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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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jrs4125 Champion Author Indiana Posts:2,758 Points:591,745 Joined:Sep 2011	Message Posted: Jan 3, 2013 7:17:46 AM Ignore jrs4125 Report Abuse If they're against it I'm for it.
bell05 Champion Author Atlanta Posts:9,255 Points:1,875,860 Joined:Jun 2005	Message Posted: Jan 2, 2013 3:43:01 PM Ignore bell05 Report Abuse Yea, BlueVanGroup, I buy that. Good post.
PDQBlues Champion Author San Diego Posts:7,074 Points:1,448,325 Joined:Jan 2009	Message Posted: Jan 2, 2013 2:55:28 PM Ignore PDQBlues Report Abuse 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.
bluebird1 Champion Author Toronto Posts:15,733 Points:3,108,085 Joined:May 2004	Message Posted: Jan 2, 2013 2:04:35 PM Ignore bluebird1 Report Abuse Here we go again...all taxes except Big Oil & gas will go up because too many politicians are owned by them!!!! DrCashFlow is right!!!
DrCashFlow Champion Author Massachusetts Posts:7,064 Points:1,627,125 Joined:Jun 2008	Message Posted: Jan 2, 2013 1:50:22 PM Ignore DrCashFlow Report Abuse kill all the lawyers and lobbyists... kill 'em tonight
ktyson13 Champion Author Maryland Posts:1,541 Points:397,075 Joined:Aug 2010	Message Posted: Jan 2, 2013 11:35:03 AM Ignore ktyson13 Report Abuse Energy companies need to pay less taxes, not more.
zaq001 Champion Author Atlanta Posts:3,975 Points:1,472,850 Joined:Oct 2008	Message Posted: Jan 2, 2013 10:53:21 AM Ignore zaq001 Report Abuse 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!
Dennisjk Champion Author Detroit Posts:6,486 Points:1,925,450 Joined:Apr 2006	Message Posted: Jan 2, 2013 10:50:49 AM Ignore Dennisjk Report Abuse 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.
paulp24 Champion Author Harrisburg Posts:4,537 Points:822,325 Joined:Dec 2010	Message Posted: Jan 2, 2013 10:45:00 AM Ignore paulp24 Report Abuse 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...
VernonOR Champion Author Oregon Posts:2,915 Points:737,870 Joined:Aug 2010	Message Posted: Jan 2, 2013 10:39:45 AM Ignore VernonOR Report Abuse 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.
ss70 Champion Author Detroit Posts:9,660 Points:1,870,100 Joined:Sep 2005	Message Posted: Jan 2, 2013 10:35:30 AM Ignore ss70 Report Abuse they have money to do anything
BlueVanGroup Champion Author Colorado Posts:7,204 Points:1,528,495 Joined:May 2008	Message Posted: Jan 2, 2013 10:24:58 AM Ignore BlueVanGroup Report Abuse "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.
yanman22 All-Star Author Rochester Posts:601 Points:74,425 Joined:May 2011	Message Posted: Jan 2, 2013 10:23:01 AM Ignore yanman22 Report Abuse ok
TC5504 All-Star Author West Virginia Posts:938 Points:193,970 Joined:Sep 2012	Message Posted: Jan 2, 2013 10:08:48 AM Ignore TC5504 Report Abuse It is going to cost us.
daquanabe Champion Author Houston Posts:1,818 Points:373,900 Joined:Oct 2009	Message Posted: Jan 2, 2013 10:07:02 AM Ignore daquanabe Report Abuse 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.
otherdave Champion Author Indiana Posts:3,393 Points:1,269,160 Joined:Oct 2008	Message Posted: Jan 2, 2013 10:06:16 AM Ignore otherdave Report Abuse If pro is the opposite of con isn't Con-gress the opposite of pro-gress???
emernal Champion Author St. Louis Posts:6,925 Points:2,012,855 Joined:Mar 2004	Message Posted: Jan 2, 2013 10:05:45 AM Ignore emernal Report Abuse 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.
gasmeup52 Champion Author Missouri Posts:1,325 Points:682,705 Joined:Jan 2011	Message Posted: Jan 2, 2013 10:05:23 AM Ignore gasmeup52 Report Abuse Stay tuned.
Double_Golden Champion Author San Francisco Posts:2,560 Points:605,385 Joined:Aug 2011	Message Posted: Jan 2, 2013 10:04:41 AM Ignore Double_Golden Report Abuse 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...
dlzastera Champion Author Minnesota Posts:4,510 Points:1,023,345 Joined:Mar 2006	Message Posted: Jan 2, 2013 10:04:33 AM Ignore dlzastera Report Abuse The tax code needs a look.
jimmy544 Champion Author Boston Posts:4,110 Points:653,855 Joined:Feb 2011	Message Posted: Jan 2, 2013 10:03:57 AM Ignore jimmy544 Report Abuse 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.
krobp46 Champion Author Milwaukee Posts:2,711 Points:541,095 Joined:Sep 2011	Message Posted: Jan 2, 2013 10:03:19 AM Ignore krobp46 Report Abuse Keep Us Posted
momof5MN Champion Author Twin Cities Posts:4,049 Points:214,035 Joined:Feb 2011	Message Posted: Jan 2, 2013 10:02:49 AM Ignore momof5MN Report Abuse This morning, I have to agree, BlueVanGroup!
40mpgsaturn Champion Author Wisconsin Posts:2,494 Points:521,235 Joined:Jun 2011	Message Posted: Jan 2, 2013 10:01:25 AM Ignore 40mpgsaturn Report Abuse Sounds like a battle!
BlueVanGroup Champion Author Colorado Posts:7,204 Points:1,528,495 Joined:May 2008	Message Posted: Jan 2, 2013 10:01:07 AM Ignore BlueVanGroup Report Abuse As history shows, anything Congress does just makes things worse.
RobertSpratt Champion Author Virginia Beach Posts:4,835 Points:1,045,765 Joined:Jul 2007	Message Posted: Jan 2, 2013 10:00:53 AM Ignore RobertSpratt Report Abuse okay
ARCO Champion Author Pittsburgh Posts:2,348 Points:2,377,370 Joined:Sep 2005	Message Posted: Jan 2, 2013 10:00:41 AM Ignore ARCO Report Abuse YEP!!!
paoli8 Champion Author Philadelphia Posts:7,078 Points:1,819,610 Joined:Jul 2007	Message Posted: Jan 2, 2013 10:00:41 AM Ignore paoli8 Report Abuse Interesting to see what happens
Don20 Champion Author Oklahoma City Posts:9,672 Points:2,619,630 Joined:Mar 2005	Message Posted: Jan 2, 2013 9:59:51 AM Ignore Don20 Report Abuse Any tax that is forced on the oil companies will only be passed along to the consumer...
ModelWarships Champion Author Missouri Posts:5,795 Points:1,232,085 Joined:Jul 2008	Message Posted: Jan 2, 2013 9:59:43 AM Ignore ModelWarships Report Abuse in the end all new taxes and costs get passed onto us.
Tutootin Champion Author Toronto Posts:10,121 Points:3,077,430 Joined:Jun 2004	Message Posted: Jan 2, 2013 9:59:41 AM Ignore Tutootin Report Abuse Vin63, Totally agree. This is just plain obscene!!
skb69sa Champion Author San Antonio Posts:3,482 Points:711,150 Joined:Mar 2011	Message Posted: Jan 2, 2013 9:59:17 AM Ignore skb69sa Report Abuse Ok
ericbcire Champion Author Nevada Posts:4,520 Points:1,267,235 Joined:Aug 2009	Message Posted: Jan 2, 2013 9:58:42 AM Ignore ericbcire Report Abuse The costs will be passed to consumers.
avloc Champion Author Pittsburgh Posts:2,858 Points:583,700 Joined:Apr 2011	Message Posted: Jan 2, 2013 9:58:06 AM Ignore avloc Report Abuse This is welfare.....on the Corporate level.
2962 Champion Author Omaha Posts:1,062 Points:394,685 Joined:Feb 2006	Message Posted: Jan 2, 2013 9:56:51 AM Ignore 2962 Report Abuse 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.
Sego Veteran Author Florida Posts:383 Points:70,305 Joined:Apr 2012	Message Posted: Jan 2, 2013 9:56:12 AM Ignore Sego Report Abuse will be interesting to see what happens
GPD1739P Champion Author Illinois Posts:2,520 Points:724,630 Joined:Feb 2011	Message Posted: Jan 2, 2013 9:55:16 AM Ignore GPD1739P Report Abuse 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.
rrs517 All-Star Author Colorado Posts:928 Points:344,705 Joined:Apr 2006	Message Posted: Jan 2, 2013 9:54:56 AM Ignore rrs517 Report Abuse 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.
Minutefan Champion Author Springfield Posts:3,310 Points:1,246,305 Joined:Aug 2004	Message Posted: Jan 2, 2013 9:54:37 AM Ignore Minutefan Report Abuse i hope they remember that high energy costs drag the economy down.
Gassed01 Champion Author Toronto Posts:6,349 Points:1,801,815 Joined:Jan 2006	Message Posted: Jan 2, 2013 9:54:31 AM Ignore Gassed01 Report Abuse If they don't pay, cut their massive grants.
BillHeatherL Champion Author Alberta Posts:7,643 Points:1,924,630 Joined:Apr 2007	Message Posted: Jan 2, 2013 9:54:22 AM Ignore BillHeatherL Report Abuse of course they do not want to pay more
Tanks_alot Champion Author Rhode Island Posts:8,895 Points:1,608,625 Joined:Sep 2008	Message Posted: Jan 2, 2013 9:54:07 AM Ignore Tanks_alot Report Abuse 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.
kyrunner Champion Author Lexington Posts:8,977 Points:1,699,175 Joined:Aug 2008	Message Posted: Jan 2, 2013 9:53:27 AM Ignore kyrunner Report Abuse 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!
Gassed01 Champion Author Toronto Posts:6,349 Points:1,801,815 Joined:Jan 2006	Message Posted: Jan 2, 2013 9:53:12 AM Ignore Gassed01 Report Abuse Big Oil doesn't want to pay their fair share of taxes so they can pad their massive executive bonuses with more cash.
lakeaffected Champion Author Grand Rapids Posts:1,270 Points:1,474,755 Joined:May 2006	Message Posted: Jan 2, 2013 9:51:22 AM Ignore lakeaffected Report Abuse They need to pay
jacob5066 Champion Author College Station Posts:1,843 Points:430,590 Joined:Feb 2012	Message Posted: Jan 2, 2013 9:51:11 AM Ignore jacob5066 Report Abuse Really, I am shocked
Vin63 Champion Author San Bernardino Posts:1,840 Points:455,245 Joined:Oct 2007	Message Posted: Jan 2, 2013 9:50:45 AM Ignore Vin63 Report Abuse Just cut the huge subsidies that the oil industry receives, and has been receiving for 100 years.
mainenightowl All-Star Author Maine Posts:869 Points:306,220 Joined:May 2012	Message Posted: Jan 2, 2013 9:50:27 AM Ignore mainenightowl Report Abuse I dunno what would be worse-more pain & suffering at the pump or higher taxes.
braves89 Champion Author Chicago Posts:7,648 Points:1,630,485 Joined:Apr 2008	Message Posted: Jan 2, 2013 9:50:11 AM Ignore braves89 Report Abuse osama cuts tax breaks to big oil, big oil continues to raise prices and gouge us the consumers, and recession gets deeper
rawdog1313 Champion Author Lexington Posts:3,299 Points:1,642,805 Joined:May 2008	Message Posted: Jan 2, 2013 9:49:44 AM Ignore rawdog1313 Report Abuse 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!