Does anyone think that oil and gas tax breaks are corporate welfare

The purpose of these tax breaks is to encourage oil companies to explore for and drill for new oil. The recent revelation that the oil companies are using their profits to buy back there own stock to increase its value, rather than drilling new wells or upgrading and purchasing new equipment runs contrary to the stated purpose of these breaks. I think that this is an outrage, how about you
http://www.thirdworldtraveler.com/Corporate_Welfare/Oil_Tax_Breaks.html
I wonder how much of the almost 12 billion in profits Exxon actually pays taxes on. ? Not much I’ll wager.
When the player has bribed the umpire to look the other when he breaks the rule, I feel free to blame the player
How about some response from the right, or should I say from the wrong wing
I guess the right wing only hates welfare when it goes to the poor

6 Responses to “Does anyone think that oil and gas tax breaks are corporate welfare”

  1. trythisagain Says:

    It’s the very definition of corporate welfare. ALL corporate welfare should be eliminated. (And "yes" I know who gets the most corporate welfare. No matter.)

  2. Bob G Says:

    I think we should tax them more.

    Then it will be cheaper for them to outsource to Mexico.

    Then we can complain about our unemployment rate.

    Then the illegals would be going back to Mexico to find work.

  3. col. Kurtz Says:

    more Cleptocracy in the WH…..

  4. Puller58 Says:

    Of course they are. Big Oil doesn’t donate to campaigns for nothing. I would prefer a flat tax and get out of having "incentives" written into the tax code.

  5. truth seeker Says:

    EXXON is reporting another record profit….. they are NOT interested in drilling. Why is that so hard for Cons. and Republicans to understand.

  6. Pythagoras Says:

    Don’t hate the player. Hate the game.

    If the purpose of the tax breaks was to encourage exploration/drilling, then the legislation should have been written as such. Only those moneys that were directly used for these purposes should have qualified for a tax break. I can’t claim a tax deduction for charitable contributions, for example, unless I have a paper trail showing that this is where the money went. Oil companies should be the same: show me the proof and get the break.

    If the legislation was not written this way, then shame on the morons in DC for allowing this loophole.