Big Oil Lobbies to Keep Its Goodies
Potomac Flacks spots a National Journal story:
With congressional Dems looking to take on the oil industry next year, the industry’s lead trade group, the American Petroleum Institute, is planning a $100 million PR “image and education effort
In particular, the Exxon CEO argues:
Proposals by congressional Democrats to eliminate oil industry tax breaks and subsidies would set a bad example overseas and discourage new industry investments, Exxon Mobil’s top executive said Thursday. Rex W. Tillerson said moves suggested by leaders of the incoming Democratic congressional majority would encourage similar steps by governments abroad, where Exxon Mobil Corp. generates the bulk of its profit. “I think the bigger concern I have is not so much the economic direct effect of the fact that they want to take a tax break off here or there. But it’s the message it sends the rest of the world that you don’t have to provide stable (regulatory) frameworks,” Tillerson told reporters after a speech to the Boston College Chief Executives’ Club.
Exxon does not want a stable tax regime – they want lower taxes for their industry. Even it takes all sorts of gimmicks over time as they get their political friends into places of real authority (e.g., the White House). I also find it funny that they are concerned that foreign tax laws might take the lead of American tax law given how the captains of Corporate America often ask U.S. tax law to follow the lead of foreign tax law – at least when foreign tax law affords them tax breaks.
Don’t tax me, tax that fellow behind the bush. (Hat tip to Think Progress).