One Hundred Years of Big Oil Tax Breaks ...

page: 1
3

log in

join

posted on Mar, 1 2013 @ 12:27 PM
link   
The "Revenue Act of 1913" allowed oil companies to write off 5 percent of the costs from oil and gas wells beginning March 1, 1913.

Pages 172 through 174

They can now deduct three times this rate, at 15 percent.


A rule dating from 1926 that establishes how oil companies can depreciate the value of their wells allows drillers to deduct 15% of the well's revenue from its taxable income per year. This is instead of a more traditional depreciation scheme in which the cost of the well is depreciated over the well's life.
Source

As many as they now get, Congress refuses to cut the big oil tax breaks though.

Senate Democrats followed by forcing a vote to end tax cuts for the five largest oil companies, which Republicans resoundingly defeated.
GOP blocks Obama’s effort to end tax breaks for Big Oil


And we wonder why ...

The game is rigged folks

edit on 1-3-2013 by Tazkven because: (no reason given)




posted on Mar, 1 2013 @ 01:19 PM
link   
Meant to put more into this but I ran out of time at work, researching the articles. I looked up and it was time for me to go.

Wanted to add more numbers from sources and articles, exactly how much they are saving with all the tax breaks and profiting from gas prices but am mobile now and will be the rest of the day ...



posted on Mar, 1 2013 @ 01:40 PM
link   
reply to post by Tazkven
 


See here also: priceofoil.org...





 
3

log in

join