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The Prez’s Oil-Tax-Break Lies

Article by Four Percent February 13, 2013 //   2 minute read

Bernard L. Weinstein, New York Post

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