Very few people actually know what "oil subsidies" are.
People cheerfully smash into this category things like cost of business and materials deductions, foreign tax credits, writeoffs, and other long-available parts of the tax code that are available to every business in the country. If you kill those for one industry, will you kill them for all of them?
Tax credits specific to the oil and gas industry (according to your links) run about three or four billion a year. This would run the government for about nine hours.
Farm subsidies vary over time, but currently seem to run about $20 billion a year.
I have no problem cutting out oil-industry-only tax breaks ($4 billion a year) and phasing out farm subsidies ($20 billion a year).
You've just paid for running our government for about 55 hours.
Flame » in reply to End Oil and Farm subsidies
Okay by me.
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- Let's clear up the myth about capitalists liking free enterprise.
