"They don't touch on hidden subsidies," said Jacobson. "The biggest subsidy is allowing these companies to freeload off our health." …
Monday, January 6, 2025
Oil and Gas Subsidies Are Another Lie Detector Test for the DOGE Bros – Mother Jones
One major tax break allows companies to deduct most of the cost of drilling new oil and gas wells. The Joint Committee on Taxation, a nonpartisan panel of Congress, estimates that repealing this "intangible drilling costs" provision could bring an additional $6 billion in revenue by 2032. Another—the percentage depletion tax break—allows independent producers to recover development costs of declining oil, gas, and coal reserves and has been on the books since 1926. Eliminating it could generate an additional $7.3 billion…
Subscribe to:
Post Comments (Atom)
Click Older Posts above to see more.
No comments:
Post a Comment