Obama criticizes Oil Companies
The stupidity of this argument should speak for itself but most of the "tax breaks" he talks about is depreciation and accelerated depreciation on investments. So what is the real "tax breaks" for Corporations in America?
This is the top 10. The least of the list below is about $9 billion. The largest well over $100 billion... Depletion Allowance doesn't make it. Obama is talking about $5 Billion in tax breaks....do you want to see them all go away??? Life Insurance? Municipal Bonds? Hospital Bonds? Giving to your Church?
1. Deferred income from foreign corporations
2. Accelerated depreciation for Machinery & Equipment
3. Interest on State & Local Bonds
4. Deduction for U. S. Industrial Production
5. Credit for Low Income Housing
6. Expensing of Research & Experimentation
7. Graduated Corporate Income Tax rate
8. Exclusion of Interest on Life Insurance savings
9. Exclusion of interest of Hospital Construction Bonds
10. Deductions for Charitable other than Education & Health