Reducing America’s debt will require a combination of spending cuts and tax increases. And a majority of Americans agree: According to a new ABC News/Washington Post Poll, 62% of Americans believe that reducing the deficit cannot be solved with a one-policy strategy.
The poll also shows that reducing tax incentives for the legacy oil and gas industries is one of the top-five most popular options for helping reduce the deficit, with 59% of Americans saying they supported the option. Eliminating certain tax subsidies for the mature oil and gas industries could bring in about $45 billion over the next ten years. By comparison, the top five oil companies brought in over $76 billion in profits in 2010 alone.
In response to the calls for reducing oil and gas tax subsidies to help close the budget gap, the American Energy Alliance funded a study showing that such a move would have a net-negative budget impact of $53 billion. However, the Congressional Budget Office, the Congressional Joint Committee on Taxation, and the Congressional Research Service all separately found that the move would bring in billions of dollars in revenue.
Below are earlier comments from the old Facebook commenting system:
Interesting info but it is more important to point out that the U.S. debt is not problematic at this time and reducing the deficit now could lead us back into recession/depression. Macroeconomic theory supported by lots of evidence has shown that you need to spend and increase your deficit during recessions to maintain or increase jobs and tax revenue. Lets stop pretending that the debt sideshow is anything besides a cynical attempt by republicans to further cut taxes even though that would cause economic catastrophe. Nobel prize winning economist, Paul Krugman, has been making this arguments for years and you can find all about it in the ny times editorial section or on Krugman’s ny times blog.
The good news is that Obama and the Dems surprisingly have managed to change the plan from tax cuts to tax increases. And wasteful non-economically productive military spending is on the table too. If the Dems and Obama continue to play this right, the tables will have completely turned on the Tea Party.
July 21 at 4:06pm
It really does not make much difference. It will not happen with the current Republican control of the House. They no longer believe in the people as being something other than a group of voters they can manipulate.
Stephen, I think you need to look at reality. The oil companies only made $76 billion in profit last year…and they only doubled the price Americans had to pay for their product in one year. You can’t seriously expect an industry with such a tenuous profit model to actually keep producing oil without also having billions a year in tax breaks.
Instead, if we want to see oil keep flowing, we need a new law that allows oil companies to make direct withdrawls from our wallets whenever they are feeling that $76 billion is just not enough for them. We could call it the “Hand of Gop” act.
well, this isn’t a democracy, so what the majority of us want really doesn’t even matter……we’ll get whatever the Pharaohs and their lapdogs deem adequate,
and they will get more and more and more, the way Teh Gawd intended.
p.s.: enjoy your peonage, non-millionaire righties – you SO deserve it.
What this chart clearly shows is that the 98% of Americans who only control a few percent of the money in America should just be darned glad their jobs haven’t been shipped overseas. Buncha ingrates. Suck it up and pony up! <i>Pardon me, have you any Grey Poopon?</i>.
Hoota Thunk it?
July 20 at 9:51pm
The other 40% are either well off Republicans who own a lot of oil stocks, Teabaggers who don’t know what fossils are, or evangelicals who don’t believe that fossils are proven science.
On some level I simply do not care how much money repealing those subsidies would bring in. If it’s a lot, awesome. If it’s not, whatever. We simply shouldn’t be doing it. There’s absolutely no need for it and there are other things that money really should go to. It’s that simple.
Well, The Moral Argument won’t get you very far with them, now. The GOP is a soulless beast waging war on Americans.
July 20 at 11:42pm
Looking at that chart, it seems to me that the average American is tired of bearing the burden and is ready to sock it to the rich.
Perhaps the myth of the rich being “job creators” has lost its luster. Apparently people don’t believe that anymore.
Job creators sounds so much better then the idle rich I suppose …
July 20 at 9:52pm
So Americans want to increase taxes on corporations and the wealthy by at least two to one. Very interesting isn’t it? They aren’t buying into the trickle down any more.
Only 59% o.O oddities.
If only Republicans would actually LISTEN to the average American people rather than the corporations! Never going to happen. I think there should be a ban on Republican “leaders”. If they’d listen to what we all REALLY want, our nation wouldn’t be in the crapper. Guess I can only dream….
Oh you poor leftists crying about subsidies for oil companies wonder how many of you have checked your 401k , IRAs , UNion retirement accounts , etc to see what your retirement accounts are invested in? We should take away all tax breaks/subsidies the stupid Federal govt should not be picking and choosing one technology, business, etc over another that includes your stupid green economy.
Geez open your eyes I said all tax breaks/subsidies for all business and technology including your stupid Green energy if you want to help them go for a low flat simple tax for business and individuals no tax breaks for any business or individuals or better yet do away with income taxes and the IRS and go with a National sales tax
July 21 at 5:15pm
Yep Robert that’s what you said that’s what you said. :0)
July 21 at 5:49pm
If the poor/disabled must face cuts in healthcare, why should polluters be subsidized?
I like this, ok lets send this to Congress!
Without the House or the Senate !!! Lets do this !!!!!
July 27 at 11:22pm
And BTW we need to repeal the Tea Party Cucus and get it out of the house of rep.
27 at 11:26pm