United States Internal Revenue Service: fourteenth member of OPEC. [Ruling allowed US tax transfer to OPEC nations]

Journal Article · · J. Post Keynes. Econ.; (United States)

OSTI ID:6268594

Davidson, P

Dr. Davidson states that rulings of the Internal Revenue Service (IRS) effectively allowed the transfer of U.S. tax monies, and the subsequent transfer of European tax monies as well, to the oil-producing governments, which later formed the Organization of Petroleum Exporting Countries (OPEC). Their rulings have recently been found to have been instigated by the multinational oil companies, which were looking for a way to avoid bearing the economic costs of cooperating with OPEC. Analysis of the systems of royalties, taxes, rents, and incentives indicates that tax law changes that would not allow payments to OPEC to count as either tax credits or tax deductions could force the oil companies to more adequately reflect their consumers' interests. Dr. Davidson feels that if this approach is not legally possible, then the payments should be changed to a tax-deduction status and the participation of the U.S. Treasury as a member of the cartel should be conceded. 7 references.

• Research Organization: Rutgers Univ., New Brunswick, NJ
• OSTI ID: 6268594
• Journal Information: J. Post Keynes. Econ.; (United States), Journal Name: J. Post Keynes. Econ.; (United States) Vol. 1:2; ISSN JJPED
• Country of Publication: United States
• Language: English

Related Subjects

02 PETROLEUM
020700 -- Petroleum-- Economics
Industrial
& Business Aspects
29 ENERGY PLANNING, POLICY, AND ECONOMY
290200* -- Energy Planning & Policy-- Economics & Sociology
293000 -- Energy Planning & Policy-- Policy
Legislation
& Regulation
294002 -- Energy Planning & Policy-- Petroleum
CONSUMER PROTECTION
ECONOMIC POLICY
FINANCIAL INCENTIVES
INTERNATIONAL ORGANIZATIONS
MULTINATIONAL ENTERPRISES
NATIONAL ORGANIZATIONS
OPEC
TAXES
US IRS
US ORGANIZATIONS