Give me a break!
Congressman Allen West on Thursday, March 29, 2012 at 11:06am ·
Give me a break! President Barack Obama trying to shift the blame of his failed Energy Policy and the increase in gas prices on the oil companies, during a Rose Garden Press Conference.
Contrary to what some believe, the oil and natural gas industry currently enjoys no unique credits or deductions. Since its inception, the US tax code has allowed corporate tax payers the ability to recover costs and to be taxed only on net income. These cost recovery mechanisms, also known as "tax expenditures," should in no way be confused with "subsidies." Examples of "cost recovery mechanisms":
Intangible Drilling Costs, Foreign Tax Credit-Dual Capacity Rules, Domestic Manufacturer's Deduction-Section 199, Percentage Depletion, LIFO Repeal, Expensing of Tertiary Injectants, Geological and Geophysical Caosts, EOR and Marginal Well Credits.
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