Sunday, July 4, 2010

Oil Companies Reap Billions From Subsidies -


But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.

According to the most recent study by the Congressional Budget Office, released in 2005, capital investments like oil field leases and drilling equipment are taxed at an effective rate of 9 percent, significantly lower than the overall rate of 25 percent for businesses in general and lower than virtually any other industry.

We’re giving tax breaks to highly profitable companies to do what they would be doing anyway,” said Sima J. Gandhi, a policy analyst at the Center for American Progress, a liberal research organization. “That’s not an incentive; that’s a giveaway.”

Click on the following for more details:   Oil Companies Reap Billions From Subsidies -

The Great Recession at 30 Months - Pew Research Center

based on a Pew Research Center survey of 2,967 adults conducted from May 11 to May 31, 2010, on cellular and landlines telephones and also on a Pew Research analysis of government economic and demographic data.

Great Recession began 30 months ago, they have suffered a spell of unemployment, a cut in pay, a reduction in hours or have become involuntary part-time workers

a new frugality in Americans' spending and borrowing habits; a diminished set of expectations about their retirements and their children's future; and a concern that it will take several years, at a minimum, for their family finances and house values to recover.

This survey is the source of many stories in the media regarding public reaction to the Great Recession, read from the source by clicking on the following:  The Great Recession at 30 Months - Pew Research Center