The Importance of Depletion Deductions in Oil and Gas

The federal government gives you what's called a depletion allowance, which allows you to write off 15% of every dollar that you make on top of it. Oil and gas is the only one where you actually have a tax benefit for the money coming out. The Democrats who would be the ones who seem to want to eliminate this, even when they have controllable houses, are not doing so.