We really need to overhaul the entire corporate tax code.  It would be nice to eliminate some things here and some things there.  But we need to just simplify the process.  All we need is a simple change to say that tax payable is based on US GAAP reported income.  That way if the company files a 10-K with the SEC, they are not reporting say $100 million of profit to investors while filing a tax return that reports a loss to the government.  Even if they don't file a 10-K and they are just a privately held corporation, they are still generating GAAP financials and providing that at least to ratings agencies and banks.  I'd also be agreeable to just taxing US Income regardless of the location of the corporate headquarters.

It's highly improbable that Congress would ever do this as there are too many vested interests in the current mess.  But one can dream.

Is a total piece of shit. Cannot wait till Jan 2009, when the senate is rid him. Yes, I have written him with the same type of comments.

And his form letter replys are worse then his vote on the senate floor, which is hard to believe.

I only wish that Senator Webb would take a closer look at the Dulles Rail Boondoggle with the same critical eye that he looked at big oil tax breaks.  The cost to the average "joe citizen" will be must greater than paying $3.00 per gallon.  Where are you Senator Web?

as part of his "modern day Truman commission" on waste, fraud, and abuse.

Based on Webb's past as someone who will stand up and be counted when the going gets tough, Webb is that man.  Doing so takes a lot of courage and Webb does not walk away from a challenge.  That is why he is the Senator and not Allen.  

Lets ask Senator Webb to investigate this rail package that is now pushing $5.2 billion dollars and no dirt has been turned. And the sad thing is that the "Joe Average citizen" "ain't seen nothing yet."  The cost overruns that Fairfax citizens, rail users, and toll road commuters are going to be off the charts, negatively.

Jim Webb has gone ranting bonkers with this current bout of demagoguery.  The "large tax breaks" are one available to most any business.  Buy a copier for your business - write it off.  Build a pipeline - write it off.  Build/upgrade a refinery - write it off.  Spend money on research or exploration - write it off.  Other supposed tax breaks deal with legislation Congress passed to encourage producing goods in the USA.  Any business doing it gets the same "break."

Simply because oil companies are delivering a product and earning a profit, he cannot stand it.  There should be a law agains those profits - and he would probably be ready to sponsor it.

A real "break" is when the govt. decides to give out money for doing nothing to generate a profit.

You left some spittle on the walls ...

Yes, everyone can take advantage of MACRS, but some can take advantage of it more than others.  You being able to recognize accelerated depreciation on office furniture or computers is not quite the same as a gas plant or capitalized exploration expenses.  Also if you are a retailer and have to delay the implementation of a product line, you don't get an additional tax break for that.  Whereas if you are delayed on production of an oil field, you get an additional tax benefit from the government.  

If your argument is that MACRS is a giant corporate tax give away, I agree.  I think companies should be forced to report depreciation on their returns the same way they do for GAAP prepared financial statements.  

As far as what constitutes a real break, a real break is when the government lets you expense something in a manner that you would not under US GAAP.  Because at the end of the day, what you report to financial institutions, owners, and managers represents your real financial position (unless you commit fraud).  Tax accounting is la la land where you report a fictitious financial position (allowed by law) to get fabulous reductions in your tax liability (i.e. a break or a handout or whatever you would like to call it).