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by no_wizard
896 days ago
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Here's a small summary of just some of the subsidies they recieve, from a bill that was introduced[0] to limit them. These are over and above other types of deductions all businesses take advantage of tax wise - Tax credits specifically for producing oil and gas from maringal wells and oil discovery - Tax deductions for drilling and development cost of oil and gas wells - Passive loss exceptions for working interests in oil and gas property (think dry wells) - Removes exceptions for tar sands and oil shale[1] These are just some. Then there's the second order costs, like how much of our defense budget is geared toward simply protecting oil tankers[2] specifically. [0]: https://www.congress.gov/bill/118th-congress/house-bill/1483... [1]: which had additional tax breaks due to land use classification [2]: https://www.cnbc.com/2018/09/21/us-spends-81-billion-a-year-... |
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