The left has a new battle cry in their effort to deflect the budgetary review away from their insufferable spending addiction. “No Tax Breaks To Oil Companies” – That’s the new political drumbeat from the left. Oh those horrid oil companies, and the $21 billion (over 10 years) in tax credits they receive from their operations. Again, you hear the new lefty catch phrase “Tax Expenditures”. You can hear the MoveOn.Org drooling talking points being spun ad infinum….. Must-Stop-Tax-Expenditures,….. All-Income-Belongs-To-The-Regime ! Drum… Drum…. Drum….
After all the sound of this specific drum beat has a remarkably popular tone to it. But, lets deconstruct it just for snickers and giggles, and expose -Once Again- how ridiculously insufferable the insanity is from the left:
First – Even if you eliminate all the tax credits from Oil Companies they claim the government will gain $21 billion in revenues over 10 years. or $2.1 billion per year. The current rate of deficit, just deficit, spending is $120 billion+ per month. So an elimination of tax credits to oil companies decreases the “deficit” part of spending by .07619%
Second – The top two tax generating operational companies in the United States are…, wait for it,… yep, oil companies. And three of the top five – (Forbes 2009 Ranking):
- ExxonMobil $17.6 billion Taxes paid
- Chevron $8 Billion Taxes Paid
- WalMart $7.1 Billion Taxes Paid
- AT&T $6.2 Billion Taxes Paid
- ConocoPhillips $5.1 Billion Taxes Paid
To show you how disconnected from reality the ideological left-wing of the Demonrat party actually is consider this recent video. Now this might come as a factual surprise to the moonbat Left Wing who claim that Illegal Aliens pay more in taxes than Oil companies (Yep, they actually believe that – see video). According to their research Illegal Aliens pay $11 Billion in all taxation. Pfffft…. But even if you accept their ThinkProgress ridiculous assumption you can see Exxon alone pays more in federal income tax than the entire “estimated” taxes paid/generated at every level (federal, city, county, state) by Illegal Aliens.
FANG: Hi this is Lee Fang from ThinkProgress. Here in DC after Republicans made large gains in the election last year, the debate started shifting towards giving more tax breaks to large corporations, more tax cuts to the rich. Bank of America for example paid nothing in corporate income taxes last year and now we’re debating the Paul Ryan budget plan that gives large tax cuts to upper income earners. Do you think celebrities or people in the Creative Coalition need another tax cut?
DAWSON: Ok I’m not part of the Creative Coalition but, no.
ALLEN: That’s a lightning round, how’s that!
DAWSON: I will just say immigrants pay more taxes than Exxon!
So you can see how Rabidly Disconnected from reality the left is, even before we begin to entertain any discussion about Budget Deficits. Why demonize Oil companies? Gee, let me see…. err…. GAS PRICES ! Hello? Yep, an easy target given the incredible price for gas caused by the insufferable Moonbat Obama Administration Energy Policies; AND coincidently, it deflects attention away from the reality that Obama is the one causing gas prices to skyrocket. So a double benefit for claiming a ridiculous position. But, hey it’s all about politics right. Why let facts get in the way of your need to secure political position and manipulation.
The left isn’t interested in getting Washington’s fiscal house in order. For them, the debate over taxes begins and ends with the sectors that they want to demonize and punish. Boehner asks for a 2 trillion-dollar cut in spending and Reid counters with, “Oh, yeah? Okay, let’s start with oil tax breaks!’
Putting the absurdity of calling a tax break “spending” aside, you could confiscate all of big oil’s profits and it wouldn’t come near $2 trillion. It’s just a nice sounding demonization that plays well to the wool hat and sandals crowd on the left. Removing tax breaks would simply raise prices on the consumer. Only a wool-hatted dirtbag would be happy to spend more at the pump if it meant that the fictional stereotypical dude that haunts his numbed skull would suffer…./SD