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How money laundering supports the dollar

How money laundering supports the dollar

(17:00) Stolen fair and square from the tax collector. Economist Michael Hudson explains how oil and mining industries have exempted themselves from tax, and how money laundering supports the excessive military spending.

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iknowlessthanyoudo iknowlessthanyoudo (554 days ago)

If only solar, wind and geo-thermal producers enjoyed legal tax loopholes used by oil importers. Mr. Hudson didn't even broach the decades old double depletion loophole for domestic oil producers and other loopholes for investors in oil wells.

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If only solar, wind and geo-thermal producers enjoyed legal tax loopholes used by oil importers. Mr. Hudson didn't even broach the decades old double depletion loophole for domestic oil producers and other loopholes for investors in oil wells.

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WalterEgo WalterEgo (554 days ago)

What is the double depletion loophole?

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What is the double depletion loophole?

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iknowlessthanyoudo iknowlessthanyoudo (553 days ago)

The double depletion loophole lets oil will drillers write-off as an expense an additional 23% of their domestic oil production revenue (was 27.5% until 1969) effectively erasing income tax on 23% of oil profits. The subsidy was considered unconsionable when passed in 1926 when the highest tax bracket was 25% but sanity could not overcome the oil lobby's influence then or since.

Intangible drilling costs, such as outrageous software charges from patents housed in low and no tax countries to create sub-soil sonar images, are also allowed to be written off in either year one or years one and two of an oil well's production which are the most lucrative years.

Renewable subsidies actually began exceeding oil subsidies in 2008.

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The double depletion loophole lets oil will drillers write-off as an expense an additional 23% of their domestic oil production revenue (was 27.5% until 1969) effectively erasing income tax on 23% of oil profits. The subsidy was considered unconsionable when passed in 1926 when the highest tax bracket was 25% but sanity could not overcome the oil lobby's influence then or since.

Intangible drilling costs, such as outrageous software charges from patents housed in low and no tax countries to create sub-soil sonar images, are also allowed to be written off in either year one or years one and two of an oil well's production which are the most lucrative years.

Renewable subsidies actually began exceeding oil subsidies in 2008.

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WalterEgo WalterEgo (553 days ago)

Thanks for that.

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Thanks for that.

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iknowlessthanyoudo iknowlessthanyoudo (553 days ago)
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Lack of lobby leverage leaves less after-tax income is what I tell my non-oil producing tax clients. The mineral producers' ability to exempt 23% of their revenues from taxation while shielding any remaining profits from taxation via cross-charges for intangible patent licensing costs paid to their own subsidiaries in low and no tax countries creates a license to live tax free at the expense of the environment and everyone else who pays for government services enjoyed by the oil industry.

The estate tax is also so full of holes as to be nothing more than a ludicrous sham affecting only the most retarded and unhelped of the 1%.

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Lack of lobby leverage leaves less after-tax income is what I tell my non-oil producing tax clients. The mineral producers' ability to exempt 23% of their revenues from taxation while shielding any remaining profits from taxation via cross-charges for intangible patent licensing costs paid to their own subsidiaries in low and no tax countries creates a license to live tax free at the expense of the environment and everyone else who pays for government services enjoyed by the oil industry.

The estate tax is also so full of holes as to be nothing more than a ludicrous sham affecting only the most retarded and unhelped of the 1%.

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