"Just because you have a lease, it doesn’t mean there’s oil underneath there. You have to look for it. It takes capital expense … I’m tired, I’m really tired of this attack on drilling. Now multiply that to a multinational corporation and it’s the same thing. If they go deepwater drilling and they don’t hit, should they not write that off as a business expense? Sure they should." - Republican Congressman ShimkusJohn Shimkus also made a ham-handed attempt at Orwellian language by talking about "my little mom and pop drillers" in an effort to appeal to downstate Illinois conservatives. Because either he or they believe most petroleum comes from the local farmers oil well down the road?
Republicans are evil slime. Oil companies are getting Billions of free taxpayer welfare while at the same time they and the oil speculators are jacking prices up and making obscene profits.
But, the reason this additional Corporate welfare burden would be paid for Middle class and Poor is because Giant Corporations don't pay taxes in the US.
A comprehensive new study that profiles 280 of America’s most profitable companies finds that 78 of them paid no federal income tax in at least one of the last three years. Thirty companies enjoyed a negative income tax rate over the three year period, despite combined pre-tax profits of $160 billion.This really points to the bigger Republican Plan. The Republican Crony Capitalists, Vultures and Dutiful Lapdogs of the Plutocracy have been chipping away year after year at the Tax code in order to set up a system of legalized theft by the 1%.
“These 280 corporations received a total of nearly $223 billion in tax subsidies,” said Robert McIntyre, Director at Citizens for Tax Justice and the report’s lead author. “This is wasted money that could have gone to protect Medicare, create jobs and cut the deficit.”
The Right-Wing plan has always been to create a tax system wherein the entire burden of government falls upon the Middle Class. This accomplishes three goals:
1) Giant Corporations are protected by a legal system which subsidizes their losses and violently protects their profits,The current Republican Recession which is impoverishing so many Americans is the result of 4 main factors:
2) The meager pittance of Medicaid, SSI, unemployment thrown to the poor comes entirely from the middle class,
3) Facing the entire burden of a Nation-State and Massive Overseas Empire The Middle Class is ground down into poverty and penury.
1) Investment Firms and Banks making Risky Loans and Investments,But, Shimkus' plan would go further towards the real goal of the Republican Party which is the the destruction of American Democracy and the creation of a Neo-Feudalist Slave State the Rich Plutocracy has always wanted.
2) American Companies not investing in creating jobs in America,
3) The Economic Policies under former President Bush, including tax cuts for the wealthiest families,
4) Military and DoD expenditures during the GWoT.