Who really profited when congress gave the oil companies a tax break?

I believe it was in 2003 that the Republican lead congress gave big oil giants a huge tax break that was supposed to allow them an opportunity to expand on drilling. Now John McCain continues to insist on drilling for more oil. Ask any politician what exactly has that tax break helped.

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  • Anonymous
    1 decade ago
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    It was a tax break that was for Hollywood studios, architectural and engineering firms, and oil and gas companies. It dropped their tax bracket from 35 to 32 percent. If the tax break is rescinded, it should apply to all. They cannot single out one industry. Then when the tax break is gone, the oil companies will just make up their costs by reducing production which will decrease supplies of oil and increase prices. And they are drilling - most of it is overseas. Chevron is drilling in Venezuela at this time.

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  • 1 decade ago

    I'll go one further. Oil is a natural resource. It's within our borders. Why doesn't it belong to all of us? Sure it takes money to drill it and refine it and people should be paid for their work, but the big 5 oil companies are sticking it to us, making obscene profits for a commodity that should really belong to all of us. Tax breaks? They should be giving US an Oil break!

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  • 1 decade ago

    Keyword here is "drilling". Go research on who is against drilling? To be honest, I'll blame the oil companies for not making it happen but the bigger end of the stick is held by someone else.

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  • 1 decade ago

    All of the Senators who were paid to vote in favor of the changes.

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  • Anonymous
    1 decade ago

    The only people who profit from corporate welfare are the executives of the corporation. That's why corporate welfare should be eliminated.

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  • Anonymous
    1 decade ago

    You got it! They profited, nobody else. The citizens got a weaker dollar instead.

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  • Anonymous
    1 decade ago

    I know it wasn't the environment and it wasn't the middle class.

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