Why Would Hillary Tax Wall Street Banks & Oil Companies, Her 2 Biggest Contributors?
The cost of doing business, including taxes, always roll up to the cost of the product or service being sold. Increased tax burdens on oil companies will result in higher prices, there is no getting around that. I have heard a lot of talk about eliminating oil company tax breaks as a means of reining in the price of gas, but my first question would be, what tax break are you referring to? According to the RIA Federal Tax Handbook for 2008, here are the oil company specific credits: Enhanced oil recovery credit – 15% of qualified costs. Credit completely phased out in 2007 Marginal well production credit – $3 per barrel (there are 42 gallons to a barrel, equating to $0.07 per gallon) but it is limited to only 1095 barrels. Phases out if the price of crude exceeds $18 adjusted for inflation. Nonconventional source fuel production credit – $3 per barrel of oil-equivalent gas from biomass or synthetic fuel made from coal. Credit phases out as price of oil increases and is adjusted for infl
