When libs take deductions on their income tax returns do they consider those government subsidies too?
Since they consider tax deductions that oil companies use as subsidies?
- gilliegrrrlLv 69 years agoFavorite Answer
You are working with the flawed assumption that progressives do not want corporations to have any deductions at all. You are incorrect.
Let me answer your question with a question: Do you enjoy the fact that you pay a higher percentage of your income in taxes than a corporation like say, Goldman Sachs, all in order to guarantee billions of dollars in compensation and bonuses to overpaid executives and board members?
It's astonishing to me that most everyday cons don't understand that millionaires in Congress are giving welfare to millionaires, including themselves, and the cons have swallowed the myth of laissez-faire economics that allows the millionaires and billionaires to pad their pockets at the expense of workers.
I mean, if a millionaire or billionaire came to you and told you that you should pay their rent from now into perpetuity you'd refuse, right? You'd tell them they're crazy, right?
It's the same damn thing.
- BruceNLv 79 years ago
Things like home mortgage interest deduction are really subsidies for the banking and real estate industry. Energy credit for the manufacturers. The low capital gains and dividend taxes, for investment bankers and billionaires. We give out $28 billion in direct subsidies to farmers, but the tax treatment is worth many more billions. Unfortunately, the ones who profit most are not the family farms that need the money, but the large corporate farms. Still, it does keep the price of food low.Source(s): Masters in Taxation.
- megLv 79 years ago
Of course they are. so is the eared income tax credit and that tax credits for all the things that government wants us to do. The difference is the amount, If we were treated like oil companies we would get an education tax credit for 3 time the amount we spend on tuition and the get to depreciate it because our working lives are limited so the what it is worth in futures earning is less every year.
- CantankerousLv 79 years ago
No income tax deductions are different than the oil subsidies. They have unbelievable deals that the rest of us cannot get.
And tax credits are certainly not subsidies.
The problem with acting like you know more than everyone else is that you look twice as foolish when it's provent that you don't.
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- Anonymous9 years ago
Again, because you ignored the answers we gave the last time you asked this question:
The issue is CREDITS, not deductions.
And since oil companies get tax credits even when they pay no tax, those credits are subsidies.
The fact that you keep ignoring clear answers to this question which you ask over and over tells me that you're probably a paid shill for the oil companies.
- 9 years ago
The deductions in question are unique to the incredibly profitable oil industry, and are clearly not necessary.
"Because of one lingering provision from the Tariff Act of 1913, many small and midsize oil companies based in the United States can claim deductions for the lost value of tapped oil fields far beyond the amount the companies actually paid for the oil rights."
Can I do this? Really?
- Anonymous9 years ago
You're right - when I start making $20 billion a year in profits I'll give up those subsidies.
- ConslieLv 59 years ago
not if they are the same subsidies that con's take.
Now if con's get "special deductions", then that wouldn't be fair....right?
And that's what oil companies get over other businesses...."special deductions".
- 9 years ago
Everyone I know thinks their own taxes are too high and that some else should have to pay more.
- republicans baneLv 49 years ago
No.. We actually pay taxes unlike the oil companies.