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Obama's oil & gas tax cuts-another freaking lie!!
Steve Forbes: Obama’s anti-energy agenda kills jobs
“His reelection campaign in full swing, President Barack Obama is blaming obstinate congressional Republicans for his failure to advance a jobs plan in an economy that’s averaged 9 percent unemployment and crossed the $1 trillion deficit threshold for the third straight year.
Members of Congress on both the right and the left, however, stopped Obama’s American Jobs Act in its tracks. They recognized it for what it was: a glorified repackaging of tax increases that have rightly failed several times before. Undaunted, the White House and some of its strongest allies are coming back for more — adamant that the jobs landscape and our economy would improve if only Congress would pass a national energy tax.
Thirty-seven House Democrats and 14 of their Senate colleagues this month sent separate letters to the bipartisan supercommittee calling for an end to industry “subsidies” they claim would save the government $21 billion over 10 years.
Before beginning the eye roll for defending Big Oil, consider this: The influx of revenue expected from rolling back these fossil-fuel “subsidies” — close to $90 billion when factoring in the effects on related industries — is actually a national energy tax that will likely come straight from the pockets of American consumers.
By definition, government imposes a tax on an activity or product to discourage, not incentivize, it. Why, then, would the administration repeatedly target one of the only industries that’s actually creating jobs?
This blatantly contradicts the president’s pro-jobs rhetoric.
If the administration were serious about deficit reduction and accelerated job growth, it would partner with our domestic energy producers to help increase their employment base — which now encompasses more than 9 million affiliated jobs — by letting them expand their output. This, in turn, would expand their gross domestic product contribution, which averages $1 trillion annually.
Instead, Obama has cast the industry as a ruthless competitor for taxpayer handouts. If this seems exaggerated, take it from the president himself, in his address to a joint session of Congress last month.
“Should we keep tax loopholes for oil companies?” Obama asked. “Or should we use that money to give small-business owners a tax credit when they hire new workers? Because we can’t afford to do both.”
What the president knows, but fails to divulge in making his case, is that U.S. oil and natural gas companies do not receive taxpayer subsidies. The provisions he’s targeting for repeal are the same tax credits and deductions available to a broad swath of other U.S. companies — including a domestic manufacturing credit and a measure to prevent double taxation on income earned abroad.
If the White House has a reasonable explanation for how raising taxes on one industry without broader tax reform can create jobs, I’ve yet to hear it.
Real tax reform that closes loopholes in favor of lower rates is an idea that I support wholeheartedly. That’s why I have long advocated the flat tax. In fact, I recently endorsed and continue to advise Texas Gov. Rick Perry, who is now proposing his own version of the flat tax."
Obama BS again and again-ridding the tax credits and deductions affects all manufacturing, not just oil & gas-yet the Chief Liar fails to ever mention that-what a POS.
Get the SOB liar out of office in 2012!!!
“His reelection campaign in full swing, President Barack Obama is blaming obstinate congressional Republicans for his failure to advance a jobs plan in an economy that’s averaged 9 percent unemployment and crossed the $1 trillion deficit threshold for the third straight year.
Members of Congress on both the right and the left, however, stopped Obama’s American Jobs Act in its tracks. They recognized it for what it was: a glorified repackaging of tax increases that have rightly failed several times before. Undaunted, the White House and some of its strongest allies are coming back for more — adamant that the jobs landscape and our economy would improve if only Congress would pass a national energy tax.
Thirty-seven House Democrats and 14 of their Senate colleagues this month sent separate letters to the bipartisan supercommittee calling for an end to industry “subsidies” they claim would save the government $21 billion over 10 years.
Before beginning the eye roll for defending Big Oil, consider this: The influx of revenue expected from rolling back these fossil-fuel “subsidies” — close to $90 billion when factoring in the effects on related industries — is actually a national energy tax that will likely come straight from the pockets of American consumers.
By definition, government imposes a tax on an activity or product to discourage, not incentivize, it. Why, then, would the administration repeatedly target one of the only industries that’s actually creating jobs?
This blatantly contradicts the president’s pro-jobs rhetoric.
If the administration were serious about deficit reduction and accelerated job growth, it would partner with our domestic energy producers to help increase their employment base — which now encompasses more than 9 million affiliated jobs — by letting them expand their output. This, in turn, would expand their gross domestic product contribution, which averages $1 trillion annually.
Instead, Obama has cast the industry as a ruthless competitor for taxpayer handouts. If this seems exaggerated, take it from the president himself, in his address to a joint session of Congress last month.
“Should we keep tax loopholes for oil companies?” Obama asked. “Or should we use that money to give small-business owners a tax credit when they hire new workers? Because we can’t afford to do both.”
What the president knows, but fails to divulge in making his case, is that U.S. oil and natural gas companies do not receive taxpayer subsidies. The provisions he’s targeting for repeal are the same tax credits and deductions available to a broad swath of other U.S. companies — including a domestic manufacturing credit and a measure to prevent double taxation on income earned abroad.
If the White House has a reasonable explanation for how raising taxes on one industry without broader tax reform can create jobs, I’ve yet to hear it.
Real tax reform that closes loopholes in favor of lower rates is an idea that I support wholeheartedly. That’s why I have long advocated the flat tax. In fact, I recently endorsed and continue to advise Texas Gov. Rick Perry, who is now proposing his own version of the flat tax."
Obama BS again and again-ridding the tax credits and deductions affects all manufacturing, not just oil & gas-yet the Chief Liar fails to ever mention that-what a POS.
Get the SOB liar out of office in 2012!!!
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