Replies to This Discussion

Permalink Reply by JHH on February 27, 2014 at 3:16

Saw this on the internet:

http://ropeco.org/custom/showpage.php?id=29&toplevel=11

thanks,

jhh

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Permalink Reply by jffree1 on February 27, 2014 at 4:40

Dave Camp "drew fire from all sides" when he released was a first draft. His plan is going nowhere in the Senate (said the minority leader). He is term limited and he wants a "legacy" bill. His (D) co-author (Baucus) has already announced retirement and I don't think Camp will get his bill.

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Permalink Reply by 1kw6x71km1v37 on February 27, 2014 at 6:36

O&G depletion is a logical target...for a socialist administration...desiring to raise money to "redistribute". But as Margaret thatcher said, the problem with that is you eventually run out of other peoples' money. I am surprised at this nonsense coming from a Republican congressman.

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Permalink Reply by jffree1 on February 27, 2014 at 7:05

Baucus is safely tucked away as the new Amb. to China... the reason for his retirement from the House.

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Permalink Reply by Francis Mayo on March 2, 2014 at 9:00

Baucus was/is the US Senator from Montana and unlike Louisiana's Democratic Senator he had sense enough to see the train wreck of ACA and was vocal about it. He told Reid he could not remain in the Senate as the disaster unfolded and could not promise he would defend the act publicly. For keeping his mouth shut on how disgusted he became, he is going to replace Locke as ambassador. I think the nation will have a hard time identifying with royalty owners. I hate that but that is the way it is. 

http://www.nationalreview.com/corner/348039/grassley-baucus-retirin...

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Permalink Reply by adubu on February 27, 2014 at 7:15

You will have millions of older retired people raise a lot of Calls/Hell  to congress if this bill get to a possible vote. The Avg royalty owner is > 65 and receives around < $100 per month. No congressman will want to risk that IMO 

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Permalink Reply by tc on February 27, 2014 at 7:36

Counter argument.  There are 10s of millions of older people freezing in their homes who can't afford heat because of the greedy energy people.  No congressman will want to risk that IMO.  Every TV station in Pittsburgh is running stories about old people getting $2,000 electric bills because they sign up for variable rates and the rates in January went up 5 to 10 times the previous month, and the only warning they get about the increase is the bill.  Every politician, even the Republicans, are screaming.

P.S. Dave Camp is from my hometown in MI, they have a lot of cold and almost zero royalty owners.

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Permalink Reply by Jimburgess on March 2, 2014 at 5:48

I would request that tc and adubu give their ages.  I am "71" and feel I can speak freely

since I am "older people".  I bet there are people of all ages in Pittsburg who cannot afford

high electric bills.  I, for one, am tired of my age group being used "to demonstrate one persons point of view.  There are thousands of individuals who benefit from the depletion

allowance...not just the big oil companies.  All politicians with their "spin artist" be damned.....in my opinion......

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Permalink Reply by adubu on March 2, 2014 at 10:03

jim--- I am young 73

counter to tc re lots of older people freezing due to cost of energy just wait to see what the cost will be in future if taxes raised on oil & gas by eliminating depletion allowance and drilling cost deductions. Less drilling less production= decrease supplies = increase cost to the older folks in MI. Rep Camp thank God is R and understands this---- Tc what is it you don't understand about Capital Market?

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Permalink Reply by tc on March 2, 2014 at 10:50

Adubu, did you read the article? 

"Rep Camp thank Godis R and understands this"

Rep. Camp is the R whose plan is to eliminate your ability to calculate mineral depreciation though percentage depletion.  It is also obvious that you don't understand the concept of a counter argument.  It's called 2 sides to every story and a smart man tries to understand both sides before making a decision.

Bought my 1st stock at age 12, and then worked for a major investment manager as a group supervisor.  I know a lot about the capital markets.  I also know that the capital markets are not as simple people try to make them.

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Permalink Reply by adubu on March 2, 2014 at 11:18

tc-- I have been around investments as long if not longer than you and this is not the place or forum to have a BIG DICK CONTEST

The Tax Reform Bill is in on his table since Rep Camp is Chairman of the House Ways and Means Committee where all tax bills originate form-- it does not mean he is Author of the bill although he may have a part in writting it.

I don't think the bill has been finalized yet since there is no HB number yet it's simple know as The Tax Reform Act of 2014 and is in Draft form presently. There are some indication of what the bill will have in it but not completely written. The ranking member is Sander Levin D from MIch.and it reflex in put by all in congress and is Bipartism and bill could be DOA to House and Senate 

So I think you are wrong to say it's Rep Camp whose plan it is to eliminate my depletion allowance. 

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Permalink Reply by jim weyland on March 2, 2014 at 11:47

just my opinion, but politicians have been trying to scrap the IDC and depletion allowance for as long as i can remember and i don't see it happen' right now.

fwiw, my dad, one of the most politically savvy men i've known, would, back in the day, say that democrats were good for the gas business. of course, back then it was a yellow dog democrat south.

on the other hand, however, i'd like to think it was/is because that when bought they more tend to stay bought.

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