we are joined by david kautter of american university. kim in santa cruz, california on our line for independents. good morning. you with us? caller: yes! yeah. i think they need to close their tax loopholes. anyindustry does not pay tax in california, i don't think that is right. hi -- host: kim, we heard your comment and are going to let david kautter jump in. do you have any thoughts on the oil industry? in totale oil industry pays a lot of taxes. and it pays federal taxes. in many states, it pays estate tax. there are a lot of people who think whatever it pays it is not enough, it should be a multiple of what it pays. and there are others who think whatever it pays is way too much. again, just like the corporate income tax we talked about, it is an issue where people have differing views. i will say that as an industry, oil and gas pays a fair amount of tax. host: jim on twitter. "can you explain why allowing immediate right off generates more revenue?" the immediate impact, if you look at the way the government keeps its books. if yo

our guest is david kautter of american university.hat are some of the tax breaks we are going to be talking about today? guest: there are about 60 decembers that expired 31 last year, there are four big ones that affect businesses. the research and development tax allows small businesses to immediately write off certain amounts of investment in capital put in. affectr provisions that controlled foreign corporations. exceptionfinancing and a look through provision. we can go into more detail if you would like. host: i want to start with a look through provision. guest: it involves a section of that requires u.s. shareholders of foreign corporations, called controlled foreign corporations. is it to a foreign corporation where a u.s. shareholder owns 10% or more, to pick up any income. certain types of interest dividends, royalties, abnd rent, whether or not those are paid to the u.s. shareholders. a u.s. operation that owns 10% or more of a foreign company. that foreign company has interest dividends, royalties, maybe even insurance inc

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