Obama Seeks to Cut Oil, Gas, Coal Subsidies
Obama has asked for cuts to oil, gas and coal subsidies before, to no avail. But this year concerns have heightened about the record levels of government deficits and debts, and all levels of spending and taxes will received renewed scrutiny.
The chart below shows the specific cuts the administration is seeking.
Click here for table of the fossil fuel production of US states and their political power in the House of Representatives. Click here for information on gasoline prices.
Source:OMB.gov Click to enlarge
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Oil Subsidies Obama Wants to Cut
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Climate Progress Critique of Oil Company Tax Breaks
Pointing out that ExxonMobil paid 14% or less in corporate taxes in recent years, the article describes four types of tax breaks: the depletion allowance; the domestic manufacturing tax deduction; the foreign tax credit; and the expensing of intangible costs.