 9:50:27 AM

I dunno what would be worse-more pain & suffering at the pump or higher taxes.
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braves89
Champion Author Chicago

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Message Posted: Jan 2, 2013 9:50:11 AM

osama cuts tax breaks to big oil, big oil continues to raise prices and gouge us the consumers, and recession gets deeper
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rawdog1313
Champion Author Lexington

Posts:4,878
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Message Posted: Jan 2, 2013 9:49:44 AM

Regulate Oil Speculation for lower gas prices! That means the TeaBagging Party of NO would actually have to do something! Bahahahahhaha, that ain't happening!
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