Editor's note: This post originally appeared at The National Journal. If you agree with Jackie, go to the article and click “agree”!
For decades, the oil and gas industry has benefited from a long list of financial boons totaling billions of dollars each year. In an economy where we have to make tough choices about continuing important programs – whether its paying down the debt, protecting social security or providing for a national defense – we simply can’t keep letting Big Oil, possibly the biggest player in our economy, off the hook. They should have to pay taxes just like we do.
The industry is quibbling over semantic arguments about whether a tax break is a subsidy, or whether they are being singled out. In fact, the President has not singled the oil industry out. Many of the President’s proposed changes are economy-wide, and those that aren’t pertain to oil and gas industry activities that simply don’t apply to other industries. In fact, it’s the petroleum industry that has singled itself out by building a network of tax loopholes, and then gaming them in a way that allows benefits that few, if any, other industries could even imagine. And whether the funds come in a check after taxes, or as a break on taxes, the result is the same. More money in the oil industry’s pockets and less funds in the Treasury.