Big Oil & Gas Corps are presently eligible for the very lucrative annual Domestic Production Activities Deduction. In their case, this deduction is equal to 6% of their Qualified Production Activities Income, which in the case of the largest US Big Oil & Gas Corps is a monstrously large number.
But instead of helping traditional manufacturing companies, the Big Oil industry has substantially harmed these manufacturing companies due to its terribly high and consistently increasing oil prices in the past decade or so.
So the last thing the country should be doing is to reward these Big Oil Corps for their sky-high energy costs, which have so severely harmed the key US manufacturing sector, which is where the good-paying, full-time US jobs are.
Giving the Big Oil industry this very lucrative annual Domestic Production Activities Deduction is another case of the US Congress, controlled by the Big Oil Industry, having again gone horribly off course.
My recommendation here is to eliminate the Domestic Production Activities Deduction for all Big Oil and Gas Corps.
All of the additional Tax Revenues Raised here, which will be very significant, should be used to reduce the US Debt.
So I guess the logic of the numerous staunch supporters in the US Congress of the Big Oil Industry is to severely penalize the elderly, who have done nothing wrong, by reducing their Medicare, Medicaid and Social Security Benefits, but at the same time to reward the Big Oil Industry for damaging severely the US manufacturing industry. Go figure!
