A great and un-reported story idea needs to be broke-
Andrew Langer at the Institute for Liberty exposed the NYT article “As Oil Industry Fights a Tax, It Reaps Billions From Subsidies” as part of an environmentalist effort to levy extra taxes on the energy industry. A response is posted here - http://www.instituteforliberty.org/index.php?src=blog&category=Blog&submenu=media.
The smoking gun? A copy of a memo from Clean Energy Works details the talking points used in the NYT article! http://www.scribd.com/doc/34382420/Clean-Energy-Works-Memo
(Langer and other experts can be made available for your story)
The Times was duped into misrepresenting US tax code and energy policy to push the enviro-agenda. Where is the MSM?
The NYT and CEW are calling for an end to the dual capacity rules which are tax laws that grant American companies who generate income in foreign countries tax credits to offset the U.S. income tax on that same foreign income. By eliminating this tax payment treatment, the government will be double-taxing our domestic oil and natural gas producers, further impairing their ability to compete in the global energy marketplace. Dual capacity will only be eliminated for the energy industry!
This proposal is part of Obamas 2011 Budget and in Congress!
If Congress approves these energy tax proposals that, among other new burdens, tax U.S. energy companies’ international income twice, it will be handing big subsidies to foreign competitors such as BP.
BP, China, Russia and other competitors will be given a distinct advantage over US companies. Domestic companies will be taxed while competitors are given subsides.
This is the BP Bailout.
After following the rules with safety, ethics, etc… the Obama administration and the CEW plan to punish US energy companies with double taxation while letting BP reap the subsidies.
And the New York Times fell right into their talking points.
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Thanks for your help!