...this jackass doesn't know the difference between a tax credit and a tax deduction.
Furthermore, if ALL the Oil Depletion Allowance was stopped (2.1 billion/yr), and if ALL of that came into federal coffers (it's not a tax credit--it's a deduction against income, so only part of the 2.1 would become increased govt revenue), it would run Wash DC for this long:
...this jackass doesn't know the difference between a tax credit and a tax deduction.
Furthermore, if ALL the Oil Depletion Allowance was stopped (2.1 billion/yr), and if ALL of that came into federal coffers (it's not a tax credit--it's a deduction against income, so only part of the 2.1 would become increased govt revenue), it would run Wash DC for this long:
Federal Budget: 10 bill./day
Oil Depletion Allowance: 2.1 bill./day
2.1 billion= less than 5 hours.
baldrad1 9 months ago
@baldrad1 ......woops, meant Oil Depletion Allowance: 2.1 billion/year.......
baldrad1 9 months ago
@baldrad1 ...talking from the U.S. perpective, and U.S. budget.......
baldrad1 9 months ago