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Should the federal government repeal tax breaks to oil and gas industry?

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Results so far:

No
36% 9 votes Total: 25 votes
Yes
64% 16 votes
No

The endless problem assumed in a debate is the best answer belongs to the yes side period or the no side period. The federal government should not remove tax breaks to the entire oil and gas industry. It must however examine the politics of our corporations who by trading with Middle East, including Saudi Arabia ,are actually hurting the American economy and subsidizing foreign nations that, with price gouging threaten our freedom and principles regarding equality

and human rights guaranteeing the liberty's of life, liberty and the pursuit of happiness.

Give tax breaks to the oil and gas company's who do not and will not purchase these commodities from the nations of the middle east ,including Saudi Arabia. Those company's are Sunoco, zero barrels bought, Conoco, 0,Sinclair, 0,B/P Phillips,0,Hess,0,an d Arco,0 barrels purchased.

Not only remove tax breaks but even perhaps raise tax's on Sunoco who bought 205,742,000 barrels of oil from the Middle East and Saudi Arabia. The same should pertain to Chevron/Texaco, 144,332,000, Exxon/Mobil, 130,082,000, Marathon/Speedway 117,740,000, and Amoco, 62,231,000 barrels of oil paid in full.

Are we as a free democratic nation still ignoring the real facts it was Arabs who hijacked the airplanes that brought down the Twin Towers killing over 3000 innocent American's ? They weren't from Iraq ! Bin Laden ,a Saudi, and his terrorist recruits are primarily from the Middle East. The profits from the oil sales going into these country's may not go directly to these groups but by making the price increase to the point of usury it passes through every faze of our economy where produce is trucked to any goods retailing in our warehouses and shopping malls.

The federal government needs to arrive at an enforcement of taxation in a bipartisan agreement rewarding company's supporting intelligent purchasing policy's which will bring the prices back down as an oil glut backs up in the ports of the Middle East. It's competitive capitalism at work at it's finest. It's time our politicians act together ,party lines crossed to obtain a strong economy at home where the money saved from oil prices reduced is spent in our business's and our tax's go to strengthen our infrastructure and produce hybrid automobiles favorable to our environment.

Let's reiterate my opening staement. The United States of America is not a yes or no, black or white, rich or poor country. We are a nation built on comprimise which allows both sides of a debate to arrive at a common ground serving the best interest of all citizens. We must come together,along with the Congress and our next elected President, to achieve tax laws that improve our way of life, free to challenge large corporations and lobby's that accept enormous profits to the tune of a scale which not only patronizes the upper 10% of a super rich populace of CEO's and their political cronies,taking tax breaks and making bad decisions,paying economic enemys and ignoring the need for more refinerys of crude oil so dollars can go to their research and development division, discovering alternate fuels that create clean air to breath and grow produce truckers can deliver without a gas surcharge.

Learn more about this author, Jim Hennigan.
Contact this writer Click here to send this author comments or questions.

Yes

Tax breaks can serve several purposes. In some cases, they can serve to help out a struggling, yet essential industry, food being a decent example. In other cases, they can be used to give incentives to a certain activity, like the promotion of renewable energy. The tax breaks that were originally given to the oil and gas industry were intended, in large part, to help them invest in drilling for more oil, thus lowering the overall cost of fossil fuels by increasing supply. What has happened instead is that demand has continued to out-pace supply and the executives of the oil and gas companies, instead of investing in new sources of oil, have instead given themselves and their share holders obscene kick backs.

Tax cuts are not the cure all to the problems of the world, and any business that says it relies on tax cuts to function is either in its infancy, or not a very good idea to begin with. The simple fact is that oil and gas companies wouldn't be in financial trouble if there were no longer any tax cuts, $90 + a barrel oil sees to that. All the tax cuts for these companies do is add more profits on top of record breaking profits that already exist. While promoting wealth isn't a bad thing, is this really the most efficient use of government money?

By some accounts, the amount oil and gas companies receive in tax breaks is around $6 billion. Consider, for a moment, what $6 billion could be used for. It could, among other things, be put into the failing schools in the worst 30 districts to help them improve facilities and to train and hire better teachers. It could be used to pay for PTSD (Post Traumatic Stress Disorder) treatments for all of America's returning veterans. It could be used in incentives to help promote research into renewable fuels. Hell, it could just be given to Sloan Kittering Cancer Hospital as a giant check to help research better treatments for cancer (something 1 in 4 people will deal with in their lifetime). Instead, it's going to massive CEO salaries and surging stock prices for oil companies.

Consider that tax dollars represent public money. Is the best use of public money making sure oil execs are paid more in a year than the average wage earner will see in a life time? Or could it better be spent improving the lives of Americans through better education, better energy efficiency or better health care? Seems like a no-brainer.

Learn more about this author, Bryan Jennings.
Contact this writer Click here to send this author comments or questions.

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