So how do I parse these "liberal guys" from CATO, published in Forbes, saying that oil and gas firms get special tax breaks?
"Another significant tax break allows companies to accelerate the deductions of the costs of labor and various other inputs associated with drilling oil or gas wells. Now, there's nothing wrong with deducting the cost of doing business from one's tax bill. In other industries these expenses would be capitalized and deducted over time as income is earned. But in the oil and gas sector, the tax code allows oil and gas firms to deduct 70% of these expenses in the very first year of a well's operation and the remainder over the next five years."
Or this guy over at The Volokh Conspiracy claiming that:
"The best example is the percentage depletion allowance which, as applied in some cases, enables oil companies greater depreciation than the value of the initial investment."
Because, I wouldn't want to look dumb and uneducated, thereby hurting my claim.