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Mills: Unclear whether oil and gas industry's taxes to stay same

Times Record News -- The results of the recent elections will impact the oil and gas industry for many years to come as the president and Congress work on a variety of issues.

The first key issue is finding a solution to the financial cliff problem.

Even though President Barack Obama and House Speaker John Boehner, R-Ohio have both said they are willing to compromise on various financial aspects, Obama has remained firm on keeping entitlement (Social Security, food stamps, etc.) away from any change and Boehner has said no to a tax increase.

Obama wants a tax increase on couples who earn $250,000 or more and individuals who earn $200,000 or more. Some believe he would be willing to compromise if the threshold was raised to $500,000 or even $1 million. Everyone knows that he would like for the oil and gas


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Submitted Nov 25, 2012 By: angel4me
Category: Daily News Article Discussions > Topics Add to favorite topics  
Author Topic: Mills: Unclear whether oil and gas industry's taxes to stay same Back to Topics
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honda0105
Champion Author Tallahassee

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Points:2,263,215
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Message Posted: Nov 29, 2012 12:00:17 AM

given how much they are cheating the American taxpayers by taking government subsidies and then using tax loopholes the size of Texas, taxes and cuts of subsidies to oil and gas industries should not be off the table.
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drpepperTX
Champion Author Texas

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Message Posted: Nov 28, 2012 8:44:11 AM

Oil and gas industries have already paid hundreds of billions in taxes.
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honda0105
Champion Author Tallahassee

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Message Posted: Nov 28, 2012 5:50:52 AM

not exactly a well known source of information.
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MAC48
Champion Author Dallas

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Message Posted: Nov 26, 2012 9:19:06 PM

All Obama's oil and gas proposals will do is guarantee that the price per gallon for gasoline, natural gas and diesel will go up to cover the tax deductions not allowed if his proposals become law. One has to remember that one of the publically stated goals of environmental activist organizations is to drive up the retail cost of fossil fuels so that their cherished alternative energy will be more competitive. Obama is just trying to deliver for his environmental supporters.
.
Oil, natural gas and mining companies get a depletion deduction which is the same thing any US company or business gets when they take a depreciation deduction. Try to understand that depletion is to entities that have primarily depletable assets as depreciation is to entities that have primarily plant, equipment and machinery. In both cases, the capital cost of acquiring depletable assets or acquiring plant, equipment and machinery is deducted over the productive life of the asset. Neither depletion nor depreciation is a subsidy since they are available to all business entities that have similar type assets whose productive life is consumed over time.
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jethro5000
Champion Author Kentucky

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Message Posted: Nov 26, 2012 6:55:14 AM

?
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bojiway1
Champion Author Minnesota

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Message Posted: Nov 25, 2012 10:44:25 PM

Ok, we all wonder that.
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LQQKGAS
Champion Author Phoenix

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Message Posted: Nov 25, 2012 9:00:55 PM


$8 - $10 per gallon gas will be good for this country according to obuma.
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RockCity
Champion Author Denver

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Message Posted: Nov 25, 2012 5:09:30 PM

>Undeserving entitlements are killing USA slowly but surely. Just look at what happened to Spain

It seems the france system is better on healthcare and social security while norway does better with welfare and venezuela does much better on gas prices. Seems we only excel in right wing zealots, perhaps.
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CCLighthouse
Champion Author Hartford

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Message Posted: Nov 25, 2012 3:31:21 PM

All of this is driving everyone crazy!
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Mark8601
Champion Author Bakersfield

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Message Posted: Nov 25, 2012 3:17:36 PM

Raise taxes on export oil and gas they try to sell to make more money. May drop local prices when the product stays in the country.
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QuagmireLA
Champion Author Louisiana

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Message Posted: Nov 25, 2012 3:13:50 PM

I'm with snappytom. Let's go dynamite some fish!
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snappytom2
Champion Author Corpus Christi

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Message Posted: Nov 25, 2012 3:00:54 PM

It is hard to catch fish in muddy water without the use of explosives.
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DYSKYPILOT
Champion Author Fort Worth

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Message Posted: Nov 25, 2012 3:00:22 PM

Can you say cradle to grave? Are you a 47%er?
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kd5kpd
Champion Author Texas

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Message Posted: Nov 25, 2012 2:47:43 PM

SSDD
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40mpgsaturn
Champion Author Wisconsin

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Message Posted: Nov 25, 2012 2:47:18 PM

Either way we will be paying more!
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NoGas714
All-Star Author Indiana

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Message Posted: Nov 25, 2012 2:45:51 PM

Harsher energy regulations seen in Obama's second term
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LongPlay
Champion Author Albuquerque

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Message Posted: Nov 25, 2012 2:44:26 PM

Obama wants government to take over everything and is trying to find ways to pay for it!
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jay93LA
Champion Author New Orleans

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Message Posted: Nov 25, 2012 2:43:54 PM

agree with evpv
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alkarn
Champion Author Riverside

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Message Posted: Nov 25, 2012 2:37:28 PM

I'm sure they will go up.
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hrjjml
All-Star Author Florida

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Message Posted: Nov 25, 2012 2:35:18 PM

Undeserving entitlements are killing USA slowly but surely. Just look at what happened to Spain
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rbrowdersr
Champion Author Detroit

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Message Posted: Nov 25, 2012 2:33:51 PM

Lets hope right decisions are made.
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EvPv
Champion Author Maine

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Message Posted: Nov 25, 2012 2:33:19 PM

'deficits are simply deferred taxes' -an unknown economist
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heysailor
Champion Author Pittsburgh

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Message Posted: Nov 25, 2012 2:20:05 PM

Considering the billions in corporate welfare subsidies they get, they're much too low. But then, we ought to be taxing wealth, not income or consumption (unless there is an offset for basic needs)
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aarrrt
Champion Author San Diego

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Message Posted: Nov 25, 2012 2:14:18 PM

I guess the Obama's will be paying higher taxes.
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bigmace111
Champion Author Albany

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Message Posted: Nov 25, 2012 2:14:14 PM

We should close the loopholes in the tax codes that allow corporations to avoid paying taxes. GE paid no taxes on billions of dollars in profit, and I'm sure that more companies did the same thing. Average Americans can not support the economy.
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bady777
All-Star Author Edmonton

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Message Posted: Nov 25, 2012 2:13:29 PM

Everyone has to pay
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speedys
Champion Author Utah

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Message Posted: Nov 25, 2012 2:13:11 PM

Nothing good is going to happen very fast.
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72_Monte
Champion Author Twin Cities

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Message Posted: Nov 25, 2012 2:11:42 PM


Raise 'em. They don't need any breaks.
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srchr
Champion Author San Jose

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Message Posted: Nov 25, 2012 2:10:35 PM

we voted for higher prices, falling standard of living
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ShabbyPA
Champion Author Pennsylvania

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Message Posted: Nov 25, 2012 2:10:26 PM

dont worry we will get taxed more!
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chen94539
Sophomore Author Oakland

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Message Posted: Nov 25, 2012 2:07:57 PM

it is all politics.
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rasprout
Champion Author Tacoma

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Message Posted: Nov 25, 2012 2:04:26 PM

I agree we need to find a solution to the fiscal cliff first, but raising the Gas tax, or should I say taxes on the gas industry is going to cost the consumer the rate of the increase plus X... In other words, he is raising our taxes if this happens. Are we willing for our taxes to get raised by the president is the question.
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EVBuddy
Champion Author Nevada

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Message Posted: Nov 25, 2012 2:02:34 PM

Lame duck Obama
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hmw10284
Champion Author California

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Message Posted: Nov 25, 2012 2:00:39 PM

All taxes paid by corporations are eventually paid by the consumer in higher sales costs. Raising taxes on corporations is fine as long as you understand the costs will come out of the pockets of the consumer. Other costs that are paid by the consumer are caused when the exports of an item go down because they cannot be sold over seas for a profit (see article). This causes job loss or stagnation at the very best.
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Lizzylou
Champion Author Stockton

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Message Posted: Nov 25, 2012 2:00:28 PM

POLITICS POLITICS POLITICS
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05HD
All-Star Author Cincinnati

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Message Posted: Nov 25, 2012 1:58:42 PM

HE SAID,SHE SAID,WE PAY.
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arnerator
Champion Author Seattle

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Message Posted: Nov 25, 2012 1:58:06 PM

More shafting at the pump ?? We don't need that.
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Gramps001
Champion Author North Carolina

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Message Posted: Nov 25, 2012 1:58:04 PM

Gov't compromise...an oxymoron.
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TheDix
Champion Author Ontario

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Message Posted: Nov 25, 2012 1:57:37 PM


A no brainer.
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mandoid
Champion Author Alabama

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Message Posted: Nov 25, 2012 1:54:24 PM

+1000 valricoslash

elections have consequences
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dbrnt
Veteran Author Illinois

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Message Posted: Nov 25, 2012 1:54:24 PM

I expect taxes on the oil and gas companies to go up. Who pays for them? The consumer at the pump!
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maske_2222
Champion Author Manitoba

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Message Posted: Nov 25, 2012 1:53:37 PM

Time will tell......
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HoosierDaddyKY
Champion Author Kentucky

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Message Posted: Nov 25, 2012 1:52:57 PM

hmmm...
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studebaker1940
Champion Author Tampa

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Message Posted: Nov 25, 2012 1:51:36 PM

get ready for $10 a gallon
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Valricoslash
Champion Author Tampa

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Message Posted: Nov 25, 2012 1:50:36 PM

Government makes more money in "profit" from the oil companies in the form of taxes than the the oil companies make in "profit". And guess what? I'm willing to bet the tax on gasoline and diesel will be going up soon under the Obama and the Democraps. When that happens, you won't be able to blame Bush. You get what you vote for and we now have four more years of Obama's draconian EPA and rules perpetrated by un-elected bureaucrats.
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danlanman
Champion Author North Carolina

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Message Posted: Nov 25, 2012 1:50:18 PM

ok
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Topless2012
Champion Author Twin Cities

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Message Posted: Nov 25, 2012 1:50:06 PM

Stop spending and lower taxes. The economy will take off.
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nru
Champion Author Twin Cities

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Message Posted: Nov 25, 2012 1:44:46 PM

Corporate taxes - oh yeah - they are mostly foreign corporations. Drain them as they drain us. No one wants to pay, but everyone wants something. Big thing is that the oil companies are almost all foreign - let them pay - I care about my country, not foreigners and the "job creators (they have had tax breaks for 10 years - how has that helped) - blood sucking vampires.
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tomok
Champion Author Portland

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Message Posted: Nov 25, 2012 1:43:53 PM

Unclear whether oil and gas industry's taxes to stay same, take a pick and vote for an increase and you pay more at the pump. Sneeky is pushing for EV's, Inbreds and renewable energy AND internal combustion engines, crude oil and natural gas is Not in your future. Sneeky has been spending so much money ever since he gained that position and you have to pay for it somehow and this is one way to do it.
'Coming out of the closet' Sneeky's lousy, smoke and mirrors, lack of jobs, dog and pony show and in the crapper economy, the jobs are Not here. Sneeky's economy is not improving but continues to hurt the population and the job numbers continue to be down! People will still drive and buy fuel no matter what but it sure helps to have a job too!
The US ‘oil and natural gas resources’ belong to the citizens of this country and are to be used by those same citizens! Speculators, manipulators and the banks continue to unfairly and unjustly make the driving public pay higher prices at the pump for their personal greedy benefit.
The price at the pump needs to go down to $2/gallon, *$3, *$3.50/gallon or *$4.00 is Not the new low!
Whatever the size or shape of the vehicle, vehicle manufactures Produce and the population ‘Drives’ vehicles with high MPG, are very safe, reliable, have a ‘reasonable’ cost and a good ‘value’ for the money.
The price of fuel at the pump is too high!
XII/XXII/MMXII!
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TxMtb
Champion Author Ohio

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Message Posted: Nov 25, 2012 1:43:04 PM

Don't be fooled, it will be the consumer that pays the taxes.
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