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Michelle
HR 4297 - Tax Reconcilliation Bill of 2006 - Familiar with it?
In this piece of legislation there is a governing of the oil companies under the proposal that passed into law in 2006 that states:"Changes the tax on oil companies that produce 500,000 barrels per year so that if the value of the oil increases beyond what the oil company paid for it, then the oil companies' taxable gross income will be increase by the amount of the discrepancy (Sec. 461) "Do you see this happening based on current costs/barrel?I don't see where the oil companies are taking a hit like this bill proposed as far as the 'payback assumption on discrepancy charges'. Do you?Just thinking...Peace ?
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DUDE:

Their profit is ameliorated by their investment and research dollars that they plow back into the company allowing them no to have to pay the additional taxes.

Michelle:

What is the bleeding point of legislation if they're going to override their own laws?
Thanks for explaining it MrGZ. I appreciate it.

DUDE:

There are always exploitable loopholes.

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