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Oil Tax Breaks Create Millionaires in Texas, Report Says
The article shows how oil industry tax loopholes and depletion allowances let Texas millionaires pay little tax. It notes President Truman’s 1950 critique and describes how depletion rules, boosted since 1926, reduce corporate taxes. It discusses exemptions for tax-exempt groups and foundations, plus related abuses and policy debates.
MENTIONED IN THIS ARTICLE
Texas
Fortune Magazine
Washington
Namillionaire
Truman
Congress
House
Supreme Court
Texas Farm Bureau