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Big Oil Is Corporate Welfare Queen Number One

I almost missed Jim Hightower's checklist of big oil's most recent tax write-offs: BP can write off 70 percent of the rent it paid to TransO

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I almost missed Jim Hightower's checklist of big oil's most recent tax write-offs:

  • BP can write off 70 percent of the rent it paid to TransOcean for the oil rig "rental." - $225,000 per day
  • TransOcean moves its offices to Switzerland and avoids paying $1.8 billion in U.S. taxes.
  • Exxon Mobil raked in $19 billion in profit, but thanks to available subsidies, it got a $156-million tax refund.

Benefits for the unemployed are subject to "debate" but corporate welfare gets the backing of the Congressional oil whore caucus until forever.

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