Friday November 16, 2018
Oct-14-2011 14:46TweetFollow @OregonNews
Ask your Congressman Who is Waging Class Warfare?Tyrone Borelli for Salem-News.com
And while you’re at it, also ask your Congressman for a list of individuals, corporations, and foreign nations who own a million dollars or more of your national debt.
(LAGUNA BEACH) - Most people assume the Republican Party is opposed to welfare and other forms of social spending. Various reasons are given including social programs being a form of class warfare redistributing wealth downward from the hardworking rich to the lazy poor.
Are Republicans and their Dixiecrat/Blue Dog/DLC Democrat brethren really opposed to welfare? The facts are in the Federal Budget.
The Nuclear power industry cannot make a profit without the help of the American taxpayer. The Nuclear Power Industry therefore gets $7.1 billion per year in profit subsidies. The federal government gives away nuclear research ($468 million per year), insurance subsidies in the event we have an American Chernobyl ($3 billion per year), uranium fuel enrichment ($2.3 billion per year), reprocessing spent fuel rods ($340 million per year), nuclear waste storage ($420 million per year), and nuclear plant decommissioning ($2.1 billion per year). Ask your Congressman if profit subsidies are his idea of capitalism?
The oil and gas industry is profit subsidized by taxpayers to the tune of $2.4 billion per year. The Oil Depletion Allowance cost taxpayers more than $1 billion per year by allowing oil companies to deduct an extra 15% from their gross income they derive from any oil or gas wells, which remain in production no matter how long that well is active. If the price of oil drops below $20 per barrel, the deduction gets bigger. How would you like a 15% income tax break for staying employed?
The Intangible Drilling Cost Deduction is another profit subsidy costing taxpayers more than $500 million per year. Oil companies are allowed to deduct 70% of the cost of drilling a well in the first year. Over the next 5 years the remaining drilling cost can be deducted. If an oil company drills a dry hole, 70% of the cost of that dry hole can be written off. For the oil companies, failure is profitable.
The Enhanced Oil Recovery Credit is another $500 million profit subsidy. This boondoggle allows oil companies to deduct from their bottom line the high cost of extracting oil from nearly depleted deposits. Write your Congressman and ask why we the taxpayers should guarantee the super profits of the oil companies.
Mining Subsidies of $3.5 billion per year guarantee mining industry profits. The Mining Law of 1872 allowed the Canadian mining company, American Barrick, to extract $10 billion in gold from public lands in Nevada. American Barrick paid only $5,190 in lease fees and paid the American taxpayer not one red cent in royalties. Chevron Oil Company and Manville Corporation paid $10,000 in lease fees to the American public and extracted $4 billion in platinum and palladium from their mining operations on public lands in Montana. They also paid no royalties to the American taxpayer.
Finally, the big corporate miners can deduct 85% of the projected mine exploration costs in the first year of the operation and they can treat the sale of coal, gold, iron ore, etc. as a capital gains and thereby pay less in income taxes. On the other hand, guess who gets to clean up the mining mess left behind?
Ask your Congressman who is waging class warfare on whom?
And while you’re at it, also ask your Congressman for a list of individuals, corporations, and foreign nations who own a million dollars or more of your national debt. Since it is you, the taxpayer, who must pay back these trillions of dollars in national debt PLUS INTEREST, don’t you want to know who has you on a leash? You will be surprised by his response!
Tyrone Borelli, a resident of Laguna Beach for the past 27 years, is a retired high school physics and earth science teacher. He started teaching back in 1973. Tyrone's first high school teaching job was at George Washington High School with the Department of Education in Guam. He later taught math in San Marcos, Texas for several years, and finished his teaching career at Santa Ana Valley High School where he taught GATE and AP Physics and GATE Earth Science for 23 years. You can write to T.C. Borelli at: firstname.lastname@example.org
Articles for October 13, 2011 | Articles for October 14, 2011 | Articles for October 15, 2011