Kidding, RIGHT???

For over a Century Big Oil has received over $470Billion into the oil and gas industry in the form of generous, never-expiring tax breaks.
“Nine decades later, “perhaps the most glaring loophole” in the tax code is still going strong”

Beginning in 1926 from Texas Senator Tom Connally, The U.S. Government started issuing a “Depletion Allowance” of 27.5%. “We could have taken a 5 or 10 percent figure, but we grabbed 27.5 percent because we were not only hogs but the odd figure made it appear as though it was scientifically arrived at.” This Tax Credit has been going on, ever since 1926.

President Franklin D. Roosevelt urges Congress to close it and other tax-evasion methods “so widespread and so amazing, both in their boldness and their ingenuity, that further action without delay seems imperative.” Which of course, did not happen.

In 1974, President Gerald Ford authorizes the creation of the Energy Research and Development Administration to oversee energy R&D. Over the next five years, federal spending on fossil fuel research jumps tenfold to $1.4 billion.

In 1995 President Bill Clinton signs the Deep Water Royalty Relief Act, letting oil companies drill in federal waters without paying any royalties. More than 1,000 leases omit a promised price trigger, costing billions.

In 1999 President Clinton extends the loosened rules for the depletion allowance

In 2001 President George W. Bush and first lady Laura Bush claim a $733 depletion allowance on their income taxes.

The American Jobs Creation Act extends a tax break to oil companies for not shipping domestic jobs overseas. Many Jobs went overseas regardless.

In 2005 With oil prices on the rise, President George W. Bush states, “With $55 [a barrel] oil, we don’t need incentives to oil and gas companies to explore.” But a few months later, he signs the Energy Policy Act, which expands the depletion allowance to apply to more drillers. It also lets companies write off exploration costs over two years instead of one.

In 2006 Rep. John Larson (D-Conn.) introduces the Oil Subsidy Elimination Act, which could end many of Big Oil’s most lucrative tax breaks. It never gets out of committee.

In 2007 Illinois Sen. Barack Obama introduces the Oil sense (Subsidy Elimination for New Strategies on Energy) Act, which would repeal the depletion allowance and suspend royalty-free leases in the Gulf of Mexico. The bill dies in the Democratic-controlled Senate Finance Committee. A House bill that would have expanded tax credits for renewable energy and energy conservation also dies.

In 2008 Annual tax subsidies for renewable energy shoot past those for oil and gas. And Oil, Gas subsidies are still measured in $Billions Annually.

In 2009, President Obama’s stimulus package includes $90 billion for energy efficiency and renewable-energy projects, including wind and solar electricity generation, fuel cells, and electric vehicles. Oil and Gas subsidies are still paying Big Oil $Billions annually.

In 2010 The Simpson-Bowles deficit reduction plan proposes modifying or eliminating all tax expenditures and raising the gas tax by 15 cents. Former Fed chairman Alan Greenspan likewise suggests that “oil and gas depletion allowances could be restructured” as direct subsidies. These “Subsidies” are still measured in $Billions each year, and they are NON-taxable.

In 2011 House Speaker John Boehner tells abc News, “I don’t think the big oil companies need to have the oil depletion allowances.” Asked if oil subsidies should be cut, he answers, “They ought to be paying their fair share.” His spokesman clarifies: “The Speaker made clear in the interview that raising taxes was a non-starter, and he’s told the president that. He simply wasn’t going to take the bait and fall into the trap of defending ‘Big Oil’ companies.”
Executives of the big five oil companies testify before Congress about their tax breaks. In their defense, Sen. Orrin Hatch (R-Utah) calls the hearing “a dog and pony show” and displays a photograph of a dog sitting on a pony.
A national survey finds that 7 in 10 Americans (including nearly 7 in 10 Republicans) oppose fossil fuel subsidies.

In 2012 Sen. Bob Menendez (D-N.J.) introduces the Repeal Big Oil Tax Subsidies Act, which would end $2.4 billion in tax breaks for the big five oil companies. Obama challenges Congress to “eliminate this oil industry giveaway right away.” Unable to get filibuster-proof support, it dies.
Mitt Romney says oil subsidies go “largely to small companies, to drilling operators and so forth.” He says he’d consider cutting them—if tax rates were slashed first.
The American Petroleum Institute launches a $3 million postelection media blitz, including ads that warn seven Democratic senators up for reelection in 2014 against touching the industry’s tax breaks: “American energy—not higher taxes on energy—will create jobs.”

In 2013 Despite talk of everything being “on the table,” oil’s tax perks survive the fiscal-cliff negotiations.
Congressional Democrats introduce five bills targeting tax giveaways for oil and gas companies. Their death is all but assured, especially in the Republican-controlled House.
In April, Obama introduces his 2014 budget, which includes $23 billion for renewable energy and energy efficiency over 10 years and permanent tax cuts for renewable power generation. It also would end “inefficient fossil fuel subsidies.” In contrast, the gop budget proposed by Wisconsin Rep. Paul Ryan targets “federal intervention and corporate-welfare spending” by cutting subsidies for renewables. Tax breaks for oil are left untouched. from: Mother Jones.com 1

All of these Tax Credits that are still ongoing for the past 105 YEARS have NEVER been addressed as excessive and the actions of CONGRESS are absolutely appalling. The actions of CONGRESS have been, and will always be a glaring example of Big Corporate Payoff to CONGRESS in creating a FAIR tax system. Our Constitution explains that all taxation will be based upon the approval of the citizens and is outlined in the “NO TAXATION WITHOUT REPRESENTATION” Which is a political slogan that originated in the American Revolution, and which expressed one of the primary grievances of the American colonists against Great Britain. The phrase had been used for more than a generation in Ireland.[8][9] By 1765, the term was in use in Boston, and local politician James Otis was most famously associated with the phrase, "taxation without representation is tyranny." (Wikipedia)