Jump to content
[[Template core/front/custom/_customHeader is throwing an error. This theme may be out of date. Run the support tool in the AdminCP to restore the default theme.]]

good night oil stocks


dmarc117
 Share

Recommended Posts

  • Replies 76
  • Created
  • Last Reply

Top Posters In This Topic

Top Posters In This Topic

How do you feel about the provisions of the bill that eliminate current tax breaks for oil/gas companies and the proposal to raise royalties for offshore drilling? If they are settting record profits, do they really need these things?

 

Well, the nation needs domestically produced oil. So, from my point of view, any tax breaks given to US oil/gas companies to explore for oil/gas on our dirt (or in the water just off the coast) is not really any different than spending money on diplomacy, a new fighter jet, kevlar vests, or other "national defense / international relations" sort of expense. The fact that this tax break stays in the country in the form of more/better jobs for citizens, higher corporate dividends, better stock buy backs and increasing share prices which benefit anyone that owns a diversified equity mutual fund and/or has a pension, is merely a bonus.

 

Someone (Sacrebleu?) made a comment a couple of weeks ago about his view on taxes ... part of it is for basic necessities (roads, military, judicial/prisons, etc), and everything else that he has to pay over and above that that the gov't pisses away is essentially a fee to live in a (largely) free society with a stable government and low threat of an invading army. I like that view; I can relate to it. To some degree, I don't really have a problem with viewing tax breaks to an industry with crucial "national defense" overtones.

 

Relatedly, if the company is setting record profits, does the government really need to jack up its tax rate to thwart the profits? Seems to smack of beurocratic opportunism, more than thoughtful economic strategy.

 

As for me personally, if I received an increase like that in my salary, I suppose that I would end up in a higher tax bracket, lose some of the credits/adjustments that are capped based on what you make, and therefore end up paying a higher percentage of my income in tax. I guess that I am like big oil. :D

 

 

Do you feel dirty now? :D

 

Simply said, I have a hard time seeing how a "windfall tax" is thoughtful economic / tax policy.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

 Share

  • Recently Browsing   0 members

    • No registered users viewing this page.

×
×
  • Create New...

Important Information