Where the Loot Goes

Stern, Philip M.
March 1974
New Republic;3/2/74, Vol. 170 Issue 9, p19
Focuses on the impact of income tax laws on the petroleum industry in the U.S. Overview of the percentage depletion allowance that permits anyone having an interest in an oil well to enjoy 22 percent of his oil income entirely tax-free; Assessment of the foreign tax credit that permits oil companies to reduce their taxes owed; Estimation that revenue loss to the U.S. Treasury from percentage depletion is $2.6 billion; Subsidies needed by the oil companies in order to search out new oil fields; Failure of the government to utilize tax dollars in oil explorations.


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