In thoroughly studying earnings of publicly-held companies, I am just amazed at how many large publicly-held Oil and Gas Partnerships I have run across, most of them based in Texas.
And so many of them are very profitable, particularly on an after-tax basis, since they pay so little US federal income tax.
When the country faces such an incredibly high debt, the last thing we want to do is to permit publicly-held Oil and Gas Partnerships to be operating as tax-free entities. It is clearly a tax dodge.
And as these partners reap huge benefits from these Oil and Gas Partnership tax shelters, it is all earned on the backs of all Non-Oil companies and on the backs of US citizens, who are both severely harmed by the extreme energy cost pressure placed on them by the Oil and Gas Industry.
My proposal here is that all publicly-held Oil and Gas Partnerships to be taxed, for federal income tax purposes, as a normal corporation would be.
Some of the tax proceeds raised here should be invested in wise energy tax incentives for small businesses. The rest of the money should be used to reduce the massive US debt.
