Chilly Posted August 5, 2008 Share Posted August 5, 2008 Big deal. Obama has received something like $300k in contributions himself. Link to comment Share on other sites More sharing options...
GG Posted August 5, 2008 Share Posted August 5, 2008 When he says "tax breaks", he's probably also referring to asset depreciation. As they pump out a field, they can depreciate the value of the land on their books and - at the risk of oversimplifying - treat it as a "charge" against their earnings. That ends up being a pretty hefty tax break. Technical point - although I'm not fully versed in oil & gas accounting - in other sectors land isn't depreciable property. But I'm guessing leasehold rights get depreciated or expensed, thus the "tax break" on something that you paid for in the first place. Link to comment Share on other sites More sharing options...
pBills Posted August 5, 2008 Share Posted August 5, 2008 Big deal. Obama has received something like $300k in contributions himself. Just found it interesting that a large amount of contributions came after he started pressing for drilling now. Oh and the standing ovation by oil execs... awesome!! Link to comment Share on other sites More sharing options...
Chilly Posted August 5, 2008 Share Posted August 5, 2008 Just found it interesting that a large amount of contributions came after he started pressing for drilling now. Oh and the standing ovation by oil execs... awesome!! Perhaps that's due to the election calendar and not his reiteration that he's for offshore drilling.... Link to comment Share on other sites More sharing options...
pBills Posted August 5, 2008 Share Posted August 5, 2008 Perhaps that's due to the election calendar and not his reiteration that he's for offshore drilling.... Benefit of the doubt, ok. Link to comment Share on other sites More sharing options...
Chilly Posted August 5, 2008 Share Posted August 5, 2008 Benefit of the doubt, ok. Uh, no - the Republicans will get more from energy interests due to their policies, but this is the period in the campaign where the major fund-raising happens, thus its no surprise that either candidate's donations are increasing heavily right now. It was just inevitable that McCain was going to get a huge increase from energy interests. Link to comment Share on other sites More sharing options...
John Adams Posted August 5, 2008 Share Posted August 5, 2008 With oil prices dropping and demand waning (so say reports), does that mean Obama's "windfall" profit tax plan will be dead before it even gets off the ground, assuming Exxon-Mobile profit drops? Or will he just find some other group of people making gobs of money and tax them a bunch? Link to comment Share on other sites More sharing options...
pBills Posted August 5, 2008 Share Posted August 5, 2008 With oil prices dropping and demand waning (so say reports), does that mean Obama's "windfall" profit tax plan will be dead before it even gets off the ground, assuming Exxon-Mobile profit drops? Or will he just find some other group of people making gobs of money and tax them a bunch? I thought I heard that too. He is out to get all of the major companies. It's just a matter of time. jk Link to comment Share on other sites More sharing options...
erynthered Posted August 5, 2008 Share Posted August 5, 2008 With oil prices dropping and demand waning (so say reports), does that mean Obama's "windfall" profit tax plan will be dead before it even gets off the ground, assuming Exxon-Mobile profit drops? Or will he just find some other group of people making gobs of money and tax them a bunch? Damn. There goes my grand..... Link to comment Share on other sites More sharing options...
John Adams Posted August 5, 2008 Share Posted August 5, 2008 Damn. There goes my grand..... You mean the bribe for your vote? Shux. Link to comment Share on other sites More sharing options...
Chef Jim Posted August 5, 2008 Share Posted August 5, 2008 You mean the bribe for your vote? Shux. I don't think he was getting eryn's vote. I think he was just going to take tha money and run. Kind of like what I was going to do. Link to comment Share on other sites More sharing options...
Pine Barrens Mafia Posted August 5, 2008 Share Posted August 5, 2008 I don't think he was getting eryn's vote. I think he was just going to take tha money and run. Kind of like what I was going to do. What he said. Link to comment Share on other sites More sharing options...
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