Oil For One, One For Oil

Probably the reason Rominee spends most of his time lying about President Obama while avoiding any policy statements is that when he does let the cat out of the bag, some people try to analyze what he says. The recipient, so far, of one-point-five million bucks in donations from oil companies, Romney offers this in return:

Republican presidential candidate Mitt Romney’s economic plan slashes corporate tax rates while failing to identify a single corporate tax loophole to eliminate. Highly profitable large oil companies that already enjoy lucrative tax breaks stand to receive some of the biggest benefits from Gov. Romney’s plan.

The world’s five biggest public oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—would keep special tax breaks worth $2.4 billion each year. And by cutting corporate tax rates, the Romney plan could lower the companies’ annual tax bill by another $2.3 billion, based on an analysis of the companies’ tax expense for 2011. The special tax breaks, supplemented by Gov. Romney’s lower corporate rates, could benefit the oil companies by more than $4 billion annually.

As we will show, these five companies are hardly in need of a tax cut: They earned a combined record profit of $137 billion in 2011 due to high oil and gasoline prices.

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In addition, existing oil tax breaks would be protected under Gov. Romney’s plan. Though he has spoken in general terms about broadening the tax base, he has failed to name even one corporate tax loophole he would eliminate. His campaign has specifically criticized President Barack Obama’s efforts to close oil tax loopholes. And his chief energy advisor, oil executive and Romney super PAC donor Harold Hamm, has urged Congress to maintain the oil industry’s special tax breaks.

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None of these figures includes the impact of Gov. Romney’s proposals to exempt overseas profits from U.S. taxes or to allow existing overseas profits to be repatriated at a special low tax rate. The three U.S. companies—ExxonMobil, Chevron, and ConocoPhillips—stashed away a combined $76 billion in profits overseas at the end of 2011. Adding in the benefits to the oil companies of these parts of the Romney plan could greatly increase their largess from a Romney presidency.

The oil tax windfall would be the same under the House-passed fiscal year 2013 budget resolution sponsored by House Budget Committee Chairman Paul Ryan (R-WI), which Gov. Romney endorsed.

And there's yet another report on Romney's tax plans, such as they are. The very wealthy get a big cut; the rest of us take a hike. And, as President Obama has said in response, it's not that The Rominee is raising people's taxes in order to pay for what we need; it's to cover the tax cuts he proposes for those whose wealth is comparable to his.

I can't understand why anyone who isn't super wealthy would vote for the guy.