Background:
A recent article by Daniel Weiss of the Center for American Progress tries to make the case that because the net income of large, integrated U.S. oil companies has risen in recent years, these companies should lose the federal income tax provisions they currently use. A quick look at Weiss’s article reveals several serious analytical and methodological flaws which make his conclusions about how tax reform should impact the oil and gas industry inappropriate and, in fact, harmful to U.S. job and economic growth.
