Russ Feingold: “this amendment eliminates percentage depletion allowances for four mined substances--asbestos, lead, mercury, and…”

“this amendment eliminates percentage depletion allowances for four mined substances--asbestos, lead, mercury, and uranium--and it saves an estimated $83 million over 5 years. Unlike depreciation or cost depletion, percentage depletion allows companies to deduct far more than their actual costs. This results in a generous loophole for the company and an expensive subsidy for the taxpayer. But it gets worse, Mr. President. While we spend millions subsidizing corporations to mine these toxic substances, we spend even more on their downstream public health and environmental consequences. So, as the senior Senator from Arkansas says, this subsidy gives corporate welfare a bad name. Mr. President, I urge my colleagues to support this provision, and I yield the remainder of my time in deference to the Senator from Nevada.”