Monday, December 30, 2013

Oil was heavily subsidized even in the 1920's when cheap oil was flowing

Joint Committee on Taxation was already flagging oil and gas subsidies in the 1920s | Earth Track: "The text below has a refreshing honesty, particularly in comparison to the bland bureaucratic language that pervades government documents today.  The note to the in-process study reads:

The 1926 act in regard to depletion on oil and gas wells includes a radical change from the 1924 act, consisting of the substitution of an arbitary 27 1/2 per cent of gross income for a depletion deduction in lieu of the depletion, on discovery value previously allowed.  It is most important to study the effect of this change as it was made on insufficient data."

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Sunday, December 29, 2013

Congress, full of oil trolls, cuts unemployment benefits, gives welfare to cars

Why should drivers get bigger subsidies than mass-transit riders? - The Washington Post: "One of the things lawmakers failed to do before adjourning this year, The Post’s Jia Lynn Yang reported, was adjust the program that allows workers, through their employers, to set aside pretax income to offset the cost of their commutes. As a result, starting Jan. 1, commuters who use mass transit will be able to set aside only $130 a month, down from $245 a month, while drivers will be able to increase their monthly parking set-aside from $245 to $250. Never mind that the increased use of public transportation benefits everyone, including those who continue to drive, giving them less traffic to contend with."

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