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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