Reader Bill emailed:
I haven’t heard anything about this on the news or online but it is an obvious huge jobs killer and will force more US companies out. Please help link to this!
The Administration plans to change existing ‘dual capacity’ rules, which are tax laws that grant American companies who generate income in foreign countries tax credits to offset the US income tax on that same foreign income. By eliminating this tax payment treatment, the government will be double-taxing our domestic oil and natural gas producers, further impairing their ability to compete in the global energy marketplace.
US companies will be taxed twice on international income while foreign companies, like BP, will reap the subsidies. This is a de facto bailout — courtesy of you and me!
I read a point by point response to the NYT article a few weeks ago on oil company “welfare”
Here’s the link to the response to the NYT article mentioned above.
This is so typical of our ruling class. Foreign companies like BP are big contributors to their campaigns. Sure, they’ll vilify those contributors in public, all the while doing their bidding with their rules and regulations. It’s disgusting.
Update: Reader Bill would like me to point out that it’s not just BP and they are getting subsidies. I haven’t changed the title because it would be too long.
[...] A reader directed me to Big Oil: Corporate Welfare Queen Number One. Blue Gal on the liberal blog Crooks and Liars linked to Jim Hightower’s piece Big Oil’s Gusher of Subsidies. It appears what these two liberal bloggers are talking about are tax deductions and provisions available to all companies, not just oil companies. (No mention that Obama would like to give foreign oil companies tax breaks and subsidies while penalizing domestic producers.) [...]
Like or Dislike:
0 
0