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View Diary: President Obama's Opening Move: Raise $1.6 Trillion In New Tax Revenue From The Wealthy (222 comments)

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  •  You mean this? (6+ / 0-)
    Percentage Depletion Allowance

    Under percentage depletion, the deduction for the recovery of one’s capital investment is a fixed percentage of the gross income (sales revenue) from the sale of the oil or gas. For oil and gas royalty owners, percentage depletion is calculated using a rate of 15% of the gross income based on your average daily production of crude oil or natural gas, up to your depletable oil or natural gas quantity. An attractive element of percentage depletion is that the cumulative depletion deductions may be greater than the capital amount spent by the taxpayer to acquire the property.

    Damn right it ought to go.

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