Here we go again, Manchin does not want any money or incentives to go to renewable energy. This is war @Sen_JoeManchin. You are going to lose this one. The entire nation supports my industry. My entire career has been an attack by you and Koch. Not like most Dems, I GO LOW.
The reason I begin speaking out publicly was the attack Trump did on my industry. I just spent 5 years of my time due to this very near and dear issue. I have owned renewable companies for 30 plus years and when we finally get a chance, a DEMOCRAT BLOCKS ME. @POTUS @VP
@POTUS @VP You wanna play @Sen_JoeManchin I will play. I threw my entire energy at trump for this, YOUR TURN PUNK. This is not freedom nor is it Capitalism. Fossil is using you to keep their 1008% cradle to grave incentives and blocking ME from the market through Government. I will match $
Tax subsidies for oil, gas and coal development are expected to reduce federal revenue by $11.5 billion from 2019 to 2023 (figure 1). The two largest subsidies are excess of percentage over cost depletion ($3 billion) and expensing of exploration and development costs ($2.7 B).
Direct Subsidies
Intangible Drilling Costs Deduction (26 U.S. Code § 263. Active). This provision allows companies to deduct a majority of the costs incurred from drilling new wells domestically.
In its analysis of President Trump’s Fiscal Year 2017 Budget Proposal, the Joint Committee on Taxation (JCT) estimated that eliminating tax breaks for intangible drilling costs would generate $1.59 billion in revenue in 2017, or $13 billion in the next ten years.
Percentage Depletion (26 U.S. Code § 613. Active). Depletion is an accounting method that works much like depreciation, allowing businesses to deduct a certain amount from their taxable income as a reflection of declining production from a reserve over time.
However, with standard cost depletion, if a firm were to extract 10 percent of recoverable oil from a property, the depletion expense would be ten percent of capital costs. In contrast, percentage depletion allows firms to deduct a set percentage from their taxable income.
Because percentage depletion is not based on capital costs, total deductions can exceed capital costs. This provision is limited to independent producers and royalty owners. In its analysis of the President’s Fiscal Year 2017 Budget Proposal,
the JCT estimated that eliminating percentage depletion for coal, oil and natural gas would generate $12.9 billion in the next ten years.
Credit for Clean Coal Investment
Internal Revenue Code § 48A (Active) and 48B (Inactive). These subsidies create a series of tax credits for energy investments, particularly for coal. In 2005,
Congress authorized $1.5 billion in credits for integrated gasification combined cycle properties, with $800 million of this amount reserved specifically for coal projects. In 2008, additional incentives for carbon sequestration were added to IRC § 48B and 48A.
These included 30 percent investment credits, which were made available for gasification projects that sequester 75 percent of carbon emissions, as well as advanced coal projects that sequester 65 percent of carbon emissions.
Eliminating credits for investment in these projects would save $1 billion between 2017 and 2026.
Nonconventional Fuels Tax Credit (Internal Revenue Code § 45. Inactive). Sunsetted in 2014, this tax credit was created by the Crude Oil Windfall Profit Tax Act of 1980 to promote domestic energy production and reduce dependence on foreign oil.
Although amendments to the act limited the list of qualifying fuel sources, this credit provided $12.2 billion to the coal industry from 2002-2010.
Indirect Subsidies

Last In, First Out Accounting (26 U.S. Code § 472. Active). The Last In, First Out accounting method (LIFO) allows oil and gas companies to sell the fuel most recently added to their reserves first,
as opposed to selling older reserves first under the traditional First In, First Out (FIFO) method. This allows the most expensive reserves to be sold first, reducing the value of their inventory for taxation purposes.
Foreign Tax Credit (26 U.S. Code § 901. Active). Typically, when firms operating in foreign countries pay royalties abroad they can deduct these expenses from their taxable income.
Instead of claiming royalty payments as deductions, oil and gas companies are able to treat them as fully deductible foreign income tax.
In 2016, the JCT estimated that closing this loophole for all American businesses operating in countries that do not tax corporate income would generate $12.7 billion in tax revenue over the course of the following decade.
Master Limited Partnerships (Internal Revenue Code § 7704. Indirect. Active). Many oil and gas companies are structured as Master Limited Partnerships (MLPs). This structure combines the investment advantages of publicly traded corporations with the tax benefits of partnerships.
While shareholders still pay personal income tax, the MLP itself is exempt from corporate income taxes. More than three-quarters of MLPs are fossil fuel companies. This provision is not available to renewable energy companies.
Domestic Manufacturing Deduction (IRC §199. Indirect. Inactive). Put in place in 2004, this subsidy supported a range of companies by decreasing their effective corporate tax rate.
While this deduction was available to domestic manufacturers, it nevertheless benefitted fossil fuel companies by allowing “oil producers to claim a tax break intended for U.S. manufacturers to prevent job outsourcing”.
I am not going into the health impact or environmental impact of fossils I am saying I want an even playing field. If they are so worried about us getting incentives then I say strip all energy of Tax incentive and let the market decide. We are far less priced now. Bring it on

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More from @ResusCGMedia

12 Sep
Dear @joekent16jan19 I told you, man, to man I would be fair. I witnessed a private meeting/fundraiser (that was supposed to be public but quickly moved to a private residence) the actual people with money got there after your meeting with hate groups. Explain. Why hide?
When I got to your Matt Gaetz Rally same vehicles were outside your rally but not allowed in. You said on record you denounced these hate groups. I am not playing Joe. You want to ride with a terrorist I am going to call you a leader of terrorists. Your people came after me.
You are retired CIA, what the hell are you doing, Joe? Your wife gave her life for this country, why would you come home and side with domestic terrorists? You have me very confused. Are you trying to start a civil war?
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Instead of answering DM. Explainer, We had a women reporter attacked in Olympia WA my state. @taradublinrocks had an interview with Top trump backed candidate and Matt Gaetz. She asked so I went to make sure her 1st amendments were honored. I believe we should lead by example.
What I witnessed is that YES they are going after female reporters. I can now firsthand say they are terrorizing female reporters. Matt Gaetz and Joe Kent met with top hate groups at a private residence. We watched the results of that coordination at the rally.
As long as females were standing by me or I had eyes on them they were not messed with. As soon as they thought they had Tara alone they went after her. As soon as I stepped up they scooted. I think this is one thing #Resist can do. Protect those getting us the real story.
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My state is under attack by White Supremacists.
3 of our schools in Vancouver WA had to lock down because of Proud Boys. These terrorists need to be shut down @GovInslee
These people do not know Jesus Christ. CRINGE
how it looks to me 🤨
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I own renewable energy companies and post a lot about it. Russians troll me like a religion cause of it. This same machine I have dealt with for years is what changed into an internet attack on America helping Trump.… #oilprice
in 2014-15 some friends asked me to help out with the pipeline protest. I did. I watched the same bots and trolls that have trolled me for years on every article I wrote for renewable energy suddenly support Trump. It is why I am still here and you see me hammer trolls.
I will "discuss" with any American but am brutal towards these trolls because I know who they are. I say Russia but it is the Fossil Fuel Kabal. Russia just seems best at internet guerrilla warfare.
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