Thursday, February 26, 2009

President Obama is Raising Taxes on Corporate America's Oil & Gas

The Psychology of the Call team feels President Obama's economic policy of raising taxes on U.S. oil corporations is a major blunder. As fiscal conservatives, we oppose ANY tax hikes. Our belief is capital should be created by entrepreneurship & lower taxes, putting us in direct opposition with this administration. WASHINGTON (Dow Jones)--The Obama administration Thursday proposed new charges of at least $31.5 billion over 10 years on oil and gas companies, reflecting the repeal of tax breaks for domestic production and new charges on oil and gas production in the Gulf of Mexico. -The plans, outlined as part of a fiscal 2010 budget proposal, revive long-standing Democratic efforts to turn to the oil and gas industry as the source of funding for other priorities. Among other things, the Obama budget plan calls for about $13 billion over 10 years in new charges on oil and gas companies from the repeal of a tax deduction for domestic production. -Oil companies have been fighting to maintain the tax treatment, which they say keeps jobs in the U.S. by encouraging domestic production. Congress scaled back the tax deduction last year to help pay for an extension of tax breaks for the solar and wind industries, but stopped short of eliminating it entirely. -The Obama administration also proposed a new excise tax on oil and gas production in the Gulf of Mexico, saying it would raise about $5 billion over the next 10 years. The White House said that the new tax, along with plans to charge user fees to oil companies for processing oil and gas drilling permits on federal lands, would "ensure that federal taxpayers receive their fair share." -By Siobhan Hughes, Dow Jones Newswires; 202-862-6654; (END) Dow Jones Newswires February 26, 2009 11:37 ET (16:37 GMT) Copyright (c) 2009 Dow Jones & Company, Inc.- - 11 37 AM EST 02-26-09


Anonymous said...

I liked Obama, but now I see his policies are destructive. Higher taxes on success? He will be a one-termer.

Anonymous said...

As Exxon/oil goes, so goes da mahhkett, see ya at s*p 650~