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Comments about ‘Obama reissues call to end oil company tax breaks’

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Published: Tuesday, April 26 2011 2:30 p.m. MDT

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Pagan
Salt Lake City, UT

Obama wants to end big oil tax breaks??

But look at all the 'good' tax breaks do!

*"According to the Pew Economic Policy Group, an extension of all of the Bush tax cuts will cost $3.1 trillion over ten years, once the costs of servicing the debt are factored in."

Tax breaks work!

Just look at the declining gas price...oh.

Sarcasm off.

Justin.D.
provo, ut

Removing those tax breaks will not make fuel prices go down.

However, with the profits that oil companies are taking in I don't see why they need big tax breaks, incentives, etc. I don't think they should be phased out overnight or there would be a significant spike in fuel prices just on speculation alone but I do believe that we need to begin phasing them out.

lost in DC
West Jordan, UT

Pagan,
tax cuts don't create deficits. Spending more than you take in create deficits.

Esquire
Springville, UT

@ lost in DC, tax cuts play as much a role in deficits as spending. They are intertwined. Stop being so doctrinaire all the time.

Removing the tax breaks makes the price of gas more subject to the market (supply and demand) by removing artificial price supports (which is essentially what they are). There may be a spike in prices, but then the price of their products would become a function of the economic system we claim to revere. This will actually be a litmus test for Republicans on whether they really want to cut deficits and government spending, or if they are actually involved in a systematic policy to shift the wealth to the already rich and corporate set. I truly believe they want the latter, but we shall see.

homebrew
South Jordan, UT

Lost in DC. WHHAAAT! Tax cuts = taking in less money. Spending the very same ammount+ taking in less money = DEFECITS. Do you understand?? Neither did George Bush. When he became president we had a balanced budget and a surpluss. What happened?? He gave tax breaks= taking in less money. He started wars, and spent twice as much, and took in half as much. A first grader could see the folley of it, although most republicans cant. Democrats tend to be more educated than republicans ,but come on, I mean really.

metamoracoug
metamora, IL

How about this:

We place a significant tariff on all imported oil & gas, but allow American produced oil & gas to continue with tax breaks. That way instead of continuing to financially support terrorists and/or Mr. Obama's foreign oil magnate buddies, we may actually give incentive to US companies to drill and produce jobs and economic stimulus.

Don't know if it would work, but it sure would seem a wiser course than taxing, taxing, taxing.

metamoracoug
metamora, IL

Homebrew:

At the end of Clinton's administration the national debt stood at $5.662 trillion -- an increase over his predecessor of $1.485 trillion(numbers from US national Debt by Presidential Term). How does one extract a surplus or balanced budget from those numbers?

I do not mean to excuse GW Bush for his spendthrift ways, but most forget that there were several things that the government shelled out emergency relief for during his administration: 2001=$30 billion for 9/11; 2004=$14 billion for 4 Florida hurricanes; 2004=$87 billion for hurricane Katrina -- costliest natural disaster in US history (all 2006 figures obtained from US News & World Report). The fact is he added on average about $500 billion annually to the national deficit.

Mr. Obama added to the deficit in his first full year in office $1.612 trillion. He added $1.714 trillion his second year. Both years more than 3 times W's rate, but that's OK because he's a Democrat and not George Bush. Right?

ouisc
Farmington, UT

If we're so interested in bringing gas prices down to an affordable amount, why not consider reducing the TAXES the regular joes spend on gasoline? We do pay a lot of money in gasoline taxes every week...

Mountanman
Hayden, ID

Ending tax breaks for oil companies is a good idea! Another good idea is to tax unions and end GE's "greenenergy" tax breaks too!

peter
Alpine, UT

This has been tried and failed in the past. BO isn't good at his history lessons. Big government just has to step aside and let the free market work.

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