it's funny how tax incentives become tax breaks then tax loopholes then tax subsudies then tax give aways. these were removed before and then re-instated when the consequences were recognized. but when big numbers show up in the p/l statements, politicians start screaming TAX GIVE AWAYS and the sheep start bleeting the established mantra. why is there no outrage over the profits of aapl or msft or ge? those profit margins are much greater. it's all political drivel repeated by the sheeple.
the tax deduction on interest of a home mortgage is a tax subsidy for buying a home. the standard deduction for dependents in a subsidy for having children. depreciation on capital equipment is a tax subsidy for investment.
we are surrounded by tax give aways. government is so involved in the economy that most activity is based on tax give aways.
denying one industry a tax deduction that other industries continue to enjoy is merely political favortism and that favortism smacks of facism where the government desides who is to succeed and who isn't.
besides....just who is it that is getting these tax benefits? it is us. the majority of the oil companies are owned by pension funds and mutual funds in retirement accounts and savings.
like the GM debacle, while the goverment took over the company to avoid bankrupcy proceedings, they avoided the concequences of bankrupcy law and in so doing, the raped the secured bond holders and transfered that wealth to the union. now, the union did take on additional liability, but the results were still in effect removeing assets from the pensions of both public and private employees and transferring them to favoured groups.
and people were convinced to fear george bush? what a pile of political crap.
"The American Republic will endure until the day Congress discovers that it can bribe the public with the public's money."
(Alexis De Tocqueville)
AI
