The so-called tax loopholes have to be explained. Some of what they are referring to seems to be depletion and capital cost allowances, both of which are legitimate costs of doing business in the energy business, and thus tax deductible. The oil companies probably are getting some subsidies, or at least some sweet-heart deductions, but they haven’t been adequately explained.
The so-called tax loopholes have to be explained. Some of what they are referring to seems to be depletion and capital cost allowances, both of which are legitimate costs of doing business in the energy business, and thus tax deductible. The oil companies probably are getting some subsidies, or at least some sweet-heart deductions, but they haven’t been adequately explained.