Per Reuters: Democrats in the Senate on Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources. Reuters says they will revoke tax breaks, Townhall says they will increase taxes. So which is it? Will they pay regular corporate taxes like all other businesses if their tax bre... Deb revoke means to do away with. So if they are doing away with a tax break that means the companies will have to pay more taxes or will not have the ability to itemize a certain expense. The tax breaks that are given to these companies are the same tax breaks that are given to all American manufacturers. That was Congress' doing. And they aren't breaks as such. They (manufactures) aren't getting out of paying taxes they get a "break" by allowing the companies to depreciate equipment faster. This gives the companies inventive to buy more equipment and thus creating more demand for equipment used in manufacturing and creating jobs in the process. Just remember, companies don't pay taxes, their customers do. WE are paying all those taxes on the oil companies and if those taxes go up WE will be paying even more. I agree that either way, the customer pays. Because of that, higher prices could in fact have the effect it has on Europe, they drive alone less, and use waaaaaay less gas than Americans do, which could drop prices! We the people, are in control after all! I commented because I looked into the bill in more detail and found the author's conclusions to sound a bit slanted. I wish everyone would stop spinning the facts! Silly me sillysam! |
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