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Obama proposed: Ending $26 billion in oil and gas industry tax breaks



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May 07, 2009 03:32 PM

Obama proposed: Ending $26 billion in oil and gas industry tax breaks


Obama proposed:
• Ending $26 billion in oil and gas industry tax breaks, which he called "unjustifiable loopholes" in the tax system that other industries do not get.
• Eliminating federal support for a $35 million-a-year radio-based marine navigation system rendered obsolete by the satellite-based Global Positioning System.
• Doing away with a $142 million program to help states pay to clean up abandoned mines.
• Abolishing an Education Department attache's post in Paris, at a savings of $632,000 per year.
He called for a $3 increase in per-segment air fare taxes starting in 2012, which would raise the maximum fee from $5 to $11 per trip as a way to finance airport security screenings
In over 1,500 pages, Obama sought to flesh out the bare-bones budget outline he submitted in February shortly after taking office. Both the House and Senate last week approved a $3.4 trillion budget blueprint reflecting most of Obama's priorities and clearing the way for new spending on health care, energy and education. More details are due from the White House next week.
http://news.yahoo.com/s/ap/20090507/...s_obama_budget

Initial thoughts?


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No. 1
Old May 08, 2009, 04:07 AM

Default Re: Obama proposed: Ending $26 billion in oil and gas industry tax breaks
A teaspoon of effort in a swimming pool of waste.

It's disingenuous for Obama to use comparisons of other industries in describing tax breaks enjoyed by the oil industry. If he really wants to build credibility on a comparison of taxes among "other industries," then he'd also have to eliminate taxes that the oil industry pays but are not paid by "other industries."

As it stands now, the oil industry already pays more in taxes than what they capture in revenue, and in the end, taxes are only passed on to the consumer...which in this case is everyone one of us, because petroleum products are used in more than just our gas tanks. They were used in the construction of the computer you are using, the pastic in the pen laying next to your computer, and the medication you will take later when this post gives you a headache.

Rookie mistake by a rookie president.

BTW, did you catch the line where he's cutting the benefits program in half for the families of slain officers? Shandra Mayhle, wife of slain Pittsburgh officer Stephen Mayhle and the mother of his two young daughters, will receive a workers comp benefit (60% pay) for 50 weeks, and then $1122/month thereafter. $13,000.year! Why does Obama hate the families of dead cops? Surely there had to be SOMETHING in that bill less worthy of funding than this benefit.
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Old May 08, 2009, 11:41 AM

Default Re: Obama proposed: Ending $26 billion in oil and gas industry tax breaks
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No. 3
Old May 08, 2009, 11:44 AM

Default Re: Obama proposed: Ending $26 billion in oil and gas industry tax breaks
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No. 4
Old May 08, 2009, 11:45 AM

Default Re: Obama proposed: Ending $26 billion in oil and gas industry tax breaks
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No. 5
Old May 08, 2009, 12:02 PM

Default Re: Obama proposed: Ending $26 billion in oil and gas industry tax breaks
No, really. What do you guy's think?
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