Obama seeks end to oil industry tax breaks
WASHINGTON |(Reuters) - President Barack Obama on Saturday kept pressure on the Congress to end tax breaks for oil and gas companies, saying they were enjoying huge profits, as he sought to limit political fallout from rising gasoline prices.
With public anger over costs at the pump hitting Obama's popularity as he revs up his 2012 re-election bid, he pressed his call for rolling back $4 billion in "unwarranted tax subsidies" at a time of budget belt-tightening in Washington.
But opposition Republicans continued their efforts to cast blame on the Democratic president for a surge in gas prices that is straining Americans' pocketbooks at a time of stubbornly high unemployment and sluggish economic recovery.
Kliphnote: What is the difference between subsidies
and tax breaks? Big difference!
So called tax breaks are part of the tax code.
Like a mortgage write off, a child deduction.
Subsidies are the tax payer paying directly to someone
or a company.
Because otherwise they can't make enough money to
stay in business.
How is cutting "subsidies" to oil companies going to
reduce gas price? It's not. It's going to increase gas prices.
Many of these "tax breaks" are the same any corporations get,
not just oil companies. It's called tax write-offs.
Part of the tax code that any business uses.
But Obama won't tell you that.
It's time to cut the subsidies to ones that are losing money
EVERY year, Amtrak and corn ethanol.
Oil companies make 6 to 9% profit.
Google and other IT companies make 25% profit.
Why doesn't Obama take away their subsidies?
Because their all liberals!
Remember, liberals hate oil companies.