It appears these groups are hoping to use the Gulf oil spill to inflict as much damage as possible on the industry through the imposition of higher taxes. To advance their cause, some groups often claim that the industry is highly subsidized and doesn't deserve tax breaks or deductions.
A frequent target in this campaign is Section 199 of the Tax Code, which encourages job retention and growth in the United States. Congress enacted this provision in 2004 to provide a deduction to taxpayers engaged in manufacturing, production, growing or extraction activities. The deduction is available to ALL U.S. manufacturers, including oil... more »