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Oil Lobby Says Obama’s Call To End Big Oil Handouts Is ‘Discriminatory’
Oil Lobby Says Obama’s Call To End Big Oil Handouts Is ‘Discriminatory’
By Rebecca Leber on Feb 24, 2012 at 11:49 am
The oil lobby American Petroleum Institute weighed in on President Obama’s corporate tax reform that closes an array of tax loopholes, including $4 billion in subsidies for the oil industry. Not surprisingly, API is unhappy. API President Jack Gerard played victim, calling the plan “discriminatory” against an industry that “receives not one subsidy”:
“The industry receives not one subsidy,” Gerard claimed. “It takes tax deductions the same or similar to what all other American companies get to recover their costs of doing business.”
Here’s a fact for Gerard: tax deductions are subsidies, as API has previously admitted. In one API document, the organization discussed “subsidies for alternative fuels” including “preferential tax treatment.”
~snip~
http://thinkprogress.org/green/2012/02/24/432059/oil-lobby-says-obamas-call-to-end-big-oil-handouts-is-discriminatory/By Rebecca Leber on Feb 24, 2012 at 11:49 am
The oil lobby American Petroleum Institute weighed in on President Obama’s corporate tax reform that closes an array of tax loopholes, including $4 billion in subsidies for the oil industry. Not surprisingly, API is unhappy. API President Jack Gerard played victim, calling the plan “discriminatory” against an industry that “receives not one subsidy”:
~snip~
Calling it “discriminatory,” Jack Gerard, president and CEO of the American Petroleum Institute, said the administration’s outline was more of a “Swiss cheese approach that we’re trying to get rid of in this country.”
Calling it “discriminatory,” Jack Gerard, president and CEO of the American Petroleum Institute, said the administration’s outline was more of a “Swiss cheese approach that we’re trying to get rid of in this country.”
“The industry receives not one subsidy,” Gerard claimed. “It takes tax deductions the same or similar to what all other American companies get to recover their costs of doing business.”
Here’s a fact for Gerard: tax deductions are subsidies, as API has previously admitted. In one API document, the organization discussed “subsidies for alternative fuels” including “preferential tax treatment.”
~snip~
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