The Prez’s Oil-Tax-Break Lies

The next time you hear President Obama beating up on oil companies and crusading to wipe out what he calls the industry’s “tax breaks,” don’t be fooled: He’s telling a lie. Recently at the White House, Obama unleashed some of his most aggressive rhetoric yet on the subject, telling Congress that it can “stand with big oil companies or … the American people.” “I think it’s time [oil companies] got by without more help from taxpayers,” the president added. Only days before that, Senate Democrats had introduced a measure to raise the tax burden on oil companies dramatically, while creating credits for so-called renewables. The legislation narrowly missed the 60 votes needed to advance. But it’s crystal clear that the Democratic Party, from the top down, is committed to turning anti-oil rhetoric into policy But again, the sales pitch is based on a giant distortion — a lie. Obama and the Democrats talk about huge “subsidies” — as if taxpayers are signing billion-dollar checks to oil and gas companies. But oil companies don’t get subsidies. Rather, like every other business, they’re allowed to take tax deductions for the expenses they incur. A tax deduction and a government subsidy aren’t the same. When politicians use the terms interchangeably, it misleads many Americans. Read More