American Oil and Gas Reporter - October 2016 - 53

While some contend tax policy should focus on investment and job creation for all
energy sources, it cannot be denied that the tax code has and is being used to
incentivize certain energy forms. What is your general philosophy regarding picking
winners and losers in the energy marketplace through the tax code or technological
mandates? What is your attitude toward broad-based tax reform that would eliminate
most deductions in exchange for lower personal and corporate income tax rates?
Trump: I oppose the government picking winners
and losers. I think that hinders innovation and wastes
tax dollars.
Historically, the federal government erred when it
sought to control natural gas for energy purposes and it
is erring again in mandating renewable energy. Clinton's
plan is to install 500 million solar panels and spend
$65 billion of your tax dollars on green energy projects,
which will result only in more special favors for her
political friends and more Solyndra-type scandals.
I have announced a tax reform plan that includes an
across-the-board income tax reduction and tax code
simplification, among other things.

Clinton: Last December, Congress agreed to phase
out the Production Tax Credit and Investment Tax
Credit for wind and solar, yet fossil fuels continue to
receive taxpayer support. As president, I will end
wasteful fossil fuel subsidies.

Specific to U.S. independent oil and gas producers, who drill 90 percent of
America's wells, and produce 55 percent of its crude oil and 85 percent of its
natural gas while supporting 4 million jobs, do you support the industry's federal
income tax deductions for percentage depletion and intangible drilling costs?
Trump: I support all legitimate business expense
deductions.

Clinton: This year marks the 100th anniversary of
taxpayer subsidies for oil and gas production in the
form of the intangible drilling cost deduction. After a
century, I believe the industry is capable of standing
on its own two legs and will seek to end this and
other taxpayer supports for fossil fuel production.
I will expand investment in carbon capture and sequestration to reduce carbon emissions from oil and
gas combustion, and I support the Heitkamp-Whitehouse
Carbon Capture Utilization and Storage Act, which
Senator (Timothy) Kaine, D-Va., has co-sponsored.

OCTOBER 2016 53



American Oil and Gas Reporter - October 2016

Table of Contents for the Digital Edition of American Oil and Gas Reporter - October 2016

Contents
American Oil and Gas Reporter - October 2016 - Cover1
American Oil and Gas Reporter - October 2016 - Cover2
American Oil and Gas Reporter - October 2016 - Contents
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American Oil and Gas Reporter - October 2016 - Cover3
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