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Thread: Obama to cut $4b in welfare
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04-27-11, 07:48 PM #1Obama to cut $4b in welfare
Big Oil's $4B tax break in doubt as Obama, Boehner tangle - Apr. 26, 2011
Good for him. Hopefully, since Boehner also supports these cuts, Republicans will stop resisting these efforts.
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04-28-11, 09:06 AM #4
Re: Obama to cut $4b in welfare
Depletion allowances let oil companies treat the oil in the ground as capital equipment, and they can write off a certain percentage for each barrel that comes out.
On Tuesday the speaker appeared to backtrack from those comments, with an aid telling CNN that "what the President has suggested so far would simply raise taxes and increase the price at the pump."
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