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NDP: Jack Layton on gifts to big oil

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Uploaded by on May 27, 2010

NDP: Jack Layton on gifts to big oil
May 26, 2010

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  • @baldrad1 ...talking from the U.S. perpective, and U.S. budget.......

  • @baldrad1  ......woops, meant Oil Depletion Allowance: 2.1 billion/year.......

  • ...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.

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